Formula Growth Ltd. Buys New Stake in The Oncology Institute, Inc. $TOI

Formula Growth Ltd. purchased a new stake in The Oncology Institute, Inc. (NASDAQ:TOI) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 300,000 shares of the company’s stock, valued at approximately $1,629,000. Formula Growth Ltd. owned approximately 0.30% of Oncology Institute at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Legal & General Group Plc acquired a new position in shares of Oncology Institute during the 2nd quarter worth about $41,000. Kestra Advisory Services LLC acquired a new stake in shares of Oncology Institute during the 4th quarter worth about $31,000. Pekin Hardy Strauss Inc. purchased a new stake in Oncology Institute during the fourth quarter worth approximately $36,000. AMG National Trust Bank purchased a new stake in Oncology Institute during the second quarter worth approximately $54,000. Finally, R Squared Ltd purchased a new stake in Oncology Institute during the fourth quarter worth approximately $41,000. 36.86% of the stock is owned by hedge funds and other institutional investors.

Oncology Institute Stock Performance

Oncology Institute stock opened at $5.19 on Friday. The company has a market capitalization of $512.58 million, a P/E ratio of -14.02 and a beta of 0.39. The Oncology Institute, Inc. has a fifty-two week low of $2.32 and a fifty-two week high of $6.67. The stock has a 50-day simple moving average of $5.30 and a 200-day simple moving average of $4.19.

Oncology Institute (NASDAQ:TOI) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). The company had revenue of $161.28 million during the quarter, compared to analysts’ expectations of $155.28 million. As a group, analysts forecast that The Oncology Institute, Inc. will post -0.18 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on TOI shares. Lake Street Capital began coverage on shares of Oncology Institute in a research note on Monday, July 6th. They issued a “buy” rating and a $10.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Oncology Institute in a research report on Friday, July 17th. Needham & Company LLC upped their target price on shares of Oncology Institute from $5.00 to $7.00 and gave the company a “buy” rating in a report on Wednesday, June 17th. Finally, BTIG Research upped their target price on shares of Oncology Institute from $8.00 to $9.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Four investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Oncology Institute presently has a consensus rating of “Moderate Buy” and an average price target of $8.50.

Insider Buying and Selling

In related news, insider Yale Podnos sold 23,451 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $5.38, for a total value of $126,166.38. Following the completion of the sale, the insider owned 259,527 shares in the company, valued at $1,396,255.26. This represents a 8.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Jorey Chernett purchased 18,000 shares of Oncology Institute stock in a transaction that occurred on Tuesday, June 23rd. The stock was acquired at an average price of $5.02 per share, with a total value of $90,360.00. Following the transaction, the insider owned 10,615,858 shares in the company, valued at $53,291,607.16. The trade was a 0.17% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have bought 63,000 shares of company stock worth $329,970. Insiders own 4.40% 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.