Cantor Fitzgerald Reaffirms Buy Rating for Evolent Health, Inc (EVH)
Evolent Health, Inc (NYSE:EVH)‘s stock had its “buy” rating reiterated by stock analysts at Cantor Fitzgerald in a report released on Thursday. They currently have a $30.00 price target on the technology company’s stock.
The analysts wrote, “3Q17 results. Adjusted 3Q17 revenue of $108.4 million (+80% y/y) came in ahead of FactSet consensus and our estimate of $104 million. The number of lives on the platform was 2.7 million (-4% q/q, +84.7% y/y). The sequential decline was related to churn in Medicaid. Adjusted transformation revenue of $8.2 million increased 6% y/y. Transformation revenue can fluctuate quarter- to-quarter due to the timing of customer contracts and the scope of delivery. Adjusted platform and operations revenue of $100.2 million increased 91% y/ y driven by an increase in the number of lives on the platform. Average PMPM was $12.20 in 3Q17. EVH achieved positive adjusted EBITDA in the quarter.””
Other analysts have also issued reports about the stock. BidaskClub raised shares of Evolent Health from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 13th. SunTrust Banks, Inc. reissued a “buy” rating and issued a $30.00 price target on shares of Evolent Health in a research report on Wednesday, September 20th. Robert W. Baird set a $35.00 price target on shares of Evolent Health and gave the stock a “buy” rating in a research report on Tuesday, August 8th. J P Morgan Chase & Co reissued a “buy” rating on shares of Evolent Health in a research report on Friday, August 18th. Finally, Leerink Swann set a $32.00 price target on shares of Evolent Health and gave the stock a “buy” rating in a research report on Friday, August 18th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $28.70.
Evolent Health (NYSE:EVH) last posted its quarterly earnings data on Monday, August 7th. The technology company reported ($0.13) EPS for the quarter, meeting analysts’ consensus estimates of ($0.13). Evolent Health had a negative net margin of 17.57% and a negative return on equity of 6.44%. The company had revenue of $107.30 million during the quarter, compared to analyst estimates of $104.45 million. During the same period in the prior year, the firm earned ($0.20) earnings per share. The business’s quarterly revenue was up 89.9% on a year-over-year basis.
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A number of hedge funds have recently made changes to their positions in EVH. Parametric Portfolio Associates LLC acquired a new position in Evolent Health during the first quarter valued at approximately $213,000. American International Group Inc. grew its holdings in Evolent Health by 7.5% during the first quarter. American International Group Inc. now owns 9,403 shares of the technology company’s stock valued at $210,000 after purchasing an additional 653 shares during the last quarter. Vanguard Group Inc. grew its holdings in Evolent Health by 18.1% during the first quarter. Vanguard Group Inc. now owns 2,531,928 shares of the technology company’s stock valued at $56,462,000 after purchasing an additional 388,668 shares during the last quarter. Geode Capital Management LLC grew its holdings in Evolent Health by 3.1% during the first quarter. Geode Capital Management LLC now owns 130,053 shares of the technology company’s stock valued at $2,900,000 after purchasing an additional 3,889 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Evolent Health by 119.7% during the first quarter. Renaissance Technologies LLC now owns 90,300 shares of the technology company’s stock valued at $2,014,000 after purchasing an additional 49,200 shares during the last quarter. Institutional investors own 89.64% of the company’s stock.
About Evolent Health
Evolent Health, Inc is engaged in healthcare delivery and payment. The Company supports health systems and physician organizations in their migration toward value-based care and population health management. The Company provides an end-to-end, technology-enabled services platform for providers. The Company’s platform, powered by its technology, processes and integrated services, enables providers to migrate their economic orientation from fee-for-service (FFS) reimbursement to payment models that reward value-based payment models.
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