Key Points
- Jorey Chernett bought 25,000 shares at $3.35 on March 20, bringing his stake to 10,276,929 shares, and has purchased roughly 424,000 shares in recent weeks for about $1.31M total.
- Oncology Institute beat quarterly EPS estimates (loss of $0.06 vs. $0.08 expected) and slightly topped revenue estimates, but remains unprofitable with an 11.45% negative net margin and a deeply negative return on equity.
- Shares opened at $3.21 and were down ~3.3%; analysts are mixed but the consensus is a Moderate Buy with a $7 target, and institutional investors own about 36.9% of the stock.
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The Oncology Institute, Inc. (NASDAQ:TOI - Get Free Report) major shareholder Jorey Chernett acquired 25,000 shares of Oncology Institute stock in a transaction on Friday, March 20th. The shares were purchased at an average price of $3.35 per share, with a total value of $83,750.00. Following the completion of the purchase, the insider owned 10,276,929 shares in the company, valued at $34,427,712.15. This represents a 0.24% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.
Jorey Chernett also recently made the following trade(s):
- On Tuesday, March 17th, Jorey Chernett bought 75,000 shares of Oncology Institute stock. The stock was purchased at an average cost of $3.42 per share, with a total value of $256,500.00.
- On Monday, March 16th, Jorey Chernett bought 60,985 shares of Oncology Institute stock. The stock was purchased at an average price of $3.29 per share, for a total transaction of $200,640.65.
- On Friday, March 13th, Jorey Chernett purchased 263,000 shares of Oncology Institute stock. The shares were purchased at an average price of $2.92 per share, for a total transaction of $767,960.00.
Oncology Institute Stock Down 3.3%
Shares of TOI opened at $3.21 on Tuesday. The company has a market capitalization of $317.28 million, a P/E ratio of -5.73 and a beta of 0.14. The firm has a 50 day moving average of $2.93 and a 200 day moving average of $3.39. The Oncology Institute, Inc. has a twelve month low of $0.97 and a twelve month high of $4.88.
Oncology Institute (NASDAQ:TOI - Get Free Report) last announced its quarterly earnings data on Thursday, March 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.08) by $0.02. The company had revenue of $141.96 million during the quarter, compared to analyst estimates of $139.78 million. Oncology Institute had a negative net margin of 11.45% and a negative return on equity of 1,527.21%.
Analyst Ratings Changes
A number of research analysts have recently issued reports on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Oncology Institute in a report on Wednesday, January 21st. BTIG Research reissued a "buy" rating and issued a $7.00 target price on shares of Oncology Institute in a research report on Monday, March 9th. Needham & Company LLC restated a "buy" rating and set a $5.00 target price on shares of Oncology Institute in a research note on Monday, March 9th. Finally, B. Riley Financial raised their price target on shares of Oncology Institute from $6.00 to $8.00 and gave the company a "buy" rating in a report on Friday, March 13th. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Oncology Institute presently has a consensus rating of "Moderate Buy" and a consensus target price of $7.00.
Check Out Our Latest Report on TOI
Hedge Funds Weigh In On Oncology Institute
A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Oncology Institute by 6.2% in the third quarter. Vanguard Group Inc. now owns 4,545,245 shares of the company's stock worth $15,863,000 after acquiring an additional 264,358 shares during the period. CenterBook Partners LP lifted its holdings in Oncology Institute by 12.0% in the fourth quarter. CenterBook Partners LP now owns 3,029,312 shares of the company's stock valued at $10,784,000 after acquiring an additional 324,662 shares during the period. Kanen Wealth Management LLC boosted its position in Oncology Institute by 61.6% in the fourth quarter. Kanen Wealth Management LLC now owns 2,976,144 shares of the company's stock worth $10,712,000 after purchasing an additional 1,134,043 shares during the last quarter. Balyasny Asset Management L.P. boosted its position in Oncology Institute by 17.3% in the second quarter. Balyasny Asset Management L.P. now owns 2,518,337 shares of the company's stock worth $5,163,000 after purchasing an additional 371,005 shares during the last quarter. Finally, Josh Arnold Investment Consultant LLC grew its stake in shares of Oncology Institute by 1,104.3% during the 4th quarter. Josh Arnold Investment Consultant LLC now owns 2,459,809 shares of the company's stock valued at $8,757,000 after purchasing an additional 2,255,559 shares during the period. 36.86% of the stock is currently owned by hedge funds and other institutional investors.
Oncology Institute Company Profile
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Get Free Report)
The Oncology Institute, Inc, an oncology company, provides various medical oncology services in the United States. The company operates through three segments: Dispensary, Patient Services, and Clinical Trials & Other. It offers physician services, in-house infusion and dispensary, clinical trial, radiation, outpatient blood product transfusion, and patient support services, as well as educational seminars, support groups, and counseling services. The company also provides managing clinical trials, palliative care programs, stem cell transplants services, and other care delivery models associated with non-community-based academic and tertiary care settings; and conducts clinical trials for a range of pharmaceutical and medical device companies.
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