On August 6, Oscar Health, Inc. rose 8.6% in pre-market trading, trading at $32.94/share, with turnover of $422,200. The company released its latest quarterly earnings report before market open, with strong prior-quarter results and positive institutional sentiment driving the move.

In Q1, Oscar Health posted EPS of $2.07, beating the consensus estimate of $1.01 by 104.95%, representing a 125% year-over-year increase. Revenue reached $4.647 billion, up 52.55% year-over-year, with net income of $679 million and a net margin of 14.61%. The company guided full-year revenue of $18.7B-$19.0B, significantly above the then-consensus estimate of $12.48B. For the current quarter, the market expects revenue growth of approximately 64.32%.

On the institutional front, Barclays upgraded Oscar Health to Overweight with a $35 price target, while Wells Fargo upgraded to Equalweight, raising its target to $20 from $11. The company also expanded its technology platform with the April launch of Lucie Health Marketplace, an integrated digital storefront connecting consumers and brokers to insurance products.

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