Evolent Health (NYSE:EVH) Shares Down 4.8% – What’s Next?

Evolent Health, Inc (NYSE:EVH) shares were down 4.8% during mid-day trading on Wednesday . The company traded as low as $5.72 and last traded at $5.8910. 662,734 shares changed hands during trading, a decline of 77% from the average daily volume of 2,877,433 shares. The stock had previously closed at $6.19.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Canaccord Genuity Group boosted their target price on shares of Evolent Health from $4.00 to $6.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Weiss Ratings upgraded shares of Evolent Health from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 8th. Truist Financial cut shares of Evolent Health from a “buy” rating to a “hold” rating and set a $7.00 price target on the stock. in a research note on Tuesday, June 30th. Needham & Company LLC increased their price objective on shares of Evolent Health from $4.00 to $5.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Finally, Citigroup raised their price objective on Evolent Health from $4.00 to $5.50 and gave the company a “buy” rating in a research report on Friday, May 15th. Twelve equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $6.08.

Evolent Health Stock Performance

The stock has a market capitalization of $668.69 million, a PE ratio of -1.25 and a beta of 0.76. The business’s 50 day moving average is $4.63 and its 200 day moving average is $3.68. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 2.46.

Evolent Health (NYSE:EVH) last released its earnings results on Thursday, May 7th. The technology company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. Evolent Health had a positive return on equity of 0.36% and a negative net margin of 26.29%.The firm had revenue of $496.25 million for the quarter, compared to analysts’ expectations of $534.00 million. During the same quarter in the prior year, the firm posted $0.06 earnings per share. The company’s quarterly revenue was up 2.6% on a year-over-year basis. On average, equities research analysts predict that Evolent Health, Inc will post -0.16 earnings per share for the current fiscal year.

Institutional Trading of Evolent Health

Several institutional investors and hedge funds have recently made changes to their positions in EVH. Brighton Jones LLC bought a new stake in shares of Evolent Health during the fourth quarter valued at approximately $3,927,000. Tudor Investment Corp ET AL increased its holdings in Evolent Health by 174.4% during the 3rd quarter. Tudor Investment Corp ET AL now owns 689,262 shares of the technology company’s stock worth $5,831,000 after purchasing an additional 438,095 shares during the period. Castle Hook Partners LP purchased a new position in Evolent Health during the 4th quarter worth $3,751,000. Rock Point Advisors LLC raised its position in Evolent Health by 21.6% during the 4th quarter. Rock Point Advisors LLC now owns 1,190,156 shares of the technology company’s stock valued at $4,761,000 after purchasing an additional 211,707 shares in the last quarter. Finally, Tejara Capital Ltd bought a new position in shares of Evolent Health during the 4th quarter worth $5,326,000.

Evolent Health Company Profile

Evolent Health, Inc is a U.S.-based healthcare technology and services company that partners with health systems, physician organizations and health plans to design, build and operate value-based care programs. Headquartered in Arlington, Virginia, the company was founded in 2011 as a joint venture between TPG and the University of Pittsburgh Medical Center (UPMC). Evolent Health aims to help its clients transition from fee-for-service payment models to value-based care arrangements by leveraging its proprietary technology platforms and clinical expertise.

The company’s core offerings include care management solutions, population health analytics and clinical advisory services.