Insider Buying: Oncology Institute (NASDAQ:TOI) Major Shareholder Purchases $87,750.00 in Stock

The Oncology Institute, Inc. (NASDAQ:TOI) major shareholder Jorey Chernett purchased 15,000 shares of the firm’s stock in a transaction dated Friday, July 10th. The stock was purchased at an average cost of $5.85 per share, with a total value of $87,750.00. Following the acquisition, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

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

• On Tuesday, June 23rd, Jorey Chernett bought 18,000 shares of Oncology Institute stock. The shares were acquired at an average price of $5.02 per share, for a total transaction of $90,360.00.
• On Thursday, June 4th, Jorey Chernett bought 12,000 shares of Oncology Institute stock. The stock was acquired at an average cost of $4.75 per share, with a total value of $57,000.00.
• On Wednesday, May 20th, Jorey Chernett purchased 33,500 shares of Oncology Institute stock. The stock was acquired at an average price of $4.07 per share, with a total value of $136,345.00.
• On Tuesday, May 19th, Jorey Chernett purchased 5,000 shares of Oncology Institute stock. The shares were acquired at an average cost of $4.05 per share, for a total transaction of $20,250.00.
• On Tuesday, May 19th, Jorey Chernett purchased 30,000 shares of Oncology Institute stock. The shares were acquired at an average cost of $4.09 per share, for a total transaction of $122,700.00.

Oncology Institute Trading Down 0.6%

Shares of NASDAQ:TOI traded down $0.04 during trading on Monday, hitting $5.86. 1,231,886 shares of the company’s stock traded hands, compared to its average volume of 1,916,043. The Oncology Institute, Inc. has a 52 week low of $2.32 and a 52 week high of $6.11. The company has a market cap of $578.70 million, a price-to-earnings ratio of -15.96 and a beta of 0.36. The company has a 50-day moving average price of $4.81 and a 200-day moving average price of $3.74.

Oncology Institute (NASDAQ:TOI) last posted its earnings results on Thursday, May 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.05. The business had revenue of $147.44 million for the quarter, compared to the consensus estimate of $142.10 million. On average, analysts predict that The Oncology Institute, Inc. will post -0.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Oncology Institute

Large investors have recently modified their holdings of the business. Goldman Sachs Group Inc. bought a new position in shares of Oncology Institute in the 1st quarter valued at about $131,000. Geode Capital Management LLC raised its holdings in shares of Oncology Institute by 231.7% in the 2nd quarter. Geode Capital Management LLC now owns 1,279,443 shares of the company’s stock valued at $2,623,000 after purchasing an additional 893,696 shares during the period. Cetera Investment Advisers lifted its stake in Oncology Institute by 35.0% in the 2nd quarter. Cetera Investment Advisers now owns 17,545 shares of the company’s stock valued at $36,000 after purchasing an additional 4,545 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Oncology Institute by 51,631.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 27,935 shares of the company’s stock valued at $57,000 after purchasing an additional 27,881 shares during the last quarter. Finally, New York State Common Retirement Fund bought a new position in Oncology Institute during the second quarter worth about $92,000. 36.86% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TOI. Weiss Ratings reissued a “sell (d-)” rating on shares of Oncology Institute in a research report on Monday, April 20th. Needham & Company LLC upped their target price on shares of Oncology Institute from $5.00 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday, June 17th. Lake Street Capital initiated coverage on Oncology Institute in a report on Monday, July 6th. They set a “buy” rating and a $10.00 target price for the company. Finally, BTIG Research lifted their price target on Oncology Institute from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Thursday. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $8.40.

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.