SAN FRANCISCO—Ouster, Inc. (NYSE:OUST) President and CEO Charles Angus Pacala recently made significant stock purchases, according to a recent SEC filing. On December 12, Pacala acquired a total of 50,954 shares of common stock, valued at approximately $498,971. The shares were purchased at a weighted average price, ranging from $9.49 to $10.00 per share. The timing appears strategic, as InvestingPro data shows the company has delivered a strong 22% year-to-date return, despite its current market capitalization of $452 million.
The transaction increased Pacala's direct ownership to 769,957 shares. According to InvestingPro analysis, which offers 8 additional key insights about OUST, the company maintains a FAIR financial health score and holds more cash than debt on its balance sheet. This acquisition follows a previous purchase of 2,144 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 seen a string of significant developments. Northland initiated coverage on Ouster with an Outperform rating following a significant merger, which led to considerable 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 witnessed a change in its board composition with the resignation of director Riaz Valani. This resulted in a reduction in the board size from eight to seven members. Despite this change, the company maintains a strong financial position with more cash than debt and liquid assets exceeding short-term obligations.
In terms of financial performance, Ouster reported a record revenue of $28 million in Q3 2024, marking the seventh consecutive quarter of meeting or exceeding its financial guidance. For Q4, the company anticipates revenue to be between $29 million and $31 million, with a strategy targeting an annual revenue growth of 30% to 50%.
Cantor Fitzgerald upgraded Ouster's stock from Neutral to Overweight, albeit with a lower price target of $10.00. This shift was based on revised delivery and revenue estimates, reflecting a more conservative outlook on the company's near-term revenue. The firm's analysis suggests 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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