Ouster Inc.'s stock surged 5.06% during Tuesday's trading session, following news of insider buying activity by a company director.

Director Virginia Boulet reported open-market purchases of 1,658 common shares at prices ranging from $25.16 to $25.35, increasing her directly held stake to 230,000 shares. Such insider purchases are typically interpreted by investors as a sign of confidence in the company's future performance and prospects.