Cano Health (NYSE:CANO) Shares Down 6.1% on Insider Selling

Cano Health logoCano Health, Inc. (NYSE:CANO – Free Report)’s stock price dropped 6.1% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $1.30 and last traded at $1.31. Approximately 1,336,473 shares traded hands during trading, a decline of 79% from the average daily volume of 6,493,378 shares. The stock previously closed at $1.39.

Specifically, insider Richard Aguilar sold 275,940 shares of the company’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $1.29, for a total value of $355,962.60. Following the completion of the sale, the insider now owns 1,813,984 shares of the company’s stock, valued at approximately $2,340,039.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Richard Aguilar sold 275,940 shares of the stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $1.29, for a total transaction of $355,962.60. Following the completion of the sale, the insider now directly owns 1,813,984 shares in the company, valued at approximately $2,340,039.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brian D. Koppy sold 23,591 shares of Cano Health stock in a transaction that occurred on Wednesday, April 5th. The stock was sold at an average price of $1.27, for a total value of $29,960.57. Following the completion of the transaction, the chief financial officer now directly owns 802,570 shares in the company, valued at $1,019,263.90. The disclosure for this sale can be found here. Insiders have sold 952,694 shares of company stock worth $1,283,288 over the last 90 days. Corporate insiders own 16.41% of the company’s stock.

Analyst Ratings Changes

CANO has been the topic of a number of analyst reports. Piper Sandler lifted their price target on Cano Health to $1.00 in a research note on Tuesday, May 16th. Citigroup decreased their price objective on shares of Cano Health from $5.00 to $4.00 in a research report on Friday, May 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $3.09.

Cano Health Price Performance

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The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 2.02. The firm’s 50-day moving average is $1.27 and its 200-day moving average is $1.31. The company has a market cap of $680.81 million, a PE ratio of -1.28 and a beta of -0.01.

Cano Health (NYSE:CANO – Free Report) last announced its quarterly earnings results on Tuesday, May 9th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.02. The company had revenue of $866.91 million for the quarter, compared to analysts’ expectations of $836.21 million. Cano Health had a negative net margin of 8.14% and a positive return on equity of 1.05%. On average, equity analysts anticipate that Cano Health, Inc. will post -0.31 EPS for the current year.

Institutional Investors Weigh In On Cano Health

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CANO. Raymond James & Associates grew its stake in Cano Health by 12.1% in the first quarter. Raymond James & Associates now owns 125,611 shares of the company’s stock worth $798,000 after purchasing an additional 13,593 shares during the period. Raymond James Financial Services Advisors Inc. grew its holdings in Cano Health by 18.6% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 169,145 shares of the company’s stock worth $1,074,000 after purchasing an additional 26,550 shares during the period. Bank of New York Mellon Corp. grew its holdings in Cano Health by 19.2% in the first quarter. Bank of New York Mellon Corp now owns 78,241 shares of the company’s stock worth $497,000 after purchasing an additional 12,578 shares during the period. HighTower Advisors LLC purchased a new stake in shares of Cano Health in the first quarter worth $129,000. Finally, Allianz Asset Management GmbH purchased a new stake in shares of Cano Health in the first quarter worth $2,268,000. 34.05% of the stock is owned by hedge funds and other institutional investors.

About Cano Health

(Free Report)

Cano Health, Inc. provides primary care medical services to its members in the United States and Puerto Rico. It owns and operates medical centers enabled by CanoPanorama, a proprietary population health management technology-powered platform that provides the healthcare providers at its medical centers with a 360-degree view of their members with actionable insights to improve care decisions and member engagement.

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