Evolent Health (NYSE:EVH) Stock Price Down 7.1% – Here’s Why

Evolent Health, Inc. (NYSE:EVH) was down 7.1% on Thursday . The company traded as low as $24.65 and last traded at $24.65. Approximately 58,337 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 1,597,705 shares. The stock had previously closed at $26.53.

Analyst Upgrades and Downgrades

A number of analysts recently commented on EVH shares. JMP Securities decreased their price target on Evolent Health from $34.00 to $31.00 and set a “market outperform” rating for the company in a research report on Friday, August 9th. JPMorgan Chase & Co. raised their target price on Evolent Health from $36.00 to $45.00 and gave the company an “overweight” rating in a research report on Monday, August 19th. Royal Bank of Canada reissued an “outperform” rating and issued a $42.00 price target on shares of Evolent Health in a report on Tuesday, October 8th. Truist Financial restated a “buy” rating and set a $33.00 price objective on shares of Evolent Health in a report on Tuesday, August 27th. Finally, Stephens reiterated an “overweight” rating and issued a $42.00 target price on shares of Evolent Health in a research note on Tuesday, July 30th. Eleven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Evolent Health presently has an average rating of “Buy” and an average price target of $39.30.

Evolent Health Price Performance

The business’s 50-day simple moving average is $28.77 and its two-hundred day simple moving average is $25.63. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The stock has a market cap of $2.78 billion, a P/E ratio of -19.15 and a beta of 1.56.

Evolent Health (NYSE:EVH) last posted its quarterly earnings results on Thursday, August 8th. The technology company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.09. Evolent Health had a positive return on equity of 8.47% and a negative net margin of 3.16%. The firm had revenue of $647.10 million during the quarter, compared to analyst estimates of $636.46 million. During the same period last year, the company earned $0.06 earnings per share. The business’s revenue for the quarter was up 37.9% on a year-over-year basis. Sell-side analysts expect that Evolent Health, Inc. will post 0.86 EPS for the current year.

Insider Buying and Selling at Evolent Health

In other news, General Counsel Jonathan Weinberg sold 42,140 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $31.20, for a total value of $1,314,768.00. Following the sale, the general counsel now directly owns 167,027 shares of the company’s stock, valued at approximately $5,211,242.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, President Daniel Joseph Mccarthy sold 23,693 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $30.89, for a total transaction of $731,876.77. Following the completion of the transaction, the president now directly owns 198,809 shares in the company, valued at $6,141,210.01. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Jonathan Weinberg sold 42,140 shares of the company’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $31.20, for a total value of $1,314,768.00. Following the completion of the transaction, the general counsel now owns 167,027 shares in the company, valued at $5,211,242.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 307,291 shares of company stock valued at $9,290,385 in the last quarter. 1.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of EVH. Quarry LP purchased a new stake in Evolent Health in the second quarter valued at approximately $32,000. GAMMA Investing LLC grew its stake in Evolent Health by 5,365.5% in the 3rd quarter. GAMMA Investing LLC now owns 1,585 shares of the technology company’s stock worth $45,000 after buying an additional 1,556 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Evolent Health in the 1st quarter worth $46,000. Canada Pension Plan Investment Board purchased a new stake in shares of Evolent Health during the 2nd quarter valued at $61,000. Finally, NBC Securities Inc. lifted its holdings in shares of Evolent Health by 16.6% during the 1st quarter. NBC Securities Inc. now owns 2,461 shares of the technology company’s stock worth $81,000 after acquiring an additional 350 shares during 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.