Evolent Health (NYSE:EVH) Shares Gap Down After Analyst Downgrade

Evolent Health, Inc. (NYSE:EVH)’s share price gapped down before the market opened on Friday after Canaccord Genuity Group lowered their price target on the stock from $23.00 to $16.00. The stock had previously closed at $10.18, but opened at $9.97. Canaccord Genuity Group currently has a buy rating on the stock. Evolent Health shares last traded at $10.14, with a volume of 80,949 shares.

EVH has been the topic of a number of other research reports. Truist Financial reduced their price target on Evolent Health from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday. Royal Bank of Canada cut their target price on Evolent Health from $20.00 to $17.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 14th. JPMorgan Chase & Co. cut their target price on Evolent Health from $45.00 to $15.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. UBS Group cut their target price on Evolent Health from $27.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Finally, Stephens cut their target price on Evolent Health from $16.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Tuesday. One investment analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Evolent Health currently has an average rating of “Buy” and a consensus price target of $19.31.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. R Squared Ltd bought a new stake in shares of Evolent Health in the 4th quarter valued at approximately $31,000. Quarry LP bought a new stake in shares of Evolent Health in the 2nd quarter valued at approximately $32,000. Covestor Ltd increased its holdings in shares of Evolent Health by 138.1% in the 3rd quarter. Covestor Ltd now owns 1,424 shares of the technology company’s stock valued at $40,000 after acquiring an additional 826 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of 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 acquiring an additional 1,556 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Evolent Health in the 2nd quarter valued at approximately $61,000.

Evolent Health Stock Up 0.2 %

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 capitalization of $1.19 billion, a P/E ratio of -11.13 and a beta of 1.45. The stock has a fifty day moving average price of $11.50 and a two-hundred day moving average price of $20.44.

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

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.