Evolent Health Inc. (EVH) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Evolent Health Inc. (NYSE:EVH) from a hold rating to a buy rating in a research report released on Tuesday. The brokerage currently has $28.00 price objective on the stock.
According to Zacks, “Evolent Health, Inc. is involved in the healthcare delivery and payment markets. The company provides technology-enabled services platform for providers to transition their organization in value-based payment models. Evolent Health, Inc. is based in Arlington, Virginia. “
A number of other equities analysts also recently weighed in on EVH. Jefferies Group set a $28.00 price target on Evolent Health and gave the stock a buy rating in a research report on Tuesday, October 4th. Leerink Swann reissued a buy rating on shares of Evolent Health in a research report on Wednesday, October 5th. William Blair reissued an outperform rating on shares of Evolent Health in a research report on Friday, September 30th. Canaccord Genuity set a $30.00 price target on Evolent Health and gave the stock a buy rating in a research report on Wednesday, September 28th. Finally, FBR & Co boosted their price target on Evolent Health from $24.00 to $26.00 and gave the stock an outperform rating in a research report on Friday, August 5th. Seven research analysts have rated the stock with a buy rating, Evolent Health has a consensus rating of Buy and an average target price of $25.17.
Evolent Health (NYSE:EVH) opened at 25.36 on Tuesday. Evolent Health has a one year low of $8.14 and a one year high of $26.84. The firm’s market cap is $1.53 billion. The stock’s 50 day moving average price is $23.86 and its 200-day moving average price is $18.64.
Evolent Health (NYSE:EVH) last released its earnings results on Thursday, August 4th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.04. The business had revenue of $56.50 million for the quarter, compared to the consensus estimate of $51.96 million. Evolent Health had a negative return on equity of 5.04% and a negative net margin of 76.55%. Evolent Health’s quarterly revenue was up 443.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.95) earnings per share. Analysts forecast that Evolent Health will post ($0.54) earnings per share for the current year.
In related news, insider Chad Pomeroy sold 55,180 shares of the business’s stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $21.54, for a total value of $1,188,577.20. Following the completion of the sale, the insider now directly owns 286,370 shares in the company, valued at $6,168,409.80. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Board Co Advisory sold 1,936,529 shares of the business’s stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $22.50, for a total value of $43,571,902.50. Following the completion of the sale, the insider now owns 4,445,879 shares of the company’s stock, valued at $100,032,277.50. The disclosure for this sale can be found here. 8.85% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of EVH. Barclays PLC bought a new stake in shares of Evolent Health during the second quarter valued at about $144,000. American International Group Inc. boosted its stake in shares of Evolent Health by 14.9% in the second quarter. American International Group Inc. now owns 8,761 shares of the company’s stock valued at $168,000 after buying an additional 1,134 shares during the period. Nationwide Fund Advisors boosted its stake in shares of Evolent Health by 8.5% in the second quarter. Nationwide Fund Advisors now owns 10,109 shares of the company’s stock valued at $194,000 after buying an additional 789 shares during the period. Metropolitan Life Insurance Co. NY bought a new stake in shares of Evolent Health during the second quarter valued at about $199,000. Finally, Alliancebernstein L.P. bought a new stake in shares of Evolent Health during the second quarter valued at about $278,000. Institutional investors and hedge funds own 39.23% of the company’s stock.
Evolent Health Company Profile
Evolent Health, Inc supports integrated health systems in their migration towards value-based care and population health management. The Company’s services include providing customers with a population management platform, integrated data and analytics capabilities, pharmacy benefit management services and health plan administration services.
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