Evolent Health (NYSE:EVH) Stock Price Down 4% – Here’s What Happened

Evolent Health, Inc (NYSE:EVH) was down 4% during trading on Thursday . The company traded as low as $4.63 and last traded at $4.7250. Approximately 204,012 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 3,043,218 shares. The stock had previously closed at $4.92.

Analyst Ratings Changes

Several research firms have weighed in on EVH. Needham & Company LLC raised their target price on shares of Evolent Health from $4.00 to $5.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Truist Financial reduced their price target on shares of Evolent Health from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday, August 12th. TD Cowen increased their price target on shares of Evolent Health from $5.00 to $6.00 and gave the company a “buy” rating in a research report on Monday, August 17th. Weiss Ratings cut shares of Evolent Health from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, August 18th. Finally, Citigroup upgraded Evolent Health from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $6.75 to $6.00 in a research report on Monday, August 10th. Eleven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Evolent Health presently has a consensus rating of “Moderate Buy” and an average target price of $5.96.

Evolent Health Stock Up 0.4%

The firm has a market cap of $521.21 million, a price-to-earnings ratio of -1.01 and a beta of 0.79. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 2.52. The firm has a fifty day moving average price of $4.78 and a 200-day moving average price of $3.84.

Evolent Health (NYSE:EVH) last released its earnings results on Thursday, August 6th. The technology company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.03. Evolent Health had a negative return on equity of 4.27% and a negative net margin of 24.08%.The firm had revenue of $484.50 million during the quarter, compared to analyst estimates of $597.70 million. During the same period in the prior year, the firm posted ($0.10) earnings per share. The business’s quarterly revenue was up 46.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Evolent Health, Inc will post -0.25 EPS for the current year.

Insider Buying and Selling

In other news, President Daniel Joseph Mccarthy sold 65,892 shares of the company’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $5.00, for a total transaction of $329,460.00. Following the completion of the transaction, the president owned 655,133 shares of the company’s stock, valued at $3,275,665. This represents a 9.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.48% of the stock is owned by company insiders.

Institutional Investors Weigh In On Evolent Health

Several hedge funds have recently modified their holdings of the stock. Corient Private Wealth LP grew its holdings in Evolent Health by 447.4% in the second quarter. Corient Private Wealth LP now owns 81,594 shares of the technology company’s stock valued at $442,000 after purchasing an additional 66,687 shares during the period. California State Teachers Retirement System increased its position in Evolent Health by 41.7% during the second quarter. California State Teachers Retirement System now owns 8,471 shares of the technology company’s stock worth $46,000 after purchasing an additional 2,494 shares during the last quarter. HB Wealth Management LLC raised its stake in Evolent Health by 6.8% during the second quarter. HB Wealth Management LLC now owns 35,842 shares of the technology company’s stock worth $194,000 after purchasing an additional 2,282 shares during the period. Headlands Technologies LLC raised its stake in Evolent Health by 71.7% during the second quarter. Headlands Technologies LLC now owns 29,292 shares of the technology company’s stock worth $159,000 after purchasing an additional 12,232 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new position in Evolent Health during the second quarter worth approximately $760,000.

About Evolent Health

Evolent Health, Inc is a U.S.-based healthcare technology and services company that partners with health systems, physician organizations and health plans to design, build and operate value-based care programs. Headquartered in Arlington, Virginia, the company was founded in 2011 as a joint venture between TPG and the University of Pittsburgh Medical Center (UPMC). Evolent Health aims to help its clients transition from fee-for-service payment models to value-based care arrangements by leveraging its proprietary technology platforms and clinical expertise.

The company’s core offerings include care management solutions, population health analytics and clinical advisory services.