Up 50% in a Week, Is Oscar Health (OSCR) the Newest Meme Stock?
Analysts and investors are puzzling over Oscar Health (OSCR), and insurance stock that has catapulted 50% higher in the past week on seemingly no news.
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Social media and discussion forms such as WallStreetBets are buzzing about OSCR stock's upward explosion, wondering if the recent gains are justified or if the New York City health insurer has become the latest meme stock?
OSCR stock surged 13% higher on June 20, lifting its five-day gain to 50%, as traders note strong momentum indicators and interest building around the stock among individual retail investors. The current rally appears to have been sparked by investor commentary on social media, including a post from Ruth Capital highlighting the company's first-quarter free cash flow of $1 billion.
Political Ties
While some analysts and traders are parsing the fundamentals of Oscar Health, others are pointing to the company's political ties as a reason for the current hype surrounding the stock. Oscar Health's co-founder is Joshua Kushner, the brother of Jared Kushner, U.S. President Donald Trump's son-in-law. Market watchers say this connection has drawn attention from retail investors in recent days.
At its current share price $21.22, Oscar Health is richly valued, trading at 87 times future earnings estimates. That's nosebleed levels and gives credence to naysayers online who are dismissing OSCR as another meme stock. Fans of the company stress that Oscar Health is participating in a growing number of government-backed health programs, which should drive future financial results.
Over the last five years, OSCR stock has declined 46%.
Is OSCR Stock a Buy?
The stock of Oscar Health has a consensus Hold rating among four Wall Street analysts. That rating is based on one Buy, one Hold, and two Sell recommendations issued in the last three months. The average OSCR price target of $14.88 implies 29.88% downside risk from current levels.
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