Evolent Health Inc (NYSE:EVH) issued its quarterly earnings results on Tuesday. The technology company reported ($0.26) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by $0.11. The business had revenue of $106.80 million during the quarter, compared to the consensus estimate of $104.38 million. Evolent Health had a negative return on equity of 5.54% and a negative net margin of 69.04%. The business’s quarterly revenue was up 116.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.16) earnings per share.
Several research analysts have commented on the company. Zacks Investment Research raised Evolent Health from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a research report on Wednesday, May 3rd. Oppenheimer Holdings Inc. assumed coverage on Evolent Health in a research report on Monday, March 13th. They issued an “outperform” rating and a $28.00 price target on the stock. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $26.00 price target on shares of Evolent Health in a research report on Wednesday, March 1st. Goldman Sachs Group Inc raised Evolent Health from a “buy” rating to a “conviction-buy” rating and set a $30.00 price objective on the stock in a report on Wednesday, March 8th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $28.00 price objective on shares of Evolent Health in a report on Thursday, April 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $27.67.
In other Evolent Health news, CFO Nicholas Mcgrane sold 7,034 shares of the business’s stock in a transaction on Friday, March 24th. The shares were sold at an average price of $22.50, for a total transaction of $158,265.00. Following the sale, the chief financial officer now owns 137,414 shares of the company’s stock, valued at approximately $3,091,815. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Seth Blackley sold 15,000 shares of the business’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $25.00, for a total transaction of $375,000.00. Following the sale, the president now directly owns 760,944 shares in the company, valued at approximately $19,023,600. The disclosure for this sale can be found here. Insiders have sold a total of 5,429,363 shares of company stock worth $106,975,203 in the last three months. Insiders own 8.85% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its position in Evolent Health by 123.0% in the first quarter. JPMorgan Chase & Co. now owns 5,058,941 shares of the technology company’s stock valued at $112,815,000 after buying an additional 2,790,791 shares during the last quarter. FMR LLC boosted its position in Evolent Health by 102.1% in the first quarter. FMR LLC now owns 4,531,523 shares of the technology company’s stock valued at $101,053,000 after buying an additional 2,289,227 shares during the last quarter. Capital World Investors boosted its position in Evolent Health by 749.7% in the third quarter. Capital World Investors now owns 1,370,000 shares of the technology company’s stock valued at $33,729,000 after buying an additional 1,208,762 shares during the last quarter. Peregrine Capital Management LLC purchased a new position in Evolent Health during the third quarter valued at $26,294,000. Finally, MARSHALL WACE ASIA Ltd purchased a new position in Evolent Health during the first quarter valued at $16,143,000. 52.14% of the stock is currently owned by hedge funds and other institutional investors.
Evolent Health Company Profile
Evolent Health, Inc is engaged in healthcare delivery and payment. The Company supports health systems and physician organizations in their migration toward value-based care and population health management. The Company provides an end-to-end, technology-enabled services platform for providers. The Company’s platform, powered by its technology, processes and integrated services, enables providers to migrate their economic orientation from fee-for-service (FFS) reimbursement to payment models that reward value-based payment models.
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