Needham & Company LLC Raises Oncology Institute (NASDAQ:TOI) Price Target to $7.00

Oncology Institute (NASDAQ:TOI) had its target price upped by Needham & Company LLC from $5.00 to $7.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 37.25% from the company’s previous close.

Several other brokerages have also commented on TOI. B. Riley Financial increased their price target on shares of Oncology Institute from $6.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, March 13th. BTIG Research increased their price target on shares of Oncology Institute from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Monday, June 8th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Oncology Institute in a research note on Monday, April 20th. Four analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $7.75.

Oncology Institute Stock Performance

Oncology Institute stock opened at $5.10 on Wednesday. The firm has a market cap of $504.08 million, a PE ratio of -13.78 and a beta of 0.37. The firm’s 50 day moving average price is $4.07 and its two-hundred day moving average price is $3.48. Oncology Institute has a twelve month low of $2.02 and a twelve month high of $5.57.

Oncology Institute (NASDAQ:TOI) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.05. The company had revenue of $147.44 million during the quarter, compared to analyst estimates of $142.10 million. Equities analysts anticipate that Oncology Institute will post -0.17 EPS for the current fiscal year.

Insider Activity at Oncology Institute

In other news, major shareholder Jorey Chernett bought 125,000 shares of the stock in a transaction that occurred on Tuesday, March 24th. The shares were acquired at an average cost of $3.11 per share, for a total transaction of $388,750.00. Following the purchase, the insider owned 10,401,929 shares of the company’s stock, valued at $32,349,999.19. This represents a 1.22% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Yale Podnos sold 23,451 shares of the firm’s stock in a transaction on 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 owned 259,527 shares in the company, valued at $1,396,255.26. The trade was a 8.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have bought 250,500 shares of company stock worth $870,795 and have sold 119,170 shares worth $461,183. 4.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of TOI. Vanguard Group Inc. boosted its holdings in Oncology Institute by 6.2% in the 3rd quarter. Vanguard Group Inc. now owns 4,545,245 shares of the company’s stock valued at $15,863,000 after purchasing an additional 264,358 shares during the period. CenterBook Partners LP grew its position in Oncology Institute by 12.0% in the 4th quarter. CenterBook Partners LP now owns 3,029,312 shares of the company’s stock worth $10,784,000 after purchasing an additional 324,662 shares during the last quarter. Kanen Wealth Management LLC grew its position in Oncology Institute by 61.6% in the 4th quarter. Kanen Wealth Management LLC now owns 2,976,144 shares of the company’s stock worth $10,712,000 after purchasing an additional 1,134,043 shares during the last quarter. Balyasny Asset Management L.P. grew its position in Oncology Institute by 17.3% in the 2nd quarter. Balyasny Asset Management L.P. now owns 2,518,337 shares of the company’s stock worth $5,163,000 after purchasing an additional 371,005 shares during the last quarter. Finally, Josh Arnold Investment Consultant LLC grew its position in Oncology Institute by 1,104.3% in the 4th quarter. Josh Arnold Investment Consultant LLC now owns 2,459,809 shares of the company’s stock worth $8,757,000 after purchasing an additional 2,255,559 shares during the last quarter. 36.86% of the stock is currently owned by institutional investors and hedge funds.

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.