Ouster traded sharply higher as buyers piled in even before the latest short-interest numbers landed. The move comes as the rally pushed through earlier resistance.
- Ouster jumped 24.4% in Monday afternoon trading on the Nasdaq, beating the moves in the main index ETFs.
- Most recent short interest stood at 5.19 million shares. By Monday, trading volume was already around 7.7 million shares.
- The stock changed hands at about 15.8x the annualized midpoint of Ouster’s Q2 revenue outlook.
- This month, shareholders backed a move to double the number of authorized common shares to 200 million.
Ouster, Inc. NASDAQ:OUST gained $10.25 to $52.27 Monday afternoon, giving the lidar company a market cap of around $3.23 billion. Shares moved between $43.50 and $53.17. Volume for the session was 7.71 million, according to the latest finance feed update.
This isn’t just about a short squeeze. Latest short interest was 5.19 million shares as of June 15, down 11.72% from the last report. Days-to-cover was roughly 1.2. Monday’s volume was about 1.5 times that short interest. If the short base is still near that level, covering by shorts doesn’t explain everything in the tape.
With the stock up $10.25 a share today, short sellers holding that June 15 base would be showing a paper loss of around $53 million if their position didn’t shift. That’s notable as the share price move adds about $634 million in market value, using the finance feed’s estimated float—almost 13 times what the company booked in first-quarter revenue.
Ouster is outpacing major index ETFs in recent quote data:
| Security | Latest price | Day move | Intraday range | Volume |
|---|---|---|---|---|
| Ouster, Inc. NASDAQ:OUST | $52.27 | up 24.4% | $43.50 to $53.17 | 7.71 million |
| SPDR S&P 500 ETF Trust (NYSEARCA:SPY) | $740.75 | gained 1.6% | $732.30-$740.75 | 28.37 million |
| Invesco QQQ Trust Series 1 NASDAQ:QQQ | $723.32 | added 2.4% | $705.41-$723.63 | 27.47 million |
| iShares Russell 2000 ETF (NYSEARCA:IWM) | $297.98 | fell 0.6% | $294.80-$299.83 | 15.92 million |
ETF comparison uses the latest trade data from the same finance feed.
Ouster’s investor site last posted a June 17 strategic deal with AIM Intelligent Machines, following a June 15 manufacturing update with Benchmark Electronics, Inc. NYSE:BHE. Benzinga reported Monday’s gain came without fresh news from the company, attributing the action to ongoing momentum from the AIM announcement.
Ouster’s new deal with AIM opens up volume outside of passenger cars. AIM plans to use Ouster’s digital lidar to retrofit mining, construction and defense vehicles. “True environmental understanding is foundational,” said AIM head of product Ross Walker. Ouster CRO Cyrille Jacquemet said the partnership builds on existing ties as AIM expands its fleet. Ouster, Inc.
The June 15 Benchmark update finally put a supply-chain figure on it. Ouster and Benchmark confirmed the Rev8 line has capacity for over 100,000 units per year, targeting a 10-year run. Benchmark CEO David Moezidis said the company can handle scaling the microelectronics, and Ouster COO Darien Spencer told customers they should expect “high volume” deliveries. Ouster, Inc.
Ouster’s latest numbers give investors some guardrails for value. In the first quarter, revenue came in at $49 million, up 49% on the year. Product revenue was $48 million. The company posted a net loss of $17 million and reported $175 million in cash, restricted cash and short-term investments. For the second quarter, Ouster guided for revenue between $49.5 million and $52.5 million. CEO Angus Pacala called it “strong execution across our portfolio.” Ouster, Inc.
Here’s how the valuation and share count stacked up:
| Measure | Figure |
|---|---|
| Current market value | $3.23 bln |
| One-session value gain, using finance-feed implied share base | about $634 mln |
| Q1 revenue | $49 mln |
| Q2 revenue guide midpoint | $51 mln |
| Market value / annualized Q2 guide midpoint | 15.8x |
| June 15 short base mark-to-market on day’s gain | about $53 mln |
| Authorized common stock after June 17 vote | 200 mln |
| Implied record-date shares outstanding from annual-meeting filing | about 63.7 mln |
The share increase got less attention from investors. Ouster said at its June 17 annual meeting, stockholders voted to lift authorized common stock to 200 million from 100 million shares. About 45.9 million shares were at the meeting or represented by proxy, which is 72.12% of common stock outstanding as of April 24.
A bigger authorization on its own doesn’t mean dilution. But it does let the company sell more shares if the stock jumps, whether for deals, comp or raising cash. The June 18 filing showed Ouster upped its authorization, but didn’t issue any new shares.
