Oscar Health, Inc. (NYSE:OSCR), a technology-driven insurance company with a market capitalization of approximately $3.5 billion, recently disclosed stock transactions by its Executive Vice President and Chief Insurance Officer, Alessandrea C. Quane. For detailed analysis and comprehensive insights into Oscar Health's financial health, visit InvestingPro. The transactions, filed with the Securities and Exchange Commission, revealed that Quane sold shares worth approximately $271,293.
On December 6, Quane sold a total of 16,793 shares of Oscar Health's Class A Common Stock. The shares were sold in two separate transactions, with prices ranging from $15.93 to $16.52 per share. Following these sales, Quane holds 430,216 shares directly.
Additionally, on December 5, Quane acquired 31,250 shares through the vesting of restricted stock units. These restricted stock units represent a contingent right to receive one share of Class A common stock each.
The sales were executed under a pre-established Rule 10b5-1 instruction letter, which allows insiders to set up a trading plan for selling stocks they own. This plan was entered into before February 27, 2023, to meet tax withholding obligations upon the vesting of previously granted equity awards.
In other recent news, Oscar Health reported a substantial surge in its Q3 2024 revenue and membership during its latest earnings call. The health insurance provider posted a 68% year-over-year increase in revenue, reaching $2.4 billion, and a corresponding 68% growth in membership, totaling approximately 1.65 million members. Oscar Health also recorded an uptick in its medical loss ratio to 84.6% and an improved year-to-date adjusted EBITDA of $312 million, resulting in a net profit of $179 million.
The company has revised its 2024 revenue guidance to between $9.2 billion and $9.3 billion, with a targeted 20% revenue CAGR and a 5% operating margin by 2027. These recent developments underscore Oscar Health's focus on sustainable growth and profitability. The company anticipates significant margin expansion by 2025, driven by disciplined pricing and cost-saving initiatives.
Oscar Health is also planning new products and market expansions, including a tech-first HMO and a return to the California market. Despite potential downward pressures, the company remains confident in achieving a 15% growth assumption for the ACA market next year. Detailed guidance for 2025 will be provided in the fourth-quarter earnings call.
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