Evolent Health (NYSE:EVH) Stock Price Up 4.8% – Here’s Why

Evolent Health, Inc (NYSE:EVH) shares shot up 4.8% on Tuesday. The stock traded as high as $4.46 and last traded at $4.4550. 563,018 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 2,918,336 shares. The stock had previously closed at $4.25.

Wall Street Analyst Weigh In

EVH has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price objective on Evolent Health from $5.00 to $6.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 18th. Canaccord Genuity Group lowered their target price on shares of Evolent Health from $7.00 to $6.00 and set a “buy” rating for the company in a report on Monday, August 10th. Truist Financial cut their price target on shares of Evolent Health from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday, August 12th. TD Cowen lifted their price objective on Evolent Health from $5.00 to $6.00 and gave the company a “buy” rating in a report on Monday, August 17th. Finally, Citigroup raised shares of Evolent Health from a “neutral” rating to a “buy” rating and decreased their target price for the company from $6.75 to $6.00 in a research report on Monday, August 10th. Eleven 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, the stock has a consensus rating of “Moderate Buy” and an average price target of $5.96.

Evolent Health Price Performance

The firm has a market cap of $522.90 million, a price-to-earnings ratio of -1.01 and a beta of 1.02. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 2.52. The stock’s fifty day moving average price is $4.06 and its 200-day moving average price is $4.06.

Evolent Health (NYSE:EVH) last announced its quarterly earnings data on Thursday, August 6th. The technology company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. The firm had revenue of $484.50 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 46.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.10) earnings per share. As a group, equities research analysts forecast that Evolent Health, Inc will post -0.25 earnings per share for the current fiscal year.

Insider Activity

In related news, President Daniel Mccarthy sold 65,892 shares of the stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $5.00, for a total transaction of $329,460.00. Following the transaction, the president directly owned 655,133 shares in the company, valued at approximately $3,275,665. This represents a 9.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.48% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. R Squared Ltd acquired a new position in Evolent Health during the 1st quarter worth $26,000. Sequoia Financial Advisors LLC bought a new stake in Evolent Health in the second quarter worth about $78,000. Royal Bank of Canada lifted its stake 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 purchasing an additional 8,563 shares during the last quarter. WINTON GROUP Ltd lifted its position in shares of Evolent Health by 29.6% during the 2nd quarter. WINTON GROUP Ltd now owns 26,700 shares of the technology company’s stock valued at $145,000 after acquiring an additional 6,100 shares during the last quarter. Finally, Wealthfront Advisers LLC boosted its stake in shares of Evolent Health by 40.8% during the 1st quarter. Wealthfront Advisers LLC now owns 28,083 shares of the technology company’s stock worth $64,000 after acquiring an additional 8,136 shares in the last quarter.

Evolent Health Company Profile

Evolent Health, Inc is a healthcare services and technology company that helps health plans and providers manage specialty care and transition to value-based models. Its offerings are designed to coordinate care, improve clinical outcomes and support more predictable healthcare costs across complex medical conditions.

The company provides technology-enabled administrative, clinical and analytical services for areas such as oncology, cardiology, musculoskeletal care and other specialty-care categories.