Evolent Health (NYSE:EVH) Stock Price Crosses Below 50-Day Moving Average – Here’s Why

Evolent Health, Inc (NYSE:EVH)’s stock price passed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $4.73 and traded as low as $3.89. Evolent Health shares last traded at $4.00, with a volume of 2,736,501 shares changing hands.

Analyst Upgrades and Downgrades

EVH has been the subject of a number of analyst reports. Canaccord Genuity Group reduced their price target on Evolent Health from $16.00 to $9.00 and set a “buy” rating for the company in a report on Friday, November 14th. Piper Sandler set a $6.00 price objective on shares of Evolent Health in a report on Tuesday, December 2nd. Zacks Research upgraded Evolent Health from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Weiss Ratings restated a “sell (e+)” rating on shares of Evolent Health in a research report on Monday. Finally, BMO Capital Markets began coverage on Evolent Health in a research report on Thursday, November 13th. They set an “outperform” rating and a $7.00 price objective on the stock. Fourteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $11.04.

Evolent Health Stock Performance

The firm’s fifty day moving average is $4.66 and its 200-day moving average is $7.77. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 1.25. The stock has a market capitalization of $433.57 million, a PE ratio of -2.47 and a beta of 0.28.

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

Insider Transactions at Evolent Health

In other news, Director Brendan B. Springstubb bought 10,000 shares of the business’s stock in a transaction on Tuesday, November 18th. The shares were bought at an average price of $3.82 per share, with a total value of $38,200.00. Following the completion of the transaction, the director directly owned 58,821 shares in the company, valued at $224,696.22. This trade represents a 20.48% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Evolent Health

Several institutional investors and hedge funds have recently modified their holdings of the company. Nisa Investment Advisors LLC grew its holdings in shares of Evolent Health by 88.0% in 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. Parallel Advisors LLC boosted its stake in shares of Evolent Health by 82.6% during the 2nd 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 last quarter. Police & Firemen s Retirement System of New Jersey boosted its position in Evolent Health by 10.8% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 27,242 shares of the technology company’s stock worth $307,000 after acquiring an additional 2,666 shares during the last quarter. Cetera Trust Company N.A grew its position in shares of Evolent Health by 47.3% in the second quarter. Cetera Trust Company N.A now owns 9,725 shares of the technology company’s stock valued at $110,000 after purchasing an additional 3,125 shares during the period. Finally, Rhumbline Advisers grew its holdings in Evolent Health by 2.1% in the 1st quarter. Rhumbline Advisers now owns 169,918 shares of the technology company’s stock valued at $1,609,000 after buying an additional 3,527 shares during the period.

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.