Evolent Health (NYSE:EVH) Stock Jumps 11.5% – Still a Buy?

Shares of Evolent Health, Inc (NYSE:EVH) shot up 11.5% during mid-day trading on Wednesday. The stock traded as high as $4.73 and last traded at $4.7960. Approximately 228,867 shares changed hands during trading, a decline of 92% from the average daily volume of 2,828,374 shares. The stock had previously closed at $4.30.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. increased their price objective on Evolent Health from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Tuesday, August 18th. Weiss Ratings lowered Evolent Health from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, October 16th. Citigroup upgraded shares of Evolent Health from a “neutral” rating to a “buy” rating and reduced their price target for the company from $6.75 to $6.00 in a research report on Monday, August 10th. Canaccord Genuity Group decreased their price target 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, August 10th. Finally, Truist Financial decreased their price target on shares of Evolent Health from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Wednesday, August 12th. Eleven equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $5.96.

Evolent Health Stock Performance

The stock has a market cap of $552.41 million, a PE ratio of -1.07 and a beta of 1.03. The company has a debt-to-equity ratio of 2.52, a current ratio of 1.24 and a quick ratio of 1.24. The business has a 50 day moving average price of $4.18 and a two-hundred day moving average price of $3.87.

Evolent Health (NYSE:EVH) last issued its earnings results on Thursday, August 6th. The technology company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.03. The company had revenue of $484.50 million for the quarter, compared to the consensus estimate of $597.70 million. Evolent Health had a negative net margin of 24.08% and a negative return on equity of 4.27%. The firm’s revenue for the quarter was up 46.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.10) earnings per share. As a group, equities research analysts forecast that Evolent Health, Inc will post -0.25 EPS for the current fiscal year.

Insider Buying and Selling at Evolent Health

In related news, President Daniel Mccarthy sold 65,892 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $5.00, for a total value of $329,460.00. Following the sale, the president directly owned 655,133 shares of the company’s stock, valued at $3,275,665. This trade represents a 9.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.48% of the company’s stock.

Hedge Funds Weigh In On Evolent Health

A number of hedge funds and other institutional investors have recently made changes to their positions in EVH. Public Employees Retirement System of Ohio purchased a new position in Evolent Health during the second quarter valued at $760,000. First Trust Advisors LP bought a new stake in shares of Evolent Health during the 1st quarter valued at $488,000. WINTON GROUP Ltd boosted its holdings in shares of Evolent Health by 29.6% during the 2nd quarter. WINTON GROUP Ltd now owns 26,700 shares of the technology company’s stock valued at $145,000 after buying an additional 6,100 shares in the last quarter. Corient Private Wealth LP grew its position in shares of Evolent Health by 447.4% in the 2nd quarter. Corient Private Wealth LP now owns 81,594 shares of the technology company’s stock worth $442,000 after buying an additional 66,687 shares during the period. Finally, HB Wealth Management LLC grew its position in shares of Evolent Health by 6.8% in the 2nd quarter. HB Wealth Management LLC now owns 35,842 shares of the technology company’s stock worth $194,000 after buying an additional 2,282 shares during the period.

Evolent Health Company Profile

Evolent Health, Inc (NYSE: EVH) is a healthcare services and technology company that helps health plans and healthcare providers transition to value-based care. Its platform is designed to support the management of clinical programs, improve patient outcomes and coordinate care while helping customers manage healthcare costs.

The company provides specialty and total-cost-of-care solutions across areas such as cardiology, oncology, musculoskeletal care, radiology and other complex conditions.