Evolent Health (NYSE:EVH) Shares Cross Below 50 Day Moving Average – Here’s What Happened

Shares of Evolent Health, Inc (NYSE:EVH) passed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $4.01 and traded as low as $3.74. Evolent Health shares last traded at $3.7850, with a volume of 2,551,131 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. BMO Capital Markets started coverage on shares of Evolent Health in a research note on Thursday, November 13th. They issued an “outperform” rating and a $7.00 price target for the company. Piper Sandler set a $6.00 target price on Evolent Health in a research note on Tuesday, December 2nd. Citigroup reduced their price target on Evolent Health from $9.50 to $6.00 and set a “buy” rating on the stock in a research report on Friday, January 9th. Citizens Jmp lowered their price objective on Evolent Health from $11.00 to $10.00 and set a “market outperform” rating for the company in a research report on Tuesday, January 6th. Finally, Stephens raised Evolent Health from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective for the company in a research note on Thursday, November 13th. Thirteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $10.23.

Evolent Health Price Performance

The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.33 and a current ratio of 1.33. The business has a 50-day simple moving average of $4.01 and a 200 day simple moving average of $7.13. The firm has a market cap of $422.41 million, a P/E ratio of -2.40 and a beta of 0.26.

Evolent Health (NYSE:EVH) last posted its earnings results on Thursday, November 6th. The technology company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.05). The business had revenue of $479.53 million for the quarter, compared to analysts’ expectations of $473.74 million. Evolent Health had a negative net margin of 6.24% and a positive return on equity of 1.79%. Evolent Health’s quarterly revenue was down 22.8% on a year-over-year basis. During the same period last year, the firm posted ($0.27) earnings per share. On average, analysts anticipate that Evolent Health, Inc will post 0.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Brendan B. Springstubb bought 10,000 shares of the company’s stock in a transaction dated Tuesday, November 18th. The stock was purchased at an average cost of $3.82 per share, with a total value of $38,200.00. Following the transaction, the director owned 58,821 shares in the company, valued at approximately $224,696.22. This trade represents a 20.48% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Evolent Health

Hedge funds and other institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC grew its holdings in shares of Evolent Health by 88.0% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,551 shares of the technology company’s stock worth $29,000 after acquiring an additional 1,194 shares during the period. CIBC Private Wealth Group LLC boosted its position in shares of Evolent Health by 4,000.0% during the third 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. Parallel Advisors LLC grew its stake in Evolent Health by 82.6% in the second quarter. Parallel Advisors LLC now owns 3,487 shares of the technology company’s stock worth $39,000 after purchasing an additional 1,577 shares during the period. Strs Ohio bought a new position in Evolent Health in the first quarter worth $47,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new position in Evolent Health during the third quarter valued at $51,000.

Evolent Health Company Profile

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.