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

Shares of The Oncology Institute, Inc. (NASDAQ:TOI) hit a new 52-week high during trading on Tuesday following insider buying activity. 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 purchased 15,000 shares of the company’s stock in a transaction on Friday, July 10th. The stock was acquired at an average cost of $5.85 per share, for a total transaction of $87,750.00. Following the completion of the transaction, the insider directly owned 10,630,858 shares in the company, valued at $62,190,519.30. This trade represents a 0.14% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website.

Wall Street Analyst Weigh In

TOI has been the topic of several recent analyst reports. Lake Street Capital initiated coverage on shares of Oncology Institute in a research report on Monday, July 6th. They set a “buy” rating and a $10.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Oncology Institute in a report on Monday, April 20th. BTIG Research increased 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. Finally, Needham & Company LLC raised their price target on Oncology Institute from $5.00 to $7.00 and gave the company a “buy” rating in a report on Wednesday, June 17th. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $8.40.

Oncology Institute Price Performance

The stock has a market cap of $617.75 million, a PE ratio of -16.89 and a beta of 0.36. The stock has a 50-day moving average price of $4.85 and a two-hundred day moving average price of $3.76.

Oncology Institute (NASDAQ:TOI) last issued its earnings results on Thursday, May 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.05. The firm had revenue of $147.44 million during the quarter, compared to the consensus estimate of $142.10 million. Equities research analysts expect that The Oncology Institute, Inc. will post -0.17 earnings per share for the current year.

Institutional Trading of Oncology Institute

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Oncology Institute by 6.2% in the 3rd quarter. Vanguard Group Inc. now owns 4,545,245 shares of the company’s stock worth $15,863,000 after acquiring an additional 264,358 shares during the last quarter. CenterBook Partners LP boosted its position in shares of Oncology Institute by 12.0% during the 4th quarter. CenterBook Partners LP now owns 3,029,312 shares of the company’s stock valued at $10,784,000 after acquiring an additional 324,662 shares during the last quarter. Kanen Wealth Management LLC grew its holdings in shares of Oncology Institute by 61.6% in the fourth quarter. Kanen Wealth Management LLC now owns 2,976,144 shares of the company’s stock valued at $10,712,000 after purchasing an additional 1,134,043 shares in the last quarter. Balyasny Asset Management L.P. grew its holdings in shares of Oncology Institute by 17.3% in the second quarter. Balyasny Asset Management L.P. now owns 2,518,337 shares of the company’s stock valued at $5,163,000 after purchasing an additional 371,005 shares in the last quarter. Finally, Josh Arnold Investment Consultant LLC increased its position 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 worth $8,757,000 after purchasing an additional 2,255,559 shares during the last quarter. Institutional investors own 36.86% of the company’s stock.

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.