Jim Cramer Highlighted 12 Stocks Recently

9. Ouster, Inc. (NASDAQ:OUST)

Number of Hedge Fund Holders: 23

Ouster, Inc. (NASDAQ:OUST) is one of the stocks Jim Cramer highlighted recently. Cramer said that it “would be a good stock” in his book. He stated:

“Now that Ouster has pulled back to just above its 50-day moving average right there, okay, Lang (chartist Bob Lang) thinks you’re getting a terrific buying opportunity right here, right now. What makes him so bullish? For starters, I want you to take a look at the on-balance volume line. This is down at the bottom… This is a volume-based technical indicator that uses a running total of trading volume to predict price changes, adding volume on updates, subtracting on down days to gauge buying and selling pressure. Really cool indicator, frankly.

And as you can see, Ouster’s on-balance volume has been exploding, perfect, perfect, even as the stock’s come down. At the same time, Lang spotted signs of institutional buying. Plus, it doesn’t hurt that Ouster reported a very strong quarter with a healthy guide up last month. Of course, the stock is definitely not cheap. It has a history of being extremely volatile, but if Ouster can rebound back to its old highs in the mid-thirties, Lang thinks it could eventually run all the way to 45, maybe 50 by early next year.

We’ve had a market that’s been very friendly for speculative stocks, you know that, that’s for most of the past year, and really, the last five years it’s worked and nothing’s really changed. Ouster’s likely to remain a winner. This would be a good stock in my book, How to Make Money in Any Market. I talk about having a speculative stock. This would be the kind of thing that I would say, you know what, it’s kind of off the beaten path, but it’s going to be right.”

Ouster, Inc. (NASDAQ:OUST) develops high-resolution lidar sensors and software solutions for automotive, industrial, robotics, and smart infrastructure applications. The company’s products include scanning and solid-state sensors, surround-view systems, and platforms like Gemini and BlueCity for traffic and safety management.