Evolent Health (NYSE:EVH) Trading Up 4.9% – Should You Buy?

Evolent Health, Inc. (NYSE:EVH) shares were up 4.9% during trading on Thursday . The stock traded as high as $11.35 and last traded at $11.24. Approximately 1,790,056 shares traded hands during mid-day trading, a decline of 3% from the average daily volume of 1,854,646 shares. The stock had previously closed at $10.71.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on EVH shares. Barclays decreased their price target on shares of Evolent Health from $39.00 to $19.00 and set an “overweight” rating for the company in a report on Monday, November 11th. Citigroup dropped their price target on Evolent Health from $33.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. Truist Financial reiterated a “buy” rating and set a $33.00 price target on shares of Evolent Health in a report on Tuesday, August 27th. KeyCorp began coverage on shares of Evolent Health in a research note on Friday, October 11th. They issued an “overweight” rating and a $35.00 price objective on the stock. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $20.00 target price on shares of Evolent Health in a research note on Tuesday, November 12th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Evolent Health currently has a consensus rating of “Buy” and an average price target of $26.18.

Evolent Health Price Performance

The stock has a market cap of $1.30 billion, a price-to-earnings ratio of -12.30 and a beta of 1.45. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. The company’s 50-day moving average is $17.28 and its 200-day moving average is $22.30.

Hedge Funds Weigh In On Evolent Health

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP acquired a new position in Evolent Health in the second quarter valued at about $32,000. Covestor Ltd increased its holdings in Evolent Health by 138.1% during the 3rd quarter. Covestor Ltd now owns 1,424 shares of the technology company’s stock valued at $40,000 after purchasing an additional 826 shares in the last quarter. GAMMA Investing LLC raised its position in Evolent Health by 5,365.5% in the 3rd quarter. GAMMA Investing LLC now owns 1,585 shares of the technology company’s stock valued at $45,000 after purchasing an additional 1,556 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in Evolent Health in the second quarter worth $61,000. Finally, Quest Partners LLC bought a new stake in shares of Evolent Health during the second quarter worth $87,000.

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.