Evolent Health (NYSE:EVH) Stock Jumps 4.8% – What’s Next?

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

Analyst Ratings Changes

Several research firms have commented on EVH. TD Cowen boosted their target price on shares of Evolent Health from $5.00 to $6.00 and gave the stock a “buy” rating in a research report on Monday, August 17th. Canaccord Genuity Group cut 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. Weiss Ratings upgraded shares of Evolent Health from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. JPMorgan Chase & Co. boosted their price target on Evolent Health from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Tuesday, August 18th. Finally, Citigroup upgraded Evolent Health from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $6.75 to $6.00 in a research report on Monday, August 10th. Eleven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $5.96.

Evolent Health Price Performance

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 company has a 50 day simple moving average of $4.06 and a 200 day simple moving average of $4.06. The stock has a market cap of $522.90 million, a P/E ratio of -1.01 and a beta of 1.02.

Evolent Health (NYSE:EVH) last released its earnings results 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 business had revenue of $484.50 million during the quarter, compared to the consensus estimate of $597.70 million. Evolent Health had a negative net margin of 24.08% and a negative return on equity of 4.27%. The firm’s revenue for the quarter was up 46.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.10) earnings per share. Sell-side analysts forecast that Evolent Health, Inc will post -0.25 earnings per share for the current fiscal year.

Insider Activity

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

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 acquired a new position in Evolent Health in the 1st quarter valued at about $26,000. Sequoia Financial Advisors LLC bought a new stake in shares of Evolent Health in the second quarter valued at approximately $78,000. Royal Bank of Canada increased its position in shares of Evolent Health by 51.6% in the first quarter. Royal Bank of Canada now owns 25,161 shares of the technology company’s stock worth $57,000 after purchasing an additional 8,563 shares during the period. WINTON GROUP Ltd increased its stake in shares of Evolent Health by 29.6% in the 2nd quarter. WINTON GROUP Ltd now owns 26,700 shares of the technology company’s stock valued at $145,000 after purchasing an additional 6,100 shares during the last quarter. Finally, Wealthfront Advisers LLC lifted its holdings in shares of Evolent Health by 40.8% in the first 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 during the last quarter.

About Evolent Health

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.