Insider Buying: Oncology Institute (NASDAQ:TOI) Major Shareholder Buys 30,000 Shares of Stock

Key Points

• Major shareholder Jorey Chernett bought 30,000 shares of Oncology Institute at an average price of $4.09, spending $122,700 and lifting his stake to more than 10.5 million shares.
• Chernett has been actively buying TOI shares in recent months, including several larger purchases in March and April at prices mostly between $2.92 and $3.42 per share.
• TOI shares rose 0.9% to $4.14, and the company recently beat earnings expectations with a smaller-than-expected loss and revenue above estimates; analysts currently rate the stock a “Moderate Buy” with a $7.00 average price target.

The Oncology Institute, Inc. (NASDAQ:TOI - Get Free Report) major shareholder Jorey Chernett purchased 30,000 shares of the firm's stock in a transaction on Tuesday, May 19th. The stock was bought at an average cost of $4.09 per share, with a total value of $122,700.00. Following the completion of the purchase, the insider owned 10,529,358 shares of the company's stock, valued at approximately $43,065,074.22. This represents a 0.29% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Major shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

Jorey Chernett also recently made the following trade(s):

• On Thursday, April 9th, Jorey Chernett purchased 20,000 shares of Oncology Institute stock. The stock was bought at an average cost of $3.10 per share, with a total value of $62,000.00.
• On Tuesday, March 24th, Jorey Chernett purchased 125,000 shares of Oncology Institute stock. The stock was bought at an average cost of $3.11 per share, with a total value of $388,750.00.
• On Friday, March 20th, Jorey Chernett purchased 25,000 shares of Oncology Institute stock. The stock was bought at an average cost of $3.35 per share, with a total value of $83,750.00.
• On Tuesday, March 17th, Jorey Chernett purchased 75,000 shares of Oncology Institute stock. The stock was bought at an average cost of $3.42 per share, with a total value of $256,500.00.
• On Monday, March 16th, Jorey Chernett purchased 60,985 shares of Oncology Institute stock. The stock was bought at an average cost of $3.29 per share, with a total value of $200,640.65.
• On Friday, March 13th, Jorey Chernett purchased 263,000 shares of Oncology Institute stock. The stock was bought at an average cost of $2.92 per share, with a total value of $767,960.00.

Oncology Institute Stock Up 0.9%

TOI traded up $0.04 during midday trading on Wednesday, hitting $4.14. The company had a trading volume of 851,220 shares, compared to its average volume of 1,884,372. The company has a market capitalization of $408.70 million, a price-to-earnings ratio of -11.20 and a beta of 0.33. The stock's 50 day moving average price is $3.40 and its 200 day moving average price is $3.33. The Oncology Institute, Inc. has a 52 week low of $2.02 and a 52 week high of $4.88.

Oncology Institute (NASDAQ:TOI - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.05. The business had revenue of $147.44 million for the quarter, compared to the consensus estimate of $142.10 million. Research analysts predict that The Oncology Institute, Inc. will post -0.2 EPS for the current year.

Institutional Investors Weigh In On Oncology Institute

Large investors have recently modified their holdings of the stock. Josh Arnold Investment Consultant LLC lifted its stake in Oncology Institute by 1,104.3% in the fourth 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 last quarter. CenterBook Partners LP lifted its position in shares of Oncology Institute by 277.8% during the 3rd quarter. CenterBook Partners LP now owns 2,704,650 shares of the company's stock valued at $9,439,000 after buying an additional 1,988,751 shares during the last quarter. Kanen Wealth Management LLC bought a new position in shares of Oncology Institute during the 3rd quarter worth $6,421,000. Marshall Wace LLP purchased a new stake in Oncology Institute in the 2nd quarter worth about $3,028,000. Finally, Geode Capital Management LLC increased its holdings in Oncology Institute by 231.7% in the 2nd quarter. Geode Capital Management LLC now owns 1,279,443 shares of the company's stock worth $2,623,000 after acquiring an additional 893,696 shares during the last quarter. Hedge funds and other institutional investors own 36.86% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Needham & Company LLC reissued a "buy" rating and set a $5.00 target price on shares of Oncology Institute in a research report on Monday, March 9th. BTIG Research restated a "buy" rating and issued a $7.00 target price on shares of Oncology Institute in a research note on Monday, March 9th. B. Riley Financial upped their target price on Oncology Institute from $6.00 to $8.00 and gave the company a "buy" rating in a report on Friday, March 13th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Oncology Institute in a report on Monday, April 20th. Four investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Oncology Institute presently has an average rating of "Moderate Buy" and an average price target of $7.00.

About Oncology Institute

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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