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

Evolent Health, Inc (NYSE:EVH) shares gapped down before the market opened on Tuesday . The stock had previously closed at $5.77, but opened at $5.46. Evolent Health shares last traded at $5.3270, with a volume of 251,186 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have commented on EVH shares. Needham & Company LLC lifted their target price on shares of Evolent Health from $4.00 to $5.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Canaccord Genuity Group increased their price target on Evolent Health from $4.00 to $6.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Evolent Health in a research note on Wednesday, June 24th. Oppenheimer decreased their price objective on Evolent Health from $12.00 to $6.00 and set an “outperform” rating on the stock in a report on Monday, March 2nd. Finally, TD Cowen reiterated a “buy” rating on shares of Evolent Health in a research note on Monday, March 2nd. Twelve equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $6.08.

Evolent Health Price Performance

The company’s 50-day moving average is $4.11 and its 200-day moving average is $3.55. The company has a debt-to-equity ratio of 2.46, a current ratio of 1.32 and a quick ratio of 1.32. The firm has a market capitalization of $619.20 million, a price-to-earnings ratio of -1.16 and a beta of 0.84.

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Brighton Jones LLC purchased a new stake in Evolent Health during the fourth quarter valued at about $3,927,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Evolent Health by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 128,527 shares of the technology company’s stock worth $1,217,000 after purchasing an additional 3,572 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Evolent Health by 162.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,836,402 shares of the technology company’s stock valued at $26,861,000 after purchasing an additional 1,754,520 shares in the last quarter. Caxton Associates LLP acquired a new position in shares of Evolent Health in the 1st quarter valued at about $252,000. Finally, Strs Ohio purchased a new stake in shares of Evolent Health during the 1st quarter worth about $47,000.

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.