In recent transactions involving Ouster, Inc. (NYSE:OUST), a lidar technology company with a market capitalization of $452 million, Chief Operating Officer Spencer Darien reported the sale of 14,869 shares of common stock. According to InvestingPro analysis, the stock appears slightly undervalued, with shares showing strong momentum, up 22% year-to-date. The shares were sold at an average price of $9.69 each, totaling approximately $144,089.
Following this transaction, Darien holds 291,718 shares in the company. According to the filing, the sale was made to cover withholding taxes incurred upon the vesting and settlement of restricted stock awards. Additionally, the report notes that Darien acquired 975 shares on November 15, 2024, through the company's Amended and Restated 2022 Employee Stock Purchase Plan.
In other recent news, Ouster Inc (NYSE:OUST). has reported a record revenue of $28 million in the third quarter of 2024, marking the seventh consecutive quarter of meeting or exceeding its financial guidance. The company anticipates fourth-quarter revenue to be between $29 million and $31 million. In a significant corporate development, Ouster's board of directors has decreased to seven members following the resignation of director Riaz Valani.
Analysts from Northland initiated coverage on Ouster shares with an Outperform rating, following a significant merger that led to substantial cost reduction and operational improvements. The company's merger with Velodyne Lidar enhanced Ouster's market presence, with Northland highlighting Ouster's leading position in the LIDAR market.
However, Cantor Fitzgerald has upgraded Ouster stock from Neutral to Overweight, albeit with a lower price target of $10.00. The firm's revised financial forecasts include a lowered fiscal year 2024 revenue estimate to $111 million, a fiscal year 2025 revenue estimate to $150.3 million, and a fiscal year 2026 revenue estimate to $235.3 million. These recent developments reflect the evolving financial landscape and strategic growth initiatives of Ouster Inc.
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