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

Oscar Health, Inc. (NYSE:OSCR)’s stock price gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.34. Oscar Health had a negative return on equity of 29.99% and a negative net margin of 4.62%. The business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $1.99 billion. During the same period in the prior year, the business earned ($0.18) EPS. Oscar Health’s revenue for the quarter was up 45.8% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Oscar Health

Institutional investors have recently bought and sold shares of the business. Amalgamated Bank boosted its holdings in shares of Oscar Health by 10.6% during the 3rd quarter. Amalgamated Bank now owns 15,762 shares of the company’s stock worth $88,000 after buying an additional 1,516 shares during the period. Summit Trail Advisors LLC increased its stake in shares of Oscar Health by 9.5% during the first quarter. Summit Trail Advisors LLC now owns 19,755 shares of the company’s stock worth $294,000 after purchasing an additional 1,715 shares during the period. New York State Common Retirement Fund lifted its holdings in Oscar Health by 3.8% during the 4th quarter. New York State Common Retirement Fund now owns 64,856 shares of the company’s stock worth $593,000 after purchasing an additional 2,394 shares during the last quarter. ProShare Advisors LLC boosted its stake in Oscar Health by 10.9% in the 1st quarter. ProShare Advisors LLC now owns 28,950 shares of the company’s stock valued at $430,000 after purchasing an additional 2,842 shares during the period. Finally, Oppenheimer & Co. Inc. grew its holdings in Oscar Health by 20.8% in the 1st quarter. Oppenheimer & Co. Inc. now owns 19,450 shares of the company’s stock valued at $289,000 after buying an additional 3,350 shares in the last quarter. Institutional investors and hedge funds own 75.70% of the company’s stock.

Oscar Health Stock Up 6.9 %

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 cap of $5.09 billion, a P/E ratio of -17.87 and a beta of 1.66. The firm has a 50-day simple moving average of $15.50 and a two-hundred day simple moving average of $12.02.

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.