Evolent Health (NYSE:EVH) Stock Price Down 3.1% – Here’s Why

Evolent Health, Inc. (NYSE:EVH) was down 3.1% during trading on Monday . The stock traded as low as $8.06 and last traded at $8.01. Approximately 83,506 shares changed hands during trading, a decline of 97% from the average daily volume of 2,413,539 shares. The stock had previously closed at $8.27.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on EVH shares. Piper Sandler reiterated an “overweight” rating and set a $16.00 price target (down from $17.00) on shares of Evolent Health in a research report on Friday, February 21st. Truist Financial cut their price objective on shares of Evolent Health from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. JMP Securities restated a “market outperform” rating and issued a $13.00 price objective on shares of Evolent Health in a report on Monday, April 28th. UBS Group increased their price objective on shares of Evolent Health from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Finally, Needham & Company LLC restated a “buy” rating and set a $15.00 price objective on shares of Evolent Health in a research note on Tuesday, May 13th. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $17.79.

Evolent Health Stock Down 0.9%

The business has a fifty day moving average of $8.94 and a 200 day moving average of $9.92. The stock has a market cap of $961.98 million, a price-to-earnings ratio of -10.02 and a beta of 0.87. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 1.04.

Evolent Health (NYSE:EVH) last released its earnings results on Thursday, May 8th. The technology company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.02). Evolent Health had a negative net margin of 2.41% and a positive return on equity of 5.73%. The company had revenue of $483.65 million for the quarter, compared to analyst estimates of $460.15 million. During the same quarter in the previous year, the company earned $0.34 earnings per share. Evolent Health’s revenue for the quarter was down 24.4% compared to the same quarter last year. On average, equities analysts predict that Evolent Health, Inc. will post 0.08 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in EVH. Summit Creek Advisors LLC lifted its stake in shares of Evolent Health by 0.8% in the 4th quarter. Summit Creek Advisors LLC now owns 202,114 shares of the technology company’s stock valued at $2,274,000 after purchasing an additional 1,636 shares during the period. Pilgrim Partners Asia Pte Ltd bought a new position in shares of Evolent Health during the fourth quarter worth about $26,000. Parkside Financial Bank & Trust boosted its holdings in Evolent Health by 90.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 4,957 shares of the technology company’s stock worth $56,000 after purchasing an additional 2,358 shares during the last quarter. Johnson Investment Counsel Inc. grew its position in shares of Evolent Health by 28.0% in the 4th quarter. Johnson Investment Counsel Inc. now owns 11,607 shares of the technology company’s stock valued at $131,000 after acquiring an additional 2,542 shares during the period. Finally, Banque Cantonale Vaudoise acquired a new stake in shares of Evolent Health in the first quarter valued at approximately $25,000.

About Evolent Health

Evolent Health, Inc, through its subsidiary, Evolent Health LLC, offers specialty care management services in oncology, cardiology, and musculoskeletal markets in the United States. The company provides platform for health plan administration and value-based business infrastructure. It offers administrative services, such as health plan services, pharmacy benefits management, risk management, analytics and reporting, and leadership and management; and Identifi, a proprietary technology system that aggregates and analyzes data, manages care workflows, and engages patients.