Insider Buying: Oncology Institute (NASDAQ:TOI) Major Shareholder Buys 18,000 Shares

The Oncology Institute, Inc. (NASDAQ:TOI) major shareholder Jorey Chernett bought 18,000 shares of the company’s stock in a transaction dated Tuesday, July 21st. The shares were purchased at an average cost of $5.27 per share, with a total value of $94,860.00. Following the acquisition, the insider directly owned 10,648,858 shares of the company’s stock, valued at approximately $56,119,481.66. This represents a 0.17% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 Friday, July 10th, Jorey Chernett purchased 15,000 shares of Oncology Institute stock. The shares were acquired at an average cost of $5.85 per share, for a total transaction of $87,750.00.
• On Tuesday, June 23rd, Jorey Chernett purchased 18,000 shares of Oncology Institute stock. The shares were acquired at an average cost of $5.02 per share, for a total transaction of $90,360.00.
• On Thursday, June 4th, Jorey Chernett acquired 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 bought 33,500 shares of Oncology Institute stock. The shares were acquired at an average price of $4.07 per share, for a total transaction of $136,345.00.
• On Tuesday, May 19th, Jorey Chernett acquired 5,000 shares of Oncology Institute stock. The stock was bought at an average cost of $4.05 per share, with a total value of $20,250.00.
• On Tuesday, May 19th, Jorey Chernett purchased 30,000 shares of Oncology Institute stock. The stock was bought at an average cost of $4.09 per share, with a total value of $122,700.00.

Oncology Institute Stock Down 6.7%

Shares of NASDAQ:TOI traded down $0.35 during midday trading on Tuesday, hitting $4.84. The stock had a trading volume of 1,334,484 shares, compared to its average volume of 1,917,974. The company’s 50-day moving average price is $5.14 and its 200-day moving average price is $3.88. The Oncology Institute, Inc. has a fifty-two week low of $2.32 and a fifty-two week high of $6.67. The company has a market capitalization of $478.68 million, a P/E ratio of -13.09 and a beta of 0.36.

Oncology Institute (NASDAQ:TOI) last issued its earnings results on Thursday, May 7th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.05. The business had revenue of $147.44 million during the quarter, compared to analyst estimates of $142.10 million. Research analysts expect that The Oncology Institute, Inc. will post -0.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. LPL Financial LLC lifted its position in shares of Oncology Institute by 1.5% in the 4th quarter. LPL Financial LLC now owns 270,885 shares of the company’s stock worth $964,000 after purchasing an additional 3,900 shares during the period. AQR Capital Management LLC raised its stake in Oncology Institute by 9.1% during the fourth quarter. AQR Capital Management LLC now owns 48,072 shares of the company’s stock worth $171,000 after buying an additional 4,007 shares during the last quarter. HighTower Advisors LLC lifted its holdings in Oncology Institute by 5.5% in the fourth quarter. HighTower Advisors LLC now owns 85,851 shares of the company’s stock valued at $306,000 after buying an additional 4,489 shares during the period. Cetera Investment Advisers lifted its holdings in Oncology Institute by 35.0% in the second quarter. Cetera Investment Advisers now owns 17,545 shares of the company’s stock valued at $36,000 after buying an additional 4,545 shares during the period. Finally, R Squared Ltd boosted its position in Oncology Institute by 42.7% during the first quarter. R Squared Ltd now owns 16,353 shares of the company’s stock valued at $50,000 after acquiring an additional 4,891 shares during the last quarter. Institutional investors own 36.86% of the company’s stock.

Analyst Ratings Changes

TOI has been the subject of a number of research reports. Lake Street Capital started coverage on shares of Oncology Institute in a report on Monday, July 6th. They issued a “buy” rating and a $10.00 price objective for the company. Needham & Company LLC boosted their price objective 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. Weiss Ratings restated a “sell (d-)” rating on shares of Oncology Institute in a report on Friday, July 17th. Finally, BTIG Research raised their target price on Oncology Institute from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Oncology Institute currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.50.

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.