Ouster (NYSE:OUST) Shares Down 2.8% - Time to Sell?

Ouster, Inc. (NYSE:OUST - Get Free Report)'s stock price dropped 2.8% during trading on Thursday . The company traded as low as $12.44 and last traded at $12.45. Approximately 130,825 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 1,201,153 shares. The stock had previously closed at $12.81.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Rosenblatt Securities reaffirmed a "buy" rating and set a $17.00 price objective on shares of Ouster in a research report on Friday, November 8th. Cantor Fitzgerald upgraded Ouster from a "neutral" rating to an "overweight" rating and cut their target price for the stock from $12.00 to $10.00 in a research report on Monday, November 11th. Northland Capmk upgraded Ouster to a "strong-buy" rating in a research report on Thursday, December 12th. Finally, Northland Securities began coverage on shares of Ouster in a research report on Thursday, December 12th. They set an "outperform" rating and a $14.00 target price for the company. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $13.17.

Ouster Price Performance

The stock's 50 day simple moving average is $9.09 and its two-hundred day simple moving average is $9.19. The company has a market capitalization of $682.36 million, a P/E ratio of -5.33 and a beta of 2.50.

Insider Activity at Ouster

In other Ouster news, CFO Mark Weinswig sold 31,397 shares of the firm's stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $8.72, for a total transaction of $273,781.84. Following the transaction, the chief financial officer now owns 198,650 shares in the company, valued at approximately $1,732,228. This trade represents a 13.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Mark Frichtl purchased 5,045 shares of the stock in a transaction dated Thursday, December 12th. The stock was bought at an average cost of $9.78 per share, with a total value of $49,340.10. Following the completion of the purchase, the chief technology officer now owns 513,121 shares in the company, valued at $5,018,323.38. The trade was a 0.99 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 80,415 shares of company stock worth $748,620 over the last 90 days. Insiders own 7.81% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new position in shares of Ouster in the 2nd quarter valued at $1,305,000. Van ECK Associates Corp acquired a new stake in shares of Ouster in the 2nd quarter valued at about $56,000. Fairhaven Wealth Management LLC bought a new stake in shares of Ouster in the second quarter valued at about $131,000. Rhumbline Advisers acquired a new position in shares of Ouster during the second quarter worth about $598,000. Finally, Ballentine Partners LLC bought a new position in shares of Ouster during the second quarter worth about $101,000. Institutional investors and hedge funds own 31.45% of the company's stock.

About Ouster

Ouster, Inc provides lidar sensors for the automotive, industrial, robotics, and smart infrastructure industries in Americas, the Asia-Pacific, Europe, the Middle East, and Africa. Its products include high-resolution scanning and solid-state digital lidar sensors, analog lidar sensors, and software solutions.