Fred Alger Management LLC Boosts Stock Position in Oscar Health, Inc. $OSCR

Key Points

• Fred Alger Management LLC increased its stake in Oscar Health, Inc. by 1,192.7%, acquiring a total of 574,536 shares worth approximately $7.53 million in the first quarter.
• Major institutional investors such as Vanguard Group and T. Rowe Price also raised their holdings, contributing to hedge funds and institutions owning 75.70% of the company's stock.
• Oscar Health received several downgrades from analysts, with a consensus rating of "Strong Sell" and an average price target of $12.07, reflecting a significant decrease in investor confidence.

Fred Alger Management LLC lifted its position in shares of Oscar Health, Inc. (NYSE:OSCR - Free Report) by 1,192.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 574,536 shares of the company's stock after purchasing an additional 530,091 shares during the period. Fred Alger Management LLC owned 0.23% of Oscar Health worth $7,532,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Oscar Health by 3.7% during the first quarter. Vanguard Group Inc. now owns 19,698,442 shares of the company's stock worth $258,247,000 after purchasing an additional 700,469 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings in Oscar Health by 4.1% in the first quarter. T. Rowe Price Investment Management Inc. now owns 11,826,245 shares of the company's stock worth $155,043,000 after buying an additional 467,301 shares during the period. Thrive Capital Management LLC lifted its holdings in Oscar Health by 33.4% in the fourth quarter. Thrive Capital Management LLC now owns 6,343,617 shares of the company's stock worth $85,258,000 after buying an additional 1,588,395 shares during the period. BIT Capital GmbH lifted its holdings in Oscar Health by 1.1% in the first quarter. BIT Capital GmbH now owns 4,521,445 shares of the company's stock worth $59,276,000 after buying an additional 47,592 shares during the period. Finally, Southeastern Asset Management Inc. TN lifted its holdings in Oscar Health by 52.2% in the fourth quarter. Southeastern Asset Management Inc. TN now owns 3,131,084 shares of the company's stock worth $42,082,000 after buying an additional 1,073,359 shares during the period. 75.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OSCR has been the subject of several research analyst reports. Raymond James Financial lowered shares of Oscar Health from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 24th. Wells Fargo & Company lowered shares of Oscar Health from an "equal weight" rating to an "underweight" rating and lowered their price objective for the stock from $16.00 to $10.00 in a report on Friday, July 11th. Baird R W lowered shares of Oscar Health from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. UBS Group reaffirmed a "sell" rating and set a $11.00 target price (down previously from $15.00) on shares of Oscar Health in a research note on Tuesday, July 15th. Finally, Wall Street Zen downgraded shares of Oscar Health from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Four analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Strong Sell" and an average target price of $12.07.

Oscar Health Price Performance

Shares of NYSE OSCR opened at $20.22 on Tuesday. Oscar Health, Inc. has a fifty-two week low of $11.20 and a fifty-two week high of $23.79. The company has a 50 day simple moving average of $15.76 and a two-hundred day simple moving average of $15.03. The company has a market capitalization of $5.23 billion, a price-to-earnings ratio of -24.97 and a beta of 1.87. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.86.

Oscar Health (NYSE:OSCR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.89) earnings per share for the quarter, beating the consensus estimate of ($0.90) by $0.01. The company had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.88 billion. Oscar Health had a negative net margin of 1.50% and a negative return on equity of 13.78%. The firm's quarterly revenue was up 29.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.20 earnings per share. Analysts expect that Oscar Health, Inc. will post 0.69 EPS for the current fiscal year.

Oscar Health Company Profile

Oscar Health, Inc operates as a health insurance in the United States. The company offers health plans in individual and small group markets, as well as +Oscar, a technology driven platform that help providers and payors directly enable their shift to value-based care. It also provides reinsurance products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.