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.
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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