Exploring Oscar Health, Inc. (OSCR) Investor Profile: Who’s Buying and Why?

You're looking at Oscar Health, Inc. (OSCR) and asking the right question: who is defintely buying this stock, and why are they stepping in when the Q3 2025 earnings showed a net loss of $137.5 million? It's a classic split-decision stock, where institutional investors own a massive 75.70% of the float, yet the smart money is clearly divided on the future of this tech-driven insurer. For instance, in the most recent quarter, we saw 219 institutions add to their positions, but major players like DEERFIELD MANAGEMENT COMPANY, L.P. completely exited, removing over 11.6 million shares for an estimated $220.5 million. That's a massive vote of no confidence. So, how do you reconcile a reaffirmed full-year 2025 revenue guidance of over $12 billion-a sign of immense top-line growth-with the company still projecting a loss from operations between $200 million and $300 million? The institutional battle here is a perfect microcosm of the risk/reward trade-off in high-growth, unprofitable tech plays. Let's dig into the filings and see who is betting on the long-term tech story and who is running from the near-term losses.

Who Invests in Oscar Health, Inc. (OSCR) and Why?

If you're looking at Oscar Health, Inc. (OSCR), you're seeing a high-growth, high-risk play, and the investor base reflects that. The ownership is a mix of long-term institutional giants and speculative hedge funds, all betting on the company's tech-driven path to profitability.

The core of the shareholder base is institutional, owning about 64.17% of the shares outstanding, but a significant portion, approximately 44.83%, is held by public companies and individual investors, meaning retail interest is defintely a factor here. This split creates a stock with both a stable floor from index funds and high volatility from active traders.

The Institutional Anchor: Mutual Funds and Passive Giants

The biggest buyers are the massive asset managers who often buy for passive index funds or large, diversified portfolios. These are your anchors, providing stability to the stock's ownership structure.

For them, Oscar Health, Inc. is a long-term growth story, not a quick trade. They are buying the company's market position as a tech-forward disruptor in the health insurance space.

• Vanguard Group Inc: Holds a significant stake, often through index funds like the Vanguard Total Stock Market ETF.
• BlackRock, Inc.: Another top holder, primarily through their iShares ETFs and other funds.
• T. Rowe Price Investment Management, Inc.: Represents active management funds looking for long-term capital appreciation in the healthcare sector.

These institutions aren't just looking at the current bottom line; they are focused on the projected growth. They see a company that is guiding for full-year 2025 revenue between $12.0 billion and $12.2 billion, a massive top-line expansion that validates the business model's scalability.

Hedge Funds and Venture Capital: The Speculative Edge

The second major group is the more active, speculative money, including hedge funds and the original venture capital (VC) backers. Their strategy is fundamentally different: they are looking for an inflection point-the moment the company flips from heavy losses to sustained operational income.

Firms like Deerfield Management Company, L.P. and Dragoneer Investment Group, LLC are key players in this space. They are focused on the company's ability to manage its Medical Loss Ratio (MLR) and Selling, General, and Administrative (SG&A) expense ratio.

Here's the quick math: Oscar Health, Inc. is projecting an operating loss of $200 million to $300 million for the full year 2025, a number that hedge funds are tracking closely, looking for evidence of that loss narrowing over time as the member base grows. They are essentially buying a call option on management's ability to execute on cost controls and technology-driven efficiency gains. If you want a deeper dive into the numbers, you should check out Breaking Down Oscar Health, Inc. (OSCR) Financial Health: Key Insights for Investors.

Investment Motivations: Growth, Tech, and the Path to Profit

What unites these disparate investor groups is a belief in three core drivers. It's a growth stock, pure and simple.

The high-risk, high-reward opportunity comes from the company's proprietary +Oscar platform, which is designed to enhance user engagement and optimize claims processing. This tech focus is what differentiates it from legacy insurers. Investors are betting that once the platform scales past the current 2 million members, the high fixed-cost investments will start to normalize, leading to margin expansion.

Typical Investment Strategies: Long-Term vs. Event-Driven

You see two main strategies at play. The first is a straightforward long-term holding strategy, common among the large index funds, which simply track the market and hold the stock for years. They are patient capital.

The second is a more aggressive event-driven and speculative strategy. This is where hedge funds and short-term traders come in. They are buying or selling based on quarterly earnings reports, like the Q3 2025 results, which showed a revenue miss but an Adjusted EPS beat, or news about the Affordable Care Act (ACA) and medical cost trends. This volatility is a feature, not a bug, for them. They are looking to profit from the market's over- or under-reaction to news about the Medical Loss Ratio (MLR), which was guided to be between 86.0% and 87.0% for the full year 2025.

Institutional Ownership and Major Shareholders of Oscar Health, Inc. (OSCR)

You want to know who is buying Oscar Health, Inc. (OSCR) and why, especially with the market's recent volatility. The short answer is that institutional money-the big players like mutual funds and hedge funds-is deeply entrenched, owning a significant majority of the company. As of the latest filings (Q3 2025), institutional investors hold approximately 75.70% of the stock.

This level of ownership means the stock's movement and, frankly, the company's strategic direction, are heavily influenced by the decisions of a few hundred large firms. It's not just retail investors driving the bus here; the institutions are the engine.

The Top Institutional Investors in Oscar Health

When you look at the shareholder registry, you see a mix of passive index funds and active managers. The largest holders are the behemoths of the asset management world, whose positions are typically driven by the stock's inclusion in various indices (passive investing) or a strong conviction in the company's long-term tech-driven strategy (active investing).

Here's a quick look at the top institutional shareholders and their holdings as of the end of Q3 2025:

Vanguard Group Inc. and BlackRock, Inc. are consistently at the top. They are primarily index fund managers, so their sheer size means they own a piece of nearly every public company. Their holdings of 20.16 million and 16.19 million shares, respectively, are a stabilizing force, but they aren't necessarily a vote of confidence in the stock's near-term performance. You also see a venture capital player, Thrive Capital Management, LLC, still holding a significant stake, which signals a continued belief in the original, tech-forward thesis of Oscar Health, Inc.

Recent Shifts: Who's Selling and Who's Accumulating?

The real story isn't just who holds the shares, but who is moving them. The third quarter of 2025 showed a clear divergence of opinion among institutional investors, which is defintely a sign of a stock at a crossroads.

In the most recent quarter, we saw 219 institutional investors add shares while 188 decreased their positions. That's a lot of churn, and it highlights the risk-reward debate following the Q3 2025 earnings report, which revealed a net loss of $137.5 million and a revenue shortfall.

The selling was aggressive from some hedge funds and asset managers:

• DEERFIELD MANAGEMENT COMPANY, L.P. sold off their entire position, removing 11,649,591 shares.
• JPMORGAN CHASE & CO cut their stake by 7,446,943 shares, a 75.0% reduction.
• T. ROWE PRICE INVESTMENT MANAGEMENT, INC. reduced its holdings by 4,343,766 shares, a 34.3% drop.

But here's the counter-narrative: other institutions used the stock's recent drop of over 30% as a buying opportunity. American Century Companies Inc. increased its stake by 2,495,691 shares, an 89.0% jump, and Citadel Advisors Llc added 2,279,411 shares, a massive 113.528% increase. Here's the quick math: the sellers are focused on the near-term profitability issues, while the buyers are betting on the reaffirmed full-year revenue guidance of over $12 billion and the long-term potential of the company's tech-driven model. For a deeper dive into the company's long-term vision, you can review the Mission Statement, Vision, & Core Values of Oscar Health, Inc. (OSCR).

The Role of Large Investors in Stock Price and Strategy

Institutional investors are not passive bystanders; they are a powerful force. When a firm like BlackRock, Inc. holds 16.19 million shares, their trading activity can directly move the stock price. More importantly, their collective sentiment influences the company's strategy.

When you see major institutions selling, it signals a lack of confidence in the management's ability to execute on short-term goals, which puts pressure on the executive team. Conversely, the accumulation by firms like American Century Companies Inc. provides a capital cushion and a vote of confidence that allows management to continue investing in growth initiatives, like the planned expansion into Southern Florida and new AI-driven services for 2026. What this estimate hides is that while institutional selling can cause a stock to drop, the remaining large, long-term holders often have the leverage to push for operational changes, especially around cost control and the path to profitability.

Your action item is to watch the next 13F filings closely; continued heavy selling will signal a fundamental break in the growth story, but stabilization will confirm the new buyers' bet on the long-term tech play.

Key Investors and Their Impact on Oscar Health, Inc. (OSCR)

You need to know who's driving the bus at Oscar Health, Inc. (OSCR), and the simple answer is a mix of massive, passive funds and a deeply entrenched venture capital (VC) anchor. Institutional investors own the vast majority of the company, holding between 75.70% and 96.76% of the stock, but the real influence often comes from the original backers and their board seats.

The investor profile is split between index-tracking giants and a foundational VC firm, which means the stock movement is influenced by two different forces: broad market movements and internal, strategic direction. For the full picture on the company's financial stability, you should check out the Breaking Down Oscar Health, Inc. (OSCR) Financial Health: Key Insights for Investors analysis.

The Institutional Heavyweights: Passive Power

The largest shareholders are the behemoths of the asset management world, funds like Vanguard Group Inc. and BlackRock, Inc. These firms hold massive stakes, but they are largely passive investors, meaning they buy shares to track an index like the Russell 2000, not to actively push for management changes. They are price-takers, not price-makers, but their sheer size can amplify stock movements during rebalancing.

As of late 2025, Vanguard Group Inc. is a top institutional holder, with an ownership of approximately 20,160,399 shares valued at about $281.24 million. BlackRock, Inc. is right behind them, holding roughly 16,186,352 shares with a value of around $225.80 million. These positions represent a significant portion of the total institutional shares held, which reached over 164.3 million as of the third quarter of 2025.

Here's the quick math: when these index funds buy or sell, it's usually automatic, so a large sell-off might signal a change in the underlying index or a fund flow shift, not necessarily a negative view on Oscar Health, Inc.'s business model.

The Active Insiders: Strategic Influence

The more influential players in terms of company strategy are the original venture capital backers and insiders. Thrive Capital Management, LLC, which was a founding investor, holds a substantial stake through various entities, with its total ownership and related funds often exceeding that of the passive institutions. General Catalyst Group VI LP is another major foundational investor, with its stake of 14,464,995 shares valued at approximately $201.79 million as of late 2025. This kind of concentrated, early-stage ownership (insider ownership is around 24.53%) gives them a strong voice in the boardroom, influencing everything from market expansion to technology investment.

Their influence is direct: they are focused on the long-term path to profitability, which is key as Oscar Health, Inc. guides for a full-year 2025 revenue outlook of $12.1 billion at the midpoint, but still anticipates an operating loss of roughly $250 million. They push for operational efficiencies and pricing discipline to close that gap.

Recent Investor Moves: A Mixed Signal

The recent activity shows a nuanced picture of conviction and caution among key stakeholders. On one hand, the large passive funds have been accumulating shares:

• Vanguard Group Inc. increased its position by 3.7% in the first quarter of 2025, adding over 700,469 shares.
• T. Rowe Price Investment Management Inc. grew its holdings by 4.1% in the first quarter of 2025.

This accumulation suggests that the stock's inclusion in various indices is driving consistent, if passive, demand. But, the active players are showing some mixed signals. The most notable recent move was an insider sale: CEO Mario Schlosser sold 395,000 shares in September 2025, a move that reduced his stake by about 44%. While insider selling can be for personal reasons, a sale of that size defintely gets attention, especially when the company is still navigating its path to sustained profitability.

The selling by the CEO, combined with the Q3 2025 earnings report which showed a net loss per share of ($0.53), has contributed to recent stock volatility. The market is watching closely to see if the growth story-like the 23.2% year-over-year revenue growth in Q3 2025-can outpace the profitability hurdles.

Market Impact and Investor Sentiment

You're looking at Oscar Health, Inc. (OSCR) and wondering who's buying, who's selling, and what that signals for the stock. Honestly, the investor profile is a classic tug-of-war between high-conviction growth investors and cautious institutional players. The big takeaway is that while institutional ownership remains high, recent trading activity shows a significant divergence in sentiment, which is keeping the stock price volatile.

As of late 2025, Oscar Health, Inc. has 606 institutional owners holding a total of 181,859,800 shares. The largest holders are the giants you'd expect-Vanguard Group Inc, BlackRock, Inc., and T. Rowe Price Investment Management, Inc.. This heavy institutional presence, which includes passive funds, provides a foundational stability to the shareholder base. Still, the active money is moving.

The sentiment is definitely mixed. The bulls are focused on the company's strong revenue growth-full-year 2025 Total Revenue is projected to be between $12.0 billion and $12.2 billion-and its tech-driven model. The bears, however, are laser-focused on the path to profitability and regulatory risks like the potential expiration of Affordable Care Act (ACA) subsidies. It's a growth-versus-profitability debate, plain and simple.

Recent Institutional Moves and Market Reactions

The stock market has been very sensitive to Oscar Health, Inc.'s operational updates this year. For example, the preliminary Q2 2025 financial results, which included a downward revision of full-year guidance in July 2025, contributed to a sharp drop. The stock fell over 39% from its July 2025 peak. That's a brutal correction.

More recently, the Q3 2025 earnings report released in early November 2025, which showed a net loss of $137 million and a revenue shortfall against expectations, caused the stock to decline by roughly 3% on the earnings day. Plus, the broader health insurance sector took a hit on November 11, 2025, over legislative uncertainty, and Oscar Health, Inc. (OSCR) closed down more than -17% that day, leading the S&P 500 losers.

Here's a quick look at the conflicting institutional activity in Q3 2025, showing how split the smart money is:

• Significant Removals: Deerfield Management Company, L.P. removed 11,649,591 shares.
• Significant Removals: JPMorgan Chase & Co removed 7,446,943 shares.
• Significant Additions: American Century Companies Inc added 2,495,691 shares.

When you see a major hedge fund like Deerfield Management Company, L.P. liquidate their entire position of over 11 million shares in a single quarter, you know there's a serious re-evaluation of near-term risk happening. On the flip side, other firms are taking advantage of the lower price to build a position, betting on the long-term tech story. One firm's fear is another's opportunity. For a deeper dive into the fundamentals driving these moves, consider checking out Breaking Down Oscar Health, Inc. (OSCR) Financial Health: Key Insights for Investors.

Analyst Perspectives on Key Investor Impact

Wall Street analysts are reflecting the same cautious optimism you see in the institutional trading. The consensus rating from 11 brokerage firms is a 'Reduce,' with an average twelve-month price target of $13.14. This suggests that while the stock has been a solid performer over the last year, analysts don't see much immediate upside from the current price of around $13.88 per share.

The key investor impact analysts are watching isn't just the large asset managers, but the actions of activist or high-growth venture capital firms like Thrive Capital Management, LLC, which has a significant stake. Their continued support signals confidence in the long-term vision of a technology-first health insurer, a narrative that often trumps quarterly losses for growth investors.

The core of the analyst concern revolves around the Medical Loss Ratio (MLR), which is the percentage of premium revenue paid out in claims. Oscar Health, Inc.'s revised full-year 2025 guidance puts the MLR in the range of 86.0% to 87.0%. This is high. Analysts want to see that number come down, which is why the company's projected full-year 2025 Operating Loss of $200 million to $300 million is a major headwind. The high MLR and operating loss are the direct result of rising 'exchange acuity'-an influx of sicker, higher-cost members-and elevated utilization. Management is taking pricing actions for 2026, with rate filings reflecting a weighted average increase of around 28%. This is a clear action to address the MLR, but it introduces risk of membership contraction.

Here's the quick math: The company expects an Adjusted EBITDA loss of approximately $120 million less than the Operating Loss. So, if the operating loss hits the midpoint of $250 million, the Adjusted EBITDA loss would be around $130 million. That's a measurable improvement over prior years, but it's still a loss. So, you have to weigh the massive revenue growth against the persistent lack of net income.

The next step for you is to monitor the company's 2026 rate filing approvals and the subsequent enrollment figures, as these will defintely be the next major catalysts for a sustained shift in investor sentiment.