Lidar sensors provider Ouster (NYSE:OUST) has filed a patent infringement complaint against China’s Hesai Group (NASDAQ:HSAI) with the U.S. International Trade Commission as well as the U.S. District Court, Delaware.
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Ouster is seeking an investigation as well as an injunction and monetary charges. Additionally, the company has also requested ITC to bar the import of Hesai’s patent-infringing lidars and products in the U.S.
Separately, Ouster’s board has approved a 1-for-10 reverse stock split. Shares of the company are expected to trade on a split-adjusted basis from April 21.
Overall, the Street has a $1.35 consensus price target on OUST. This points to a hefty 180.5% potential upside in the stock. That’s after a nearly 47% nosedive in OUST shares over the past month.
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