Insider Buying: Oncology Institute (NASDAQ:TOI) Major Shareholder Buys 75,000 Shares of Stock

The Oncology Institute, Inc. (NASDAQ:TOI) major shareholder Jorey Chernett bought 75,000 shares of the stock in a transaction on Tuesday, March 17th. The stock was purchased at an average cost of $3.42 per share, for a total transaction of $256,500.00. Following the acquisition, the insider owned 10,251,929 shares of the company’s stock, valued at $35,061,597.18. This trade represents a 0.74% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Monday, March 16th, Jorey Chernett purchased 60,985 shares of Oncology Institute stock. The shares were purchased at an average price 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 shares were acquired at an average cost of $2.92 per share, with a total value of $767,960.00.

Oncology Institute Price Performance

Shares of NASDAQ:TOI traded up $0.18 during trading on Tuesday, hitting $3.59. The company’s stock had a trading volume of 4,278,865 shares, compared to its average volume of 2,111,345. The company has a 50-day moving average of $2.99 and a 200-day moving average of $3.39. The Oncology Institute, Inc. has a 12 month low of $0.65 and a 12 month high of $4.88. The firm has a market cap of $353.18 million, a price-to-earnings ratio of -6.41 and a beta of 0.14.

Oncology Institute (NASDAQ:TOI) last posted its quarterly earnings data on Thursday, March 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The company had revenue of $141.96 million for the quarter, compared to the consensus estimate of $139.78 million. Oncology Institute had a negative net margin of 11.45% and a negative return on equity of 1,527.21%.

Institutional Investors Weigh In On Oncology Institute

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mount Lucas Management LP purchased a new position in Oncology Institute during the second quarter valued at approximately $158,000. CenterBook Partners LP increased its stake in shares of Oncology Institute by 277.8% in the third quarter. CenterBook Partners LP now owns 2,704,650 shares of the company’s stock worth $9,439,000 after purchasing an additional 1,988,751 shares in the last quarter. Citizens Financial Group Inc. RI raised its position in shares of Oncology Institute by 89.8% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 119,000 shares of the company’s stock valued at $244,000 after purchasing an additional 56,300 shares during the period. FourWorld Capital Management LLC raised its position in shares of Oncology Institute by 52.4% during the 2nd quarter. FourWorld Capital Management LLC now owns 391,650 shares of the company’s stock valued at $803,000 after purchasing an additional 134,650 shares during the period. Finally, EHP Funds Inc. purchased a new position in shares of Oncology Institute during the 3rd quarter valued at $852,000. Institutional investors own 36.86% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Oncology Institute in a research note on Wednesday, January 21st. B. Riley Financial upped their price objective on Oncology Institute from $6.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday. Needham & Company LLC reaffirmed a “buy” rating and issued a $5.00 target price on shares of Oncology Institute in a report on Monday, March 9th. Finally, BTIG Research reiterated a “buy” rating and set a $7.00 target price on shares of Oncology Institute in a research report on Monday, March 9th. Four analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price 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.