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On March 12, Geng Chen, the Interim Chief Financial Officer of Ouster, Inc. (NYSE:OUST), sold 3,050 shares of the company’s common stock. The company, currently valued at $394 million, has seen its stock surge nearly 60% over the past year despite recent volatility. According to InvestingPro analysis, Ouster appears undervalued based on its Fair Value assessment. This transaction, valued at approximately $23,269, was executed at an average price of $7.6293 per share.
The sale was conducted to cover withholding taxes incurred upon the vesting and settlement of restricted stock units, as initiated by the company on behalf of Chen. Following this transaction, Chen retains ownership of 38,090 shares directly.
The shares were sold at prices ranging from $7.4007 to $7.6323. Chen has committed to providing additional details regarding the transaction prices upon request.
In other recent news, Ouster, Inc. announced the resignation of its Chief Financial Officer, Mark Weinswig, effective January 31, 2025. Weinswig is leaving to pursue another career opportunity but will assist in the transition of his duties. Chen Geng, currently the Vice President of Strategic Finance and Treasurer, will serve as the Interim CFO starting on the same date. Meanwhile, Ouster provided a preliminary update on its fourth-quarter revenue for 2024, expecting to meet its previously announced guidance range of $29 million to $31 million. These figures are subject to final adjustments during customary financial closing procedures. The company confirmed that Weinswig’s departure is not due to disagreements over company operations, policies, or practices. Ouster’s CEO, Angus Pacala, expressed gratitude for Weinswig’s contributions and wished him success in his future endeavors. The company is actively searching for a permanent CFO as it continues to advance its strategic financial leadership.
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