Oscar Health (NYSE:OSCR) Shares Gap Up After Earnings Beat

Oscar Health, Inc. (NYSE:OSCR)’s stock price gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $18.97, but opened at $20.60. Oscar Health shares last traded at $19.89, with a volume of 2,051,735 shares.

The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.28 by $0.34. Oscar Health had a negative net margin of 4.62% and a negative return on equity of 29.99%. The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $1.99 billion. During the same quarter in the prior year, the firm earned ($0.18) EPS. Oscar Health’s revenue for the quarter was up 45.8% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several research firms have commented on OSCR. Wells Fargo & Company upped their price objective on Oscar Health from $20.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday. Raymond James started coverage on shares of Oscar Health in a research note on Friday, March 22nd. They issued an “outperform” rating and a $20.00 price objective on the stock. TheStreet raised shares of Oscar Health from a “d” rating to a “c-” rating in a report on Wednesday, February 21st. Finally, The Goldman Sachs Group raised their price objective on shares of Oscar Health from $16.00 to $21.00 and gave the company a “neutral” rating in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $15.00.

Institutional Investors Weigh In On Oscar Health

A number of large investors have recently bought and sold shares of OSCR. Formation8 GP LLC acquired a new stake in Oscar Health during the fourth quarter worth approximately $47,480,000. Vanguard Group Inc. grew its position in shares of Oscar Health by 18.6% in the third quarter. Vanguard Group Inc. now owns 14,127,934 shares of the company’s stock valued at $78,693,000 after purchasing an additional 2,211,743 shares during the period. Iron Triangle Partners LP acquired a new position in Oscar Health in the fourth quarter valued at $18,781,000. Ancient Art L.P. increased its stake in Oscar Health by 91.9% in the third quarter. Ancient Art L.P. now owns 2,793,141 shares of the company’s stock valued at $15,558,000 after purchasing an additional 1,337,987 shares during the last quarter. Finally, First Light Asset Management LLC purchased a new position in Oscar Health during the fourth quarter worth about $8,854,000. Institutional investors and hedge funds own 75.70% of the company’s stock.

Oscar Health Trading Up 6.9 %

The business has a 50 day simple moving average of $15.50 and a 200-day simple moving average of $12.02. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $5.09 billion, a price-to-earnings ratio of -17.87 and a beta of 1.66.

Oscar Health Company Profile

Oscar Health, Inc operates as a health insurance in the United States. The company offers health plans in individual and small group markets, as well as +Oscar, a technology driven platform that help providers and payors directly enable their shift to value-based care. It also provides reinsurance products.