Oncology Institute (NASDAQ:TOI) Shares Down 5.5% - Here's What Happened

Key Points

• Oncology Institute shares fell 5.5% on Wednesday, trading as low as $5.88 after opening near $6.28, with volume well below average.
• Recent analyst sentiment has been mixed but generally positive: several firms raised price targets and issued buy ratings, giving the stock a consensus rating of Moderate Buy with an average target of $8.40.
• The company recently beat quarterly earnings expectations, reporting a smaller-than-expected loss and revenue above estimates, while insider activity has been mixed with both buying and selling over the past few months.

The Oncology Institute, Inc. (NASDAQ:TOI - Get Free Report)'s stock price traded down 5.5% during trading on Wednesday . The stock traded as low as $5.88 and last traded at $5.9350. 431,818 shares changed hands during trading, a decline of 78% from the average daily volume of 1,928,562 shares. The stock had previously closed at $6.28.

Analyst Upgrades and Downgrades

TOI has been the topic of a number of research reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Oncology Institute in a report on Monday, April 20th. Needham & Company LLC lifted their target price on Oncology Institute from $5.00 to $7.00 and gave the stock a "buy" rating in a report on Wednesday, June 17th. Lake Street Capital initiated coverage on Oncology Institute in a research report on Monday, July 6th. They issued a "buy" rating and a $10.00 target price on the stock. Finally, BTIG Research increased their price target on shares of Oncology Institute from $8.00 to $9.00 and gave the stock a "buy" rating in a report on Thursday, July 9th. Five 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, the company presently has a consensus rating of "Moderate Buy" and an average price target of $8.40.

Oncology Institute Stock Down 8.9%

The stock has a market cap of $565.76 million, a PE ratio of -15.49 and a beta of 0.36. The business has a 50 day moving average price of $4.90 and a 200 day moving average price of $3.78.

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

Insiders Place Their Bets

In other Oncology Institute news, major shareholder Jorey Chernett bought 33,500 shares of Oncology Institute stock in a transaction dated Wednesday, May 20th. The stock was acquired at an average cost of $4.07 per share, with a total value of $136,345.00. Following the purchase, the insider directly owned 10,567,858 shares in the company, valued at $43,011,182.06. This represents a 0.32% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Yale Podnos sold 23,451 shares of the company's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $5.38, for a total value of $126,166.38. Following the transaction, the insider directly owned 259,527 shares of the company's stock, valued at approximately $1,396,255.26. The trade was a 8.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have acquired 113,500 shares of company stock worth $514,405. 4.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Oncology Institute

Institutional investors have recently added to or reduced their stakes in the stock. LPL Financial LLC raised its stake in Oncology Institute by 1.5% in the 4th quarter. LPL Financial LLC now owns 270,885 shares of the company's stock valued at $964,000 after purchasing an additional 3,900 shares during the last quarter. AQR Capital Management LLC boosted its stake in Oncology Institute by 9.1% during the 4th quarter. AQR Capital Management LLC now owns 48,072 shares of the company's stock worth $171,000 after purchasing an additional 4,007 shares during the last quarter. HighTower Advisors LLC boosted its stake in Oncology Institute by 5.5% during the 4th quarter. HighTower Advisors LLC now owns 85,851 shares of the company's stock worth $306,000 after purchasing an additional 4,489 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of Oncology Institute by 35.0% during the second quarter. Cetera Investment Advisers now owns 17,545 shares of the company's stock worth $36,000 after buying an additional 4,545 shares in the last quarter. Finally, R Squared Ltd raised its position in shares of Oncology Institute by 42.7% in the first quarter. R Squared Ltd now owns 16,353 shares of the company's stock valued at $50,000 after buying an additional 4,891 shares during the last quarter. Institutional investors and hedge funds own 36.86% of the company's stock.

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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