Truist Financial Has Lowered Expectations for Evolent Health (NYSE:EVH) Stock Price

Evolent Health (NYSE:EVH) had its target price lowered by analysts at Truist Financial from $7.00 to $6.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the technology company’s stock. Truist Financial’s target price points to a potential upside of 36.67% from the company’s current price.

A number of other analysts also recently commented on the stock. Citigroup upgraded shares of Evolent Health from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $6.75 to $6.00 in a research report on Monday. Canaccord Genuity Group lowered their price objective on shares of Evolent Health from $7.00 to $6.00 and set a “buy” rating on the stock in a research note on Monday. Weiss Ratings raised Evolent Health from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, August 4th. Needham & Company LLC upped their target price on Evolent Health from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Finally, TD Cowen decreased their price target on Evolent Health from $8.00 to $5.00 and set a “buy” rating for the company in a research note on Tuesday, July 28th. Twelve investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $5.96.

Evolent Health Stock Performance

EVH traded up $0.29 during trading hours on Wednesday, hitting $4.39. The company’s stock had a trading volume of 1,511,994 shares, compared to its average volume of 3,066,463. The company has a 50-day simple moving average of $4.75 and a 200 day simple moving average of $3.72. 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 firm has a market capitalization of $493.79 million, a PE ratio of -0.96 and a beta of 0.79. Evolent Health has a fifty-two week low of $2.10 and a fifty-two week high of $10.08.

Evolent Health (NYSE:EVH) last released its quarterly earnings results on Thursday, August 6th. The technology company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.03. Evolent Health had a negative return on equity of 4.27% and a negative net margin of 24.08%.The company had revenue of $484.50 million during the quarter, compared to analysts’ expectations of $597.70 million. During the same quarter in the prior year, the business posted ($0.10) earnings per share. The company’s revenue for the quarter was up 46.9% compared to the same quarter last year. As a group, sell-side analysts expect that Evolent Health will post -0.16 EPS for the current year.

Hedge Funds Weigh In On Evolent Health

Hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Evolent Health by 2.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 128,527 shares of the technology company’s stock worth $1,217,000 after buying an additional 3,572 shares in the last quarter. CIBC Private Wealth Group LLC increased its position in Evolent Health by 4,000.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,100 shares of the technology company’s stock valued at $35,000 after acquiring an additional 4,000 shares in the last quarter. Strs Ohio bought a new position in shares of Evolent Health in the first quarter worth about $47,000. Headlands Technologies LLC bought a new position in shares of Evolent Health in the second quarter worth about $58,000. Finally, Osaic Holdings Inc. lifted its position in shares of Evolent Health by 99.2% during the second quarter. Osaic Holdings Inc. now owns 11,119 shares of the technology company’s stock worth $125,000 after purchasing an additional 5,537 shares in the last quarter.

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.