Evolent Health (NYSE:EVH) Stock Price Down 15.5% on Disappointing Earnings

Evolent Health, Inc (NYSE:EVH) was down 15.5% on Friday following a dissappointing earnings announcement. The stock traded as low as $4.92 and last traded at $5.07. Approximately 2,339,368 shares were traded during mid-day trading, a decline of 13% from the average daily volume of 2,683,484 shares. The stock had previously closed at $6.00.

The technology company reported $0.21 earnings per share for the quarter. Evolent Health had a positive return on equity of 1.83% and a negative net margin of 5.94%.The firm had revenue of $427.70 million during the quarter.

Analyst Upgrades and Downgrades

EVH has been the subject of several research analyst reports. Piper Sandler increased their price objective on shares of Evolent Health from $16.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, August 28th. Truist Financial lifted their price target on Evolent Health from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, July 17th. Zacks Research downgraded Evolent Health from a “hold” rating to a “strong sell” rating in a report on Friday, October 10th. BTIG Research reaffirmed a “buy” rating and set a $20.00 price objective on shares of Evolent Health in a research note on Tuesday, September 30th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Evolent Health in a research note on Wednesday, October 8th. Twelve analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Evolent Health has an average rating of “Moderate Buy” and a consensus price target of $15.85.

Hedge Funds Weigh In On Evolent Health

A number of large investors have recently added to or reduced their stakes in EVH. Vanguard Group Inc. grew its position in shares of Evolent Health by 0.4% in the third quarter. Vanguard Group Inc. now owns 10,966,830 shares of the technology company’s stock valued at $92,779,000 after purchasing an additional 45,299 shares during the period. Caprock Group LLC purchased a new position in shares of Evolent Health in the third quarter valued at approximately $118,000. Tempus Wealth Planning LLC acquired a new stake in shares of Evolent Health in the third quarter worth approximately $499,000. Optimize Financial Inc purchased a new stake in shares of Evolent Health during the third quarter worth approximately $374,000. Finally, State of Wyoming raised its stake in Evolent Health by 22.6% in the 3rd quarter. State of Wyoming now owns 56,396 shares of the technology company’s stock valued at $477,000 after purchasing an additional 10,397 shares during the last quarter.

Evolent Health Stock Down 16.8%

The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.72. The business has a fifty day simple moving average of $8.26 and a two-hundred day simple moving average of $9.07. The company has a market cap of $586.96 million, a PE ratio of -3.11 and a beta of 0.58.

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.