Evolent Health (NYSE:EVH) Stock Passes Above Fifty Day Moving Average – Here’s What Happened

Shares of Evolent Health, Inc (NYSE:EVH) passed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $4.78 and traded as high as $4.96. Evolent Health shares last traded at $4.8990, with a volume of 2,872,687 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts recently commented on EVH shares. TD Cowen upped their target price on Evolent Health from $5.00 to $6.00 and gave the company a “buy” rating in a research report on Monday, August 17th. JPMorgan Chase & Co. lifted their price objective on shares of Evolent Health from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Tuesday, August 18th. Needham & Company LLC upped their price objective 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. Truist Financial reduced their target price on shares of Evolent Health from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday, August 12th. Finally, Canaccord Genuity Group decreased their target price on shares of Evolent Health from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Monday, August 10th. Twelve analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $5.96.

Evolent Health Stock Performance

The company has a market capitalization of $516.80 million, a PE ratio of -1.00 and a beta of 0.79. The firm has a 50-day moving average of $4.78 and a two-hundred day moving average of $3.82. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 2.52.

Evolent Health (NYSE:EVH) last released its quarterly earnings data on Thursday, August 6th. The technology company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.03. The business had revenue of $484.50 million for the quarter, compared to analyst estimates of $597.70 million. Evolent Health had a negative return on equity of 4.27% and a negative net margin of 24.08%.The business’s quarterly revenue was up 46.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.10) EPS. Research analysts anticipate that Evolent Health, Inc will post -0.25 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. R Squared Ltd purchased a new stake in shares of Evolent Health during the 1st quarter worth about $26,000. CIBC Private Wealth Group LLC increased its stake 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. California State Teachers Retirement System increased its stake in shares of Evolent Health by 41.7% in the 2nd quarter. California State Teachers Retirement System now owns 8,471 shares of the technology company’s stock valued at $46,000 after purchasing an additional 2,494 shares in the last quarter. Strs Ohio acquired a new position in Evolent Health in the 1st quarter worth about $47,000. Finally, Vise Technologies Inc. acquired a new position in Evolent Health in the 4th quarter worth about $50,000.

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.