Evolent Health (NYSE:EVH) Stock Price Up 5.2% – Time to Buy?

Evolent Health, Inc. (NYSE:EVH)’s share price rose 5.2% during trading on Tuesday . The company traded as high as $12.87 and last traded at $12.84. Approximately 1,052,131 shares traded hands during trading, a decline of 41% from the average daily volume of 1,790,988 shares. The stock had previously closed at $12.21.

Analyst Ratings Changes

Several analysts have recently issued reports on EVH shares. Stephens cut Evolent Health from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $38.00 to $16.00 in a report on Friday, November 8th. Royal Bank of Canada reissued an “outperform” rating and issued a $20.00 price objective on shares of Evolent Health in a research note on Tuesday, November 12th. JMP Securities lowered their price target on shares of Evolent Health from $34.00 to $31.00 and set a “market outperform” rating for the company in a report on Friday, August 9th. Truist Financial reiterated a “buy” rating and issued a $33.00 price target on shares of Evolent Health in a research report on Tuesday, August 27th. Finally, Citigroup decreased their price objective 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. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $25.90.

Evolent Health Stock Performance

The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $1.54 billion, a PE ratio of -14.53 and a beta of 1.58. The firm has a fifty day moving average price of $22.89 and a two-hundred day moving average price of $23.64.

Institutional Trading of Evolent Health

Large investors have recently made changes to their positions in the stock. Brophy Wealth Management LLC bought a new stake in shares of Evolent Health during the third quarter valued at approximately $405,000. Barclays PLC raised its position in Evolent Health by 181.3% during the 3rd quarter. Barclays PLC now owns 273,776 shares of the technology company’s stock valued at $7,742,000 after purchasing an additional 176,445 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Evolent Health by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 12,595,459 shares of the technology company’s stock worth $356,200,000 after buying an additional 1,426,747 shares during the period. State Street Corp grew its position in shares of Evolent Health by 1.0% during the 3rd quarter. State Street Corp now owns 2,725,375 shares of the technology company’s stock worth $77,074,000 after buying an additional 25,967 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its holdings in Evolent Health by 1,948.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,495,385 shares of the technology company’s stock worth $42,289,000 after acquiring an additional 1,422,385 shares in the last quarter.

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.