Joshua Kushner, co-founder and Vice Chairman of Oscar Health Inc. (NYSE:OSCR), recently acquired a significant number of shares in the company. According to a recent SEC filing, Kushner purchased a total of 1,055,478 shares of Oscar Health's Class A common stock over three consecutive days, with the transactions taking place on November 11, 12, and 13. The shares were bought at prices ranging from $13.5779 to $13.7369, amounting to a total investment of approximately $14.4 million.
These purchases were made through Thrive Capital Partners (WA:CPAP) VII Growth, L.P. and Claremount VII Associates, L.P., entities over which Kushner has voting and investment control. Following these transactions, the shares are held directly by these entities, with Kushner managing the investment strategy. The acquisitions reflect Kushner's continued involvement and confidence in Oscar Health, a company he co-founded and serves as Vice Chairman.
In other recent news, Oscar Health has reported a significant surge in its third-quarter revenue and membership, according to the latest earnings call. The health insurance provider revealed a 68% year-over-year growth in revenue, totaling $2.4 billion, and a parallel increase in membership, now standing at approximately 1.65 million members. These developments have resulted in an improved year-to-date adjusted EBITDA of $312 million and a net profit of $179 million. Oscar Health has also revised its 2024 revenue guidance to between $9.2 billion and $9.3 billion, aiming for a 20% revenue CAGR and a 5% operating margin by 2027. The company anticipates double-digit growth in the ACA market, maintaining a 15% growth assumption for the next year. As part of its expansion strategy, Oscar Health is introducing new products and making a return to the California market. The company's future projections will be provided in the upcoming fourth-quarter earnings call.
InvestingPro Insights
Joshua Kushner's recent substantial investment in Oscar Health Inc. (NYSE:OSCR) aligns with several promising indicators from InvestingPro. The company's revenue growth has been particularly impressive, with a 51.1% increase over the last twelve months as of Q3 2023, and an even more striking 68.3% growth in the most recent quarter. This robust revenue expansion suggests that Oscar Health is gaining traction in the competitive health insurance market.
InvestingPro Tips highlight that Oscar Health is expected to be profitable this year, which could be a key factor in Kushner's decision to increase his stake. The company has already shown profitability over the last twelve months, with a basic EPS of $0.12. This positive earnings trajectory may indicate that Oscar Health is moving towards sustainable financial performance.
However, investors should note that OSCR is trading at a high earnings multiple, with a P/E ratio of 110.08. This valuation suggests that the market has high growth expectations for the company, which aligns with its current revenue growth rates but also implies higher risk.
For those interested in a deeper analysis, InvestingPro offers 12 additional tips for Oscar Health, providing a more comprehensive view of the company's financial health and market position. These insights can be valuable for investors looking to understand the full picture behind Kushner's significant share purchase.
Joshua Kushner, co-founder and Vice Chairman of Oscar Health Inc. (NYSE:OSCR), recently acquired a significant number of shares in the company. According to a recent SEC filing, Kushner purchased a total of 1,055,478 shares of Oscar Health's Class A common stock over three consecutive days, with the transactions taking place on November 11, 12, and 13. The shares were bought at prices ranging from $13.5779 to $13.7369, amounting to a total investment of approximately $14.4 million.
These purchases were made through Thrive Capital Partners VII Growth, L.P. and Claremount VII Associates, L.P., entities over which Kushner has voting and investment control. Following these transactions, the shares are held directly by these entities, with Kushner managing the investment strategy. The acquisitions reflect Kushner's continued involvement and confidence in Oscar Health, a company he co-founded and serves as Vice Chairman.
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