Evolent Health (NYSE:EVH) Trading Up 10% – Here’s What Happened

Shares of Evolent Health, Inc (NYSE:EVH) were up 10% during trading on Thursday . The stock traded as high as $4.54 and last traded at $4.5850. Approximately 2,295,554 shares traded hands during mid-day trading, a decline of 25% from the average session volume of 3,075,750 shares. The stock had previously closed at $4.17.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. TD Cowen lowered their price target on shares of Evolent Health from $8.00 to $5.00 and set a “buy” rating on the stock in a research report on Tuesday, July 28th. Citigroup raised shares of Evolent Health from a “neutral” rating to a “buy” rating and cut their price objective for the company from $6.75 to $6.00 in a report on Monday. Weiss Ratings upgraded shares of Evolent Health from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 4th. Truist Financial lowered their target price on shares of Evolent Health from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday. Finally, Canaccord Genuity Group cut their price target on Evolent Health from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Monday, August 10th. Twelve investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $5.96.

Evolent Health Price Performance

The company’s 50-day moving average is $4.77 and its two-hundred day moving average is $3.73. The company has a debt-to-equity ratio of 2.52, a current ratio of 1.24 and a quick ratio of 1.24. The firm has a market cap of $529.69 million, a P/E ratio of -1.03 and a beta of 0.79.

Evolent Health (NYSE:EVH) last announced its quarterly earnings data on Thursday, August 6th. The technology company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. The firm had revenue of $484.50 million for the quarter, compared to the consensus estimate of $597.70 million. Evolent Health had a negative net margin of 24.08% and a negative return on equity of 4.27%. The business’s revenue for the quarter was up 46.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.10) earnings per share. Sell-side analysts anticipate that Evolent Health, Inc will post -0.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Evolent Health by 2.9% during the first 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 last quarter. CIBC Private Wealth Group LLC boosted its holdings in shares of Evolent Health by 4,000.0% in the 3rd 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 in the last quarter. Strs Ohio bought a new position in shares of Evolent Health in the 1st quarter valued at $47,000. Headlands Technologies LLC bought a new position in shares of Evolent Health in the 2nd quarter valued at $58,000. Finally, Osaic Holdings Inc. raised its holdings in shares of Evolent Health by 99.2% during the 2nd quarter. Osaic Holdings Inc. now owns 11,119 shares of the technology company’s stock worth $125,000 after buying an additional 5,537 shares in the last quarter.

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.