Evolent Health (NYSE:EVH) Shares Up 6.7% – Here’s What Happened

Evolent Health, Inc. (NYSE:EVH)’s stock price traded up 6.7% on Tuesday . The company traded as high as $10.67 and last traded at $10.65. 784,951 shares were traded during mid-day trading, a decline of 67% from the average session volume of 2,348,501 shares. The stock had previously closed at $9.98.

Wall Street Analyst Weigh In

A number of research analysts have commented on EVH shares. BTIG Research cut their target price on shares of Evolent Health from $36.00 to $29.00 and set a “buy” rating on the stock in a research report on Tuesday, December 3rd. JPMorgan Chase & Co. reduced their price objective on shares of Evolent Health from $15.00 to $13.00 and set an “overweight” rating for the company in a research note on Tuesday. Needham & Company LLC began coverage on Evolent Health in a research report on Friday, January 10th. They set a “buy” rating and a $15.00 target price on the stock. KeyCorp initiated coverage on Evolent Health in a research report on Friday, October 11th. They issued an “overweight” rating and a $35.00 price target for the company. Finally, Citigroup dropped their price objective on Evolent Health from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. One research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Evolent Health presently has an average rating of “Buy” and an average price target of $18.38.

Evolent Health Stock Performance

The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -11.44 and a beta of 1.45. The firm has a fifty day simple moving average of $11.40 and a two-hundred day simple moving average of $20.33.

Evolent Health (NYSE:EVH) last released its earnings results on Thursday, November 7th. The technology company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.38). Evolent Health had a positive return on equity of 6.30% and a negative net margin of 2.93%. The company had revenue of $621.40 million for the quarter, compared to analysts’ expectations of $625.58 million. During the same period in the prior year, the firm posted $0.19 EPS. On average, analysts expect that Evolent Health, Inc. will post 0.26 EPS for the current year.

Hedge Funds Weigh In On Evolent Health

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Covestor Ltd increased its holdings in shares of Evolent Health by 138.1% in the third quarter. Covestor Ltd now owns 1,424 shares of the technology company’s stock valued at $40,000 after purchasing an additional 826 shares during the period. GAMMA Investing LLC boosted its position in Evolent Health by 5,365.5% in the third quarter. GAMMA Investing LLC now owns 1,585 shares of the technology company’s stock valued at $45,000 after buying an additional 1,556 shares during the last quarter. Quarry LP acquired a new position in Evolent Health in the 2nd quarter worth approximately $32,000. R Squared Ltd acquired a new position in Evolent Health in the 4th quarter worth approximately $31,000. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Evolent Health during the second quarter worth $61,000.

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.