Evolent Health (NYSE:EVH) Shares Cross Below 50 Day Moving Average – Should You Sell?

Evolent Health, Inc (NYSE:EVH) crossed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $5.19 and traded as low as $3.94. Evolent Health shares last traded at $4.1550, with a volume of 2,905,604 shares.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on EVH shares. BMO Capital Markets started coverage on Evolent Health in a research note on Thursday, November 13th. They issued an “outperform” rating and a $7.00 price objective on the stock. Zacks Research raised shares of Evolent Health from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Piper Sandler set a $6.00 price objective on shares of Evolent Health in a research note on Tuesday, December 2nd. JPMorgan Chase & Co. decreased their target price on shares of Evolent Health from $13.00 to $7.00 and set an “overweight” rating on the stock in a research note on Monday, November 17th. Finally, BTIG Research dropped their price target on Evolent Health from $20.00 to $16.00 and set a “buy” rating for the company in a research note on Friday, November 7th. Fourteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Evolent Health currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.04.

Evolent Health Price Performance

The stock has a market cap of $463.70 million, a P/E ratio of -2.63 and a beta of 0.28. The company’s 50 day moving average price is $5.19 and its 200-day moving average price is $7.98. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 1.25.

Evolent Health (NYSE:EVH) last announced its earnings results on Tuesday, June 4th. The technology company reported $0.21 earnings per share (EPS) for the quarter. Evolent Health had a positive return on equity of 1.79% and a negative net margin of 6.24%.The business had revenue of $427.70 million during the quarter. As a group, sell-side analysts expect that Evolent Health, Inc will post 0.08 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Brendan B. Springstubb bought 10,000 shares of the firm’s stock in a transaction on Tuesday, November 18th. The stock was acquired at an average price of $3.82 per share, with a total value of $38,200.00. Following the transaction, the director owned 58,821 shares of the company’s stock, valued at $224,696.22. This trade represents a 20.48% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Evolent Health

A number of hedge funds have recently bought and sold shares of EVH. Brighton Jones LLC bought a new position in shares of Evolent Health during the 4th quarter worth approximately $3,927,000. Geode Capital Management LLC lifted its position in shares of Evolent Health by 3.1% during the 2nd quarter. Geode Capital Management LLC now owns 2,667,642 shares of the technology company’s stock valued at $30,041,000 after acquiring an additional 80,155 shares during the period. Russell Investments Group Ltd. boosted its stake in Evolent Health by 28.6% during the first quarter. Russell Investments Group Ltd. now owns 98,105 shares of the technology company’s stock worth $929,000 after acquiring an additional 21,826 shares in the last quarter. Walleye Capital LLC grew its holdings in Evolent Health by 1,198.0% in the second quarter. Walleye Capital LLC now owns 647,761 shares of the technology company’s stock worth $7,294,000 after purchasing an additional 597,858 shares during the period. Finally, Edgestream Partners L.P. acquired a new stake in Evolent Health in the second quarter worth $2,587,000.

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.