Formula Growth Ltd. Purchases New Holdings in The Oncology Institute, Inc. $TOI

Formula Growth Ltd. acquired a new stake in shares of The Oncology Institute, Inc. (NASDAQ:TOI) in the 2nd quarter, HoldingsChannel reports. The firm acquired 300,000 shares of the company’s stock, valued at approximately $1,629,000.

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

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TOI. Weiss Ratings reissued a “sell (d-)” rating on shares of Oncology Institute in a research note on Friday, July 17th. Needham & Company LLC raised 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 assumed coverage on shares of Oncology Institute in a report on Monday, July 6th. They issued a “buy” rating and a $10.00 target price on the stock. Finally, BTIG Research boosted their price target on shares of Oncology Institute from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $8.50.

Insider Activity

In other Oncology Institute news, insider Yale Podnos sold 23,451 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $5.38, for a total transaction of $126,166.38. Following the completion of the transaction, the insider directly owned 259,527 shares in the company, valued at approximately $1,396,255.26. This trade represents a 8.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Jorey Chernett bought 18,000 shares of the company’s stock in a transaction on Tuesday, July 21st. The shares were acquired at an average price of $5.27 per share, with a total value of $94,860.00. Following the completion of the acquisition, the insider directly owned 10,648,858 shares in the company, valued at $56,119,481.66. This represents a 0.17% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 63,000 shares of company stock worth $329,970 over the last quarter. Insiders own 4.40% of the company’s stock.

Oncology Institute Stock Performance

Shares of TOI stock opened at $5.19 on Friday. The stock has a fifty day moving average price of $5.30 and a 200 day moving average price of $4.19. The stock has a market cap of $512.58 million, a PE ratio of -14.02 and a beta of 0.39. The Oncology Institute, Inc. has a 1 year low of $2.32 and a 1 year high of $6.67.

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

Oncology Institute Company Profile

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.