Canaccord Genuity Group Issues Positive Forecast for Evolent Health (NYSE:EVH) Stock Price

Evolent Health (NYSE:EVH) had its target price upped by equities researchers at Canaccord Genuity Group from $6.00 to $7.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 17.75% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Weiss Ratings upgraded shares of Evolent Health from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 8th. 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 report on Friday, May 15th. Needham & Company LLC upped their price target on shares of Evolent Health from $4.00 to $5.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Finally, Truist Financial lowered shares of Evolent Health from a “buy” rating to a “hold” rating and set a $7.00 price target on the stock. in a research report on Tuesday, June 30th. 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 company. Based on data from MarketBeat.com, Evolent Health currently has a consensus rating of “Moderate Buy” and an average price target of $6.15.

Evolent Health Stock Performance

NYSE:EVH opened at $5.95 on Tuesday. The company has a market cap of $668.69 million, a price-to-earnings ratio of -1.25 and a beta of 0.76. Evolent Health has a fifty-two week low of $2.10 and a fifty-two week high of $10.35. 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 fifty day moving average price of $4.77 and a 200-day moving average price of $3.73.

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 analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $496.25 million for the quarter, compared to analysts’ expectations of $534.00 million. Evolent Health had a positive return on equity of 0.36% and a negative net margin of 26.29%.Evolent Health’s revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the business earned $0.06 earnings per share. As a group, equities analysts anticipate that Evolent Health will post -0.16 EPS for the current fiscal year.

Institutional Trading of Evolent Health

Several large investors have recently bought and sold shares of EVH. CIBC Private Wealth Group LLC raised its stake in Evolent Health by 4,000.0% during the third quarter. CIBC Private Wealth Group LLC now owns 4,100 shares of the technology company’s stock worth $35,000 after acquiring an additional 4,000 shares in the last quarter. Strs Ohio bought a new stake in shares of Evolent Health during the 1st quarter valued at approximately $47,000. Headlands Technologies LLC bought a new stake in shares of Evolent Health during the 2nd quarter valued at approximately $58,000. Quantbot Technologies LP bought a new stake in shares of Evolent Health during the 3rd quarter valued at approximately $88,000. Finally, Caxton Associates LLP acquired a new position in Evolent Health during the 3rd quarter worth approximately $93,000.

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.