The Vanguard Group, Inc. recently announced the acquisition of new stake in Cano Health Inc. (NYSE:CANO). The institutional investor has increased its shareholding in the Healthcare company by 45.34% to 23.43 million shares with purchase of 7.31 million shares. This fresh investment now brings its stake to 8.21% valued currently at $7.24 million. In addition, BlackRock Fund Advisors raised its holdings by 4.2 million to 14.5 million shares. And Owl Creek Asset Management LP has lifted its position by 9.29% or 0.97 million shares – to 11.4 million shares.
With over 7.15 million Cano Health Inc. (CANO) shares trading Monday and a closing price of $0.31 on the day, the dollar volume was approximately $2.22 million. The shares have shown a negative half year performance of -71.35% and its price on 09/18/23 lost nearly -8.12%. Currently, there are 274.64M common shares owned by the public and among those 224.24M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for CANO have a consensus price objective of $0.93. The analysts have set the share’s price value over the next 12 months at a high of $2.00 and a low of $0.25. But an upside of 84.5% will see the stock hit the forecast high price target while median target price for the stock is $0.65.
Insiders at the company have transacted a total of 34 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 24 of these insider trades were purchases, accounting for 7,830,357 shares. Insider sales of the common stock occurred on 10 occasions, with total insider shares sold totaling 11,704,536 shares.
The top 3 mutual fund holders in Cano Health Inc. are Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and JPMorgan Small Cap Growth Fund. Vanguard Total Stock Market ETF owns 8.75 million shares of the company’s stock, all valued at over $2.7 million. Vanguard Small Cap Index Fund bought 17966.0 shares to see its total holdings expand to 6.51 million shares valued at over $2.01 million and representing 2.28% of the shares outstanding. JPMorgan Small Cap Growth Fund sold 78910.0 shares to bring its total holdings to over 5.72 million shares at a value of $1.77 million. JPMorgan Small Cap Growth Fund now owns shares totaling to 2.01% of the shares outstanding.
Shares of Cano Health Inc. (NYSE: CANO) opened at $0.3232, down -$0.02 from a prior closing price of $0.34. However, the script later moved the day high at 0.3349, down -8.12%. The company’s stock has a 5-day price change of -13.01% and -75.02% over the past three months. CANO shares are trading -77.20% year to date (YTD), with the 12-month market performance down to -95.54% lower. It has a 12-month low price of $0.22 and touched a high of $9.75 over the same period. CANO has an average intraday trading volume of 11.17 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -5.58%, -65.59%, and -74.57% respectively.
Institutional ownership of Cano Health Inc. (NYSE: CANO) shares accounts for 68.60% of the company’s 274.64M shares outstanding. Mutual fund holders own 25.91%, while other institutional holders and individual stakeholders account for 28.62% and 21.55% respectively.
It has a market capitalization of $175.62M and a beta (3y monthly) value of 0.20. The earnings-per-share (ttm) stands at -$1.48. The company has a debt-to-equity ratio at 7.11. Price movements for the stock have been influenced by the stock’s volatility, which stands at 9.66% over the week and 19.33% over the month.
Analysts forecast that Cano Health Inc. (CANO) will achieve an EPS of -$0.22 for the current quarter, -$0.17 for the next quarter and -$0.37 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.37 while analysts give the company a high EPS estimate of -$0.03. Comparatively, EPS for the current quarter was -$0.23 a year ago. Earnings per share for the fiscal year are expected to decrease by -794.90%, and 63.00% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate Cano Health Inc. (CANO) as a “Hold” at a consensus score of 3.10. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 5 of the 8 advise that investors “hold,” and 1 rated it as a “Sell.”
