Ouster Inc. (OUST) shares plummeted 17.52% during intraday trading on Thursday, following a significant analyst rating change.
The sharp decline came after Cantor Fitzgerald downgraded Ouster to Neutral from Overweight. The firm also set a price target of $33 for the stock. Analyst downgrades often signal reduced confidence in a company's near-term prospects and can trigger substantial selling pressure from investors.