It's rather skeptical. Choice quote:
[...] The SRI researchers studied 41 healthy adolescents and young adults (average age 17). Sleep data were recorded using the Oura ring and standard PSG on a single laboratory overnight. Metrics were compared using Bland-Altman plots and epoch-by-epoch analysis.
The ring accurately detected "light" and "deep" sleep in 65% and 51% of the sleep epochs, respectively. It also accurately detected 61% of REM sleep epochs, with an overall overestimation of PSG REM sleep (by about 17 min). When the ring misclassified PSG REM sleep, the algorithm usually classified the epoch as "light sleep" (76%).
These data suggest that the Oura Ring is virtually useless in telling you if you are in REM sleep versus deep or light sleep. [...]