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

Evolent Health, Inc (NYSE:EVH) gapped down prior to trading 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 equities research analysts have issued reports on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Evolent Health in a research note on Wednesday, June 24th. Citigroup raised 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. TD Cowen restated a “buy” rating on shares of Evolent Health in a report on Monday, March 2nd. Canaccord Genuity Group upped their price target on shares of Evolent Health from $4.00 to $6.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Finally, Needham & Company LLC increased their price target on Evolent Health from $4.00 to $5.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Twelve analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $6.08.

Evolent Health Price Performance

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

Evolent Health (NYSE:EVH) last posted its quarterly earnings data on Thursday, May 7th. The technology company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $496.25 million during 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% on a year-over-year basis. During the same period in the prior year, the company posted $0.06 EPS. Research analysts predict that Evolent Health, Inc will post -0.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Evolent Health

A number of hedge funds have recently bought and sold shares of EVH. Durable Capital Partners LP acquired a new position in shares of Evolent Health in the 2nd quarter valued at approximately $72,326,000. Rubicon Founders LLC acquired a new stake in shares of Evolent Health during the third quarter worth approximately $49,204,000. 8 Knots Management LLC bought a new stake in shares of Evolent Health in the second quarter worth $32,802,000. Eventide Asset Management LLC increased its stake in shares of Evolent Health by 54.0% in the third quarter. Eventide Asset Management LLC now owns 6,292,511 shares of the technology company’s stock worth $53,246,000 after buying an additional 2,205,659 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Evolent Health by 162.2% in the first quarter. Goldman Sachs Group Inc. now owns 2,836,402 shares of the technology company’s stock worth $26,861,000 after buying an additional 1,754,520 shares during the last quarter.

About Evolent Health

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.