Cano Health Inc. (NYSE: CANO) stock fell -8.12% on Monday to $0.31 against a previous-day closing price of $0.34. With 7.15 million shares changed hands, the volume of the stock remained lighter than its average volume of 11.17 million shares. During the session, the Medical Care Facilities company that operates in wider Healthcare sector, reached to the highest price of $0.3349 whereas the lowest price it dropped to was $0.3000. The 52-week range on CANO shows that it touched its highest point at $9.75 and its lowest point at $0.22 during that stretch. Beta for the stock currently stands at 0.20.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of CANO was down-trending over the past week, with a drop of -13.01%, but this was down by -24.71% over a month. Three-month performance dropped to -75.02% while six-month performance fell -71.35%. The stock lost -95.54% in the past year, while it has lost -77.20% so far this year. A look at the trailing 12-month EPS for CANO yields -1.48 with Next year EPS estimates of -0.37. For the next quarter, that number is -0.22. This implies an EPS growth rate of -794.90% for this year and 63.00% for next year.
Float and Shares Shorts:
At present, 274.64 million CANO shares are outstanding with a float of 224.24 million shares on hand for trading. On Aug 30, 2023, short shares totaled 30.12 million, which was 10.55% higher than short shares on Jul 30, 2023. In addition to Mr. Brian D. Koppy as the firm’s Chief Financial Officer, Mr. Bob Camerlinck serves as its Chief Operating Officer.
Through their ownership of 48.88% of CANO’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 28.62% of CANO, in contrast to 25.91% held by mutual funds. Shares owned by individuals account for 21.55%. As the largest shareholder in CANO with 8.21% of the stake, The Vanguard Group, Inc. holds 23,434,027 shares worth 23,434,027. A second-largest stockholder of CANO, BlackRock Fund Advisors, holds 14,502,483 shares, controlling over 5.08% of the firm’s shares. Owl Creek Asset Management LP is the third largest shareholder in CANO, holding 11,395,809 shares or 3.99% stake. With a 3.07% stake in CANO, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 8,751,480 shares are owned by the mutual fund manager. The Vanguard Small Cap Index Fund, which owns about 2.28% of CANO stock, is the second-largest Mutual Fund holder. It holds 6,512,482 shares valued at 2.01 million. JPMorgan Small Cap Growth Fund holds 2.01% of the stake in CANO, owning 5,724,164 shares worth 1.77 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, CANO reported revenue of $689.37M and operating income of -$30.61M. The EBITDA in the recently reported quarter was -$10.52M and diluted EPS was -$0.03.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for CANO since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With CANO analysts setting a high price target of $2.00 and a low target of $0.25, the average target price over the next 12 months is $0.93. Based on these targets, CANO could surge 545.16% to reach the target high and fall by -19.35% to reach the target low. Reaching the average price target will result in a growth of 200.0% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded CANO stock several times over the past three months with 3 Buys and 3 Sells. In these transactions, 1,361,831 shares were bought while 580,646 shares were sold. The number of buy transactions has increased to 24 while that of sell transactions has risen to 10 over the past year. The total number of shares bought during that period was 7,830,357 while 11,704,536 shares were sold.