Oncology Institute (NASDAQ:TOI) Sets New 1-Year High Following Insider Buying Activity

Key Points

• Oncology Institute (NASDAQ: TOI) hit a new 52-week high after insider buying activity, with shares reaching as high as $6.32 intraday.
• Major shareholder Jorey Chernett bought 15,000 shares at $5.85 each, increasing his stake by 0.14% and bringing his total ownership to more than 10.6 million shares.
• Analysts remain largely upbeat on the stock, with a Moderate Buy consensus and an average target price of $8.40; the company also recently posted quarterly results that beat EPS and revenue expectations.

The Oncology Institute, Inc. (NASDAQ:TOI - Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday after an insider bought additional shares in the company. The company traded as high as $6.32 and last traded at $6.25, with a volume of 3017078 shares trading hands. The stock had previously closed at $5.89.

Specifically, major shareholder Jorey Chernett acquired 15,000 shares of the business's stock in a transaction on Friday, July 10th. The shares were acquired at an average cost of $5.85 per share, with a total value of $87,750.00. Following the transaction, the insider owned 10,630,858 shares in the company, valued at $62,190,519.30. The trade was a 0.14% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Lake Street Capital initiated coverage on Oncology Institute in a research note on Monday, July 6th. They issued a "buy" rating and a $10.00 target price for the company. BTIG Research upped their price target on Oncology Institute from $8.00 to $9.00 and gave the stock a "buy" rating in a research note on Thursday, July 9th. Needham & Company LLC increased their price objective on Oncology Institute from $5.00 to $7.00 and gave the stock a "buy" rating in a report on Wednesday, June 17th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Oncology Institute in a research report on Monday, April 20th. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Oncology Institute has a consensus rating of "Moderate Buy" and a consensus target price of $8.40.

Oncology Institute Stock Performance

The company's 50-day moving average is $4.85 and its 200 day moving average is $3.76. The company has a market capitalization of $617.75 million, a PE ratio of -16.89 and a beta of 0.36.

Oncology Institute (NASDAQ:TOI - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.05. The business had revenue of $147.44 million during the quarter, compared to the consensus estimate of $142.10 million. On average, analysts forecast that The Oncology Institute, Inc. will post -0.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Oncology Institute

A number of large investors have recently made changes to their positions in TOI. Kestra Advisory Services LLC bought a new stake in Oncology Institute during the fourth quarter valued at about $31,000. Pekin Hardy Strauss Inc. purchased a new position in shares of Oncology Institute during the 4th quarter valued at about $36,000. Cetera Investment Advisers lifted its position in shares of Oncology Institute by 35.0% during the 2nd quarter. Cetera Investment Advisers now owns 17,545 shares of the company's stock valued at $36,000 after buying an additional 4,545 shares in the last quarter. State of Wyoming bought a new position in shares of Oncology Institute during the 2nd quarter valued at approximately $37,000. Finally, R Squared Ltd bought a new position in shares of Oncology Institute during the 4th quarter valued at approximately $41,000. 36.86% of the stock is currently owned by institutional investors.

Oncology Institute Company Profile

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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