Evolent Health (NYSE:EVH) Trading Up 6.2% – Here’s Why

Evolent Health, Inc (NYSE:EVH) shares rose 6.2% during mid-day trading on Tuesday . The stock traded as high as $4.79 and last traded at $4.76. Approximately 1,048,604 shares were traded during trading, a decline of 64% from the average daily volume of 2,938,130 shares. The stock had previously closed at $4.48.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on EVH shares. BTIG Research dropped their price target on Evolent Health from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. Weiss Ratings restated a “sell (e+)” rating on shares of Evolent Health in a research report on Friday, March 27th. 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. Needham & Company LLC lifted their price target on shares of Evolent Health from $4.00 to $5.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Finally, Wall Street Zen upgraded shares of Evolent Health from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Thirteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Evolent Health presently has a consensus rating of “Moderate Buy” and an average price target of $6.08.

Evolent Health Price Performance

The company has a market cap of $537.65 million, a P/E ratio of -1.00 and a beta of 0.84. The firm’s 50-day moving average is $3.85 and its two-hundred day moving average is $3.51. The company has a debt-to-equity ratio of 2.46, a current ratio of 1.32 and a quick ratio of 1.32.

Evolent Health (NYSE:EVH) last released its quarterly earnings data on Thursday, May 7th. The technology company reported ($0.02) EPS for the quarter, beating 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 business had revenue of $496.25 million during the quarter, compared to analyst estimates of $534.00 million. During the same quarter last year, the business earned $0.06 earnings per share. Evolent Health’s quarterly revenue was up 2.6% compared to the same quarter last year. Analysts anticipate that Evolent Health, Inc will post -0.16 earnings per share for the current year.

Institutional Investors Weigh In On Evolent Health

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Evolent Health by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 128,527 shares of the technology company’s stock valued at $1,217,000 after purchasing an additional 3,572 shares during the last quarter. CIBC Private Wealth Group LLC lifted its position in 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 last quarter. Strs Ohio bought a new stake in Evolent Health in the first quarter worth $47,000. Headlands Technologies LLC purchased a new position in Evolent Health during the second quarter worth $58,000. Finally, Congress Asset Management Co. boosted its stake in Evolent Health by 2.8% during the fourth quarter. Congress Asset Management Co. now owns 193,657 shares of the technology company’s stock worth $775,000 after buying an additional 5,300 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.