Oncology Institute (NASDAQ:TOI) Shares Up 6.5% on Analyst Upgrade

Shares of The Oncology Institute, Inc. (NASDAQ:TOI) were up 6.5% on Wednesday after Needham & Company LLC raised their price target on the stock from $5.00 to $7.00. Needham & Company LLC currently has a buy rating on the stock. Oncology Institute traded as high as $5.38 and last traded at $5.4340. Approximately 154,228 shares were traded during trading, a decline of 92% from the average daily volume of 1,879,599 shares. The stock had previously closed at $5.10.

A number of other brokerages have also commented on TOI. BTIG Research raised their price objective on Oncology Institute from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. B. Riley Financial increased their price target on shares of Oncology Institute from $6.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, March 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Oncology Institute in a research note on Monday, April 20th. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Oncology Institute has a consensus rating of “Moderate Buy” and an average target price of $7.75.

Insiders Place Their Bets

In related news, insider Yale Podnos sold 23,451 shares of the firm’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. This trade represents a 8.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mohit Kaushal sold 38,433 shares of the company’s stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $3.50, for a total value of $134,515.50. Following the sale, the director directly owned 172,583 shares of the company’s stock, valued at $604,040.50. The trade was a 18.21% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders purchased 250,500 shares of company stock valued at $870,795 and sold 119,170 shares valued at $461,183. Insiders own 4.40% of the company’s stock.

Institutional Trading of Oncology Institute

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake 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 valued at $15,863,000 after purchasing an additional 264,358 shares in the last quarter. CenterBook Partners LP boosted its position 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 buying an additional 324,662 shares in the last quarter. Kanen Wealth Management LLC grew its stake in Oncology Institute by 61.6% during the fourth quarter. Kanen Wealth Management LLC now owns 2,976,144 shares of the company’s stock worth $10,712,000 after buying an additional 1,134,043 shares during the last quarter. Balyasny Asset Management L.P. increased its holdings in shares of Oncology Institute by 17.3% during the second quarter. Balyasny Asset Management L.P. now owns 2,518,337 shares of the company’s stock worth $5,163,000 after buying an additional 371,005 shares in the last quarter. Finally, Josh Arnold Investment Consultant LLC raised its stake in shares of 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 acquiring an additional 2,255,559 shares during the last quarter. 36.86% of the stock is currently owned by institutional investors.

Oncology Institute Price Performance

The company has a market cap of $534.23 million, a P/E ratio of -14.63 and a beta of 0.37. The business’s 50 day moving average price is $4.07 and its 200-day moving average price is $3.48.

Oncology Institute (NASDAQ:TOI) last issued 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. As a group, research analysts forecast that The Oncology Institute, Inc. will post -0.17 EPS for the current year.

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.