Insider Buying: Oncology Institute (NASDAQ:TOI) Major Shareholder Purchases $767,960.00 in Stock

The Oncology Institute, Inc. (NASDAQ:TOI) major shareholder Jorey Chernett bought 263,000 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was purchased at an average price of $2.92 per share, with a total value of $767,960.00. Following the completion of the acquisition, the insider owned 10,115,944 shares of the company’s stock, valued at approximately $29,538,556.48. This trade represents a 2.67% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Tuesday, March 17th, Jorey Chernett bought 75,000 shares of Oncology Institute stock. The stock was purchased at an average cost of $3.42 per share, for a total transaction of $256,500.00.
• 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, for a total transaction of $200,640.65.

Oncology Institute Stock Performance

Shares of NASDAQ:TOI opened at $3.54 on Friday. The company has a market cap of $348.27 million, a PE ratio of -6.32 and a beta of 0.14. The Oncology Institute, Inc. has a 52 week low of $0.86 and a 52 week high of $4.88. The firm has a 50 day simple moving average of $2.96 and a 200 day simple moving average of $3.39.

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

Institutional Investors Weigh In On Oncology Institute

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mount Lucas Management LP acquired a new position in shares of Oncology Institute in the second quarter worth $158,000. CenterBook Partners LP raised its holdings in shares of Oncology Institute by 277.8% during the third quarter. CenterBook Partners LP now owns 2,704,650 shares of the company’s stock worth $9,439,000 after acquiring an additional 1,988,751 shares in the last quarter. Citizens Financial Group Inc. RI boosted its position in Oncology Institute by 89.8% during the second 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 last quarter. FourWorld Capital Management LLC boosted its position in Oncology Institute by 52.4% during the second 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 last quarter. Finally, EHP Funds Inc. purchased a new position in Oncology Institute in the third quarter valued at about $852,000. Hedge funds and other institutional investors own 36.86% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on TOI shares. Needham & Company LLC reiterated a “buy” rating and set a $5.00 price target on shares of Oncology Institute in a report on Monday, March 9th. BTIG Research reissued a “buy” rating and set a $7.00 price target on shares of Oncology Institute in a research report on Monday, March 9th. B. Riley Financial increased 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, March 13th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Oncology Institute in a research report on Wednesday, January 21st. Four 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, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.