Evolent Health (NYSE:EVH) Sees Unusually-High Trading Volume – Time to Buy?

Evolent Health, Inc. (NYSE:EVH) shares saw unusually-high trading volume on Tuesday . Approximately 1,081,682 shares changed hands during mid-day trading, a decline of 24% from the previous session’s volume of 1,421,266 shares.The stock last traded at $11.83 and had previously closed at $12.39.

Analyst Upgrades and Downgrades

EVH has been the topic of a number of research analyst reports. Truist Financial lowered their target price on Evolent Health from $24.00 to $20.00 and set a “buy” rating on the stock in a report on Monday. Oppenheimer reduced their price objective on Evolent Health from $34.00 to $28.00 and set an “outperform” rating for the company in a research report on Monday, November 18th. JMP Securities reduced their price objective on Evolent Health from $27.00 to $18.00 and set a “market outperform” rating for the company in a research report on Friday, January 10th. BTIG Research reduced their price objective on Evolent Health from $36.00 to $29.00 and set a “buy” rating for the company in a research report on Tuesday, December 3rd. Finally, Needham & Company LLC began coverage on Evolent Health in a research report on Friday, January 10th. They issued a “buy” rating and a $15.00 price objective for the company. One analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $21.92.

Evolent Health Price Performance

The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market cap of $1.19 billion, a P/E ratio of -11.18 and a beta of 1.45. The company has a 50-day moving average of $12.15 and a 200 day moving average of $20.84.

Hedge Funds Weigh In On Evolent Health

Several hedge funds and other institutional investors have recently modified their holdings of EVH. Moody National Bank Trust Division raised its position in Evolent Health by 4.4% in the 4th quarter. Moody National Bank Trust Division now owns 176,653 shares of the technology company’s stock valued at $1,987,000 after purchasing an additional 7,450 shares during the last quarter. Salem Investment Counselors Inc. raised its position in Evolent Health by 53.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 350,155 shares of the technology company’s stock valued at $3,939,000 after purchasing an additional 121,369 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in Evolent Health by 90.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 803,211 shares of the technology company’s stock valued at $9,036,000 after purchasing an additional 380,790 shares during the last quarter. Nordea Investment Management AB raised its position in Evolent Health by 7.0% in the 4th quarter. Nordea Investment Management AB now owns 130,453 shares of the technology company’s stock valued at $1,469,000 after purchasing an additional 8,552 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in Evolent Health by 268.0% in the 3rd quarter. Principal Financial Group Inc. now owns 57,382 shares of the technology company’s stock valued at $1,623,000 after purchasing an additional 41,788 shares during the last quarter.

Evolent Health Company Profile

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.