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

Oscar Health, Inc. (NYSE:OSCR)’s share price gapped up before the market opened 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 traded.

The company reported $0.62 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $1.99 billion. During the same quarter last year, the company earned ($0.18) EPS. Oscar Health’s revenue was up 45.8% on a year-over-year basis.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in OSCR. Amalgamated Bank raised its stake 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 purchasing an additional 1,516 shares in the last quarter. Summit Trail Advisors LLC raised its holdings in Oscar Health by 9.5% in the 1st quarter. Summit Trail Advisors LLC now owns 19,755 shares of the company’s stock valued at $294,000 after acquiring an additional 1,715 shares during the period. New York State Common Retirement Fund lifted its position in Oscar Health by 3.8% during the fourth quarter. New York State Common Retirement Fund now owns 64,856 shares of the company’s stock worth $593,000 after acquiring an additional 2,394 shares during the last quarter. ProShare Advisors LLC boosted its holdings in shares of Oscar Health by 10.9% during the first quarter. ProShare Advisors LLC now owns 28,950 shares of the company’s stock worth $430,000 after acquiring an additional 2,842 shares during the period. Finally, Oppenheimer & Co. Inc. grew its position in shares of Oscar Health by 20.8% in the first quarter. Oppenheimer & Co. Inc. now owns 19,450 shares of the company’s stock valued at $289,000 after purchasing an additional 3,350 shares during the last quarter. Institutional investors and hedge funds own 75.70% of the company’s stock.

Oscar Health Stock Performance

The company has a market cap of $5.09 billion, a P/E ratio of -17.87 and a beta of 1.66. The stock has a 50 day moving average price of $15.50 and a two-hundred day moving average price of $12.02. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.37.

About Oscar Health

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.