Evolent Health (NYSE:EVH) Shares Up 6.2% – Here’s What Happened

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

Analysts Set New Price Targets

EVH has been the subject of a number of recent analyst reports. Wall Street Zen raised shares of Evolent Health from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Oppenheimer lowered their target price on shares of Evolent Health from $12.00 to $6.00 and set an “outperform” rating on the stock in a research note on Monday, March 2nd. UBS Group cut their price target on Evolent Health from $10.00 to $5.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Citigroup increased their price target on Evolent Health from $4.00 to $5.50 and gave the stock a “buy” rating in a research report on Friday, May 15th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Evolent Health in a research note on Friday, March 27th. Thirteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $6.08.

Evolent Health Price Performance

The company has a fifty day moving average of $3.95 and a 200-day moving average of $3.52. The stock has a market cap of $570.84 million, a PE ratio of -1.07 and a beta of 0.84. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 2.46.

Evolent Health (NYSE:EVH) last announced its quarterly earnings data on Thursday, May 7th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.03. The business had revenue of $496.25 million for the quarter, compared to analysts’ expectations of $534.00 million. Evolent Health had a positive return on equity of 0.36% and a negative net margin of 26.29%.The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period last year, the firm earned $0.06 earnings per share. Sell-side analysts expect that Evolent Health, Inc will post -0.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Evolent Health

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EVH. Brighton Jones LLC purchased a new stake in shares of Evolent Health during the 4th quarter worth approximately $3,927,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Evolent Health by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 128,527 shares of the technology company’s stock worth $1,217,000 after purchasing an additional 3,572 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Evolent Health by 162.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,836,402 shares of the technology company’s stock valued at $26,861,000 after purchasing an additional 1,754,520 shares during the last quarter. Caxton Associates LLP acquired a new stake in shares of Evolent Health in the 1st quarter valued at about $252,000. Finally, Strs Ohio purchased a new position in Evolent Health during the 1st quarter worth approximately $47,000.

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.