SAN FRANCISCO – Ouster, Inc. (NYSE:OUST) President and CEO Charles Angus Pacala recently made significant stock purchases, according to a recent SEC filing. As of 12/12/2024, Pacala received a total of 50,954 common shares valued at approximately $498,971. The shares were purchased at a weighted average price of between $9.49 and $10.00 per share. The timing seems strategic as InvestingPro data shows the company has a strong year-to-date return of 22% despite its current market cap of $452 million.
The transaction increased Pacala's direct shareholdings to 769,957 shares. According to InvestingPro analysis, which offers 8 additional key insights about OUST, the company has fair financial health and holds more cash than debt on its balance sheet. This acquisition follows an earlier purchase of 2,144 shares on November 15, 2024 as part of the Company's amended and restated 2022 Employee Stock Ownership Plan.
In other recent news, Ouster Inc. has experienced a number of significant developments. Northland began monitoring Ouster with an Outperform rating following a significant merger that resulted in significant operational improvements and cost reductions. The merger with Velodyne Lidar positioned Ouster strongly in the LIDAR market, which is expected to see further growth and consolidation.
Ouster also experienced a change in the makeup of its board with the resignation of director Riaz Valani. This led to a reduction in the size of the board from eight to seven members. Despite this change, the company maintains a strong financial position with more cash than debt and liquid assets in excess of short-term liabilities.
In terms of financial performance, Ouster reported record revenue of $28 million in the third quarter of 2024, marking the seventh consecutive quarter of meeting or exceeding financial guidance. For the fourth quarter, the company expects revenue between $29 million and $31 million, with a strategy targeting annual revenue growth of 30% to 50%.
Cantor Fitzgerald upgraded Ouster's stock to Overweight from Neutral, but with a lower price target of $10.00. This change is based on revised delivery and revenue estimates that reflect a more conservative view of the Company's near-term revenue. The firm's analysis indicates confidence in Ouster's strategic moves and financial health, positioning the company for potential success in a competitive and evolving industry.
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