Truist Financial Issues Positive Forecast for Evolent Health (NYSE:EVH) Stock Price

Evolent Health (NYSE:EVH) had its price objective boosted by stock analysts at Truist Financial from $6.00 to $7.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Truist Financial’s price target points to a potential upside of 46.90% from the stock’s current price.

Several other research firms have also issued reports on EVH. KeyCorp lowered shares of Evolent Health from an “overweight” rating to a “sector weight” rating in a research report on Wednesday, February 25th. Needham & Company LLC increased their price objective on Evolent Health from $4.00 to $5.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Oppenheimer reduced their price objective on Evolent Health from $12.00 to $6.00 and set an “outperform” rating for the company in a research note on Monday, March 2nd. Citigroup lifted their target price on Evolent Health from $4.00 to $5.50 and gave the stock a “buy” rating in a report on Friday, May 15th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Evolent Health in a report on Monday, March 2nd. Thirteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $6.08.

Evolent Health Price Performance

NYSE EVH traded up $0.19 on Friday, reaching $4.77. The company’s stock had a trading volume of 164,188 shares, compared to its average volume of 2,960,146. Evolent Health has a twelve month low of $2.10 and a twelve month high of $12.06. 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 firm’s 50 day moving average is $3.54 and its two-hundred day moving average is $3.48. The stock has a market cap of $535.97 million, a PE ratio of -1.00 and a beta of 0.84.

Evolent Health (NYSE:EVH) last announced its quarterly earnings data on Thursday, May 7th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. Evolent Health had a negative net margin of 26.29% and a positive return on equity of 0.36%. The company had revenue of $496.25 million for the quarter, compared to analysts’ expectations of $534.00 million. During the same quarter in the previous year, the company posted $0.06 EPS. The business’s revenue was up 2.6% compared to the same quarter last year. As a group, sell-side analysts predict that Evolent Health will post -0.23 EPS for the current year.

Hedge Funds Weigh In On Evolent Health

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EVH. R Squared Ltd purchased a new position in Evolent Health during the 1st quarter worth approximately $26,000. CIBC Private Wealth Group LLC boosted its position in shares of 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 worth $35,000 after buying an additional 4,000 shares during the period. Strs Ohio purchased a new position in shares of Evolent Health during the first quarter valued at $47,000. Vise Technologies Inc. purchased a new position in shares of Evolent Health during the fourth quarter valued at $50,000. Finally, Royal Bank of Canada raised its position in Evolent Health by 51.6% during the first quarter. Royal Bank of Canada now owns 25,161 shares of the technology company’s stock valued at $57,000 after buying an additional 8,563 shares during the period.

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.