Cano Health Inc. [CANO] Director makes an insider purchase of 300,000 shares worth 2.04 million.

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Cano Health Inc. shares valued at $2,043,000 were purchased by Gold Lewis on Mar 17. At $6.81 per share, Gold Lewis acquired 300,000 shares. The insider’s holdings grew to 314,825 shares worth approximately $1.92 million following the completion of this transaction.


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Also, Hernandez Marlow purchased 15,000 shares, netting a total of over 120,000 in proceeds. Following the buying of shares at $8.00 each, the insider now holds 2,891,962 shares.

Before that, Hernandez Marlow had added 12,500 shares to its account. In a trade valued at $109,375, the CEO and President bought Cano Health Inc. shares for $8.75 each. Upon closing the transaction, the insider’s holdings increased to 12,500 shares, worth approximately $17.58 million.

As published in their initiating research note from Raymond James on June 24, 2022, Cano Health Inc. [CANO] has been an Outperform and the price target has been revised to $8. This represents a 23.62% premium over Thursday’s closing price. Analysts at BofA Securities downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in mid June. As of May 03, 2022, BofA Securities has initiated its “Buy” rating for CANO. Earlier on April 20, 2022, UBS initiated its rating. Their recommendation was “a Buy” for CANO stock.

Analyzing CANO’s Price Performance

On Thursday, Cano Health Inc. [NYSE: CANO] plunged -6.29% to $6.11. The stock’s lowest price that day was $6.11, but it reached a high of $6.56 in the same session. During the last five days, there has been a drop of approximately -3.78%. Over the course of the year, Cano Health Inc. shares have dropped approximately -31.43%. Shares of the company reached a 52-week high of $9.47 on 01/03/22 and a 52-week low of $3.81 on 05/10/22. A 50-day SMA is recorded $5.46, while a 200-day SMA reached $6.93. Nevertheless, trading volume fell to 1.76 million shares from 1.44 million shares the previous day.

Support And Resistance Levels for Cano Health Inc. (CANO)

According to the 24-hour chart, there is a support level at 5.96, which, if violated, would cause prices to drop to 5.81. In the upper region, resistance lies at 6.41. The next price resistance is at 6.71. RSI (Relative Strength Index) is 54.09 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.16, which suggests the price will decrease in the coming days. Percent R is at 51.48%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Cano Health Inc. subject to short interest?

Stocks of Cano Health Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 5.94 million shares to 25.73 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 19.79 million shares. A jump of 23.09% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 5.43 of the overall float, the days-to-cover ratio (short ratio) jumped to 5.43.

Which companies own the most shares of Cano Health Inc. (CANO)?

According to Fidelity Management & Research Co filings, the company currently owns 28,482,838 shares, which is about 13.71% of the total CANO shares outstanding. The investor’s shares have plunged by -3,081,696 from its previous 13-F filing of 31564534.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $54,952,487. Third Point LLC reduced a -5.87% interest valued at $47.41 million while Maverick Capital Ltd. sold a 0 stake. A total of 2,702,504 shares of Cano Health Inc. were sold by Owl Creek Asset Management LP during the quarter, and 2,354,446 were bought by Millennium Management LLC. In its current portfolio, JPMorgan Investment Management, I holds 6,004,013 shares valued at $26.3 million.

In terms of Cano Health Inc. share price expectations, FactSet research, analysts set an average price target of $10.00 in the next 12 months, up nearly 53.37% from the previous closing price of $6.52. Analysts anticipate Cano Health Inc. stock to reach $16.00 by 2022, with the lowest price target being $4.00. In spite of this, 10 analysts ranked Cano Health Inc. stock as an Overweight at the end of 2022. On April 06, 2022, Piper Sandler assigned a price target of “an Underweight” to the stock and downgraded coverage with a $5.

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