Oscar Health’s stock price soared on Tuesday following the release of its first-quarter financial results. The health insurer reported an adjusted profit of 62 cents per share on revenue of $2.14 billion, beating analyst expectations. This marked Oscar Health’s first-ever profitable quarter, a major improvement from the previous year when the company reported a loss of 18 cents per share.
The positive financial results were not enough to deter investors from reaffirming their prior 2024 targets for the year. Analysts had predicted a loss of 16 cents per share and $8.29 billion in sales for the company. Despite this, Oscar Health’s stock surged 11% in premarket trading on the stock market, reaching its highest levels since mid-2021.
The impressive Relative Strength Rating (RSR) of 98 placed Oscar Health in the top 2% of all stocks, further highlighting its strong performance in the market. Additionally, Oscar Health is included on the IBD 50 list of elite growth stocks, adding to its credibility as a leading player in the health insurance industry.
As more updates are released, investors will be closely watching how Oscar Health continues to capitalize on its recent successes in the industry.