Evolent Health (NYSE:EVH) Stock Price Up 4.7% – Here’s Why

Evolent Health, Inc (NYSE:EVH) shares were up 4.7% on Friday . The company traded as high as $5.94 and last traded at $5.8950. Approximately 171,140 shares were traded during trading, a decline of 94% from the average daily volume of 2,900,013 shares. The stock had previously closed at $5.63.

Analyst Upgrades and Downgrades

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

Evolent Health Price Performance

The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 2.46. The stock has a 50-day moving average price of $4.50 and a 200 day moving average price of $3.64. The stock has a market capitalization of $650.70 million, a price-to-earnings ratio of -1.22 and a beta of 0.76.

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

Institutional Trading of Evolent Health

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. R Squared Ltd acquired a new stake in Evolent Health during the first quarter worth $26,000. CIBC Private Wealth Group LLC increased its stake in Evolent Health by 4,000.0% in the third quarter. CIBC Private Wealth Group LLC now owns 4,100 shares of the technology company’s stock valued at $35,000 after purchasing an additional 4,000 shares during the last quarter. Strs Ohio acquired a new position in Evolent Health in the first quarter valued at $47,000. Vise Technologies Inc. purchased a new position in shares of Evolent Health during the fourth quarter worth approximately $50,000. Finally, Royal Bank of Canada boosted its stake in shares of Evolent Health by 51.6% during the first quarter. Royal Bank of Canada now owns 25,161 shares of the technology company’s stock worth $57,000 after buying an additional 8,563 shares during the period.

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.