Evolent Health, Inc. (NYSE:EVH) Sees Large Decline in Short Interest

Evolent Health, Inc. (NYSE:EVH) was the target of a significant decrease in short interest in the month of November. As of November 15th, there was short interest totalling 10,820,000 shares, a decrease of 13.4% from the October 31st total of 12,490,000 shares. Based on an average trading volume of 2,230,000 shares, the days-to-cover ratio is currently 4.9 days.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Stephens lowered Evolent Health from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $38.00 to $16.00 in a research report on Friday, November 8th. Citigroup cut their target price on shares of Evolent Health from $33.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, November 13th. KeyCorp started coverage on shares of Evolent Health in a research note on Friday, October 11th. They issued an “overweight” rating and a $35.00 price target for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $20.00 price objective on shares of Evolent Health in a research report on Tuesday, November 12th. Finally, JMP Securities decreased their price objective on shares of 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. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Evolent Health currently has an average rating of “Buy” and an average target price of $26.18.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Quarry LP acquired a new stake in shares of Evolent Health in the second quarter valued at approximately $32,000. Covestor Ltd boosted its stake in Evolent Health by 138.1% during the 3rd quarter. Covestor Ltd now owns 1,424 shares of the technology company’s stock worth $40,000 after purchasing an additional 826 shares during the period. GAMMA Investing LLC grew its position in Evolent Health by 5,365.5% during the 3rd quarter. GAMMA Investing LLC now owns 1,585 shares of the technology company’s stock worth $45,000 after purchasing an additional 1,556 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in Evolent Health in the second quarter valued at $61,000. Finally, Quest Partners LLC purchased a new stake in shares of Evolent Health in the second quarter valued at about $87,000.

Evolent Health Stock Performance

Shares of EVH stock traded down $0.85 during mid-day trading on Tuesday, hitting $11.86. 1,123,009 shares of the stock were exchanged, compared to its average volume of 1,799,050. Evolent Health has a 12-month low of $11.17 and a 12-month high of $35.00. 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 stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of -13.69 and a beta of 1.45. The stock’s fifty day simple moving average is $21.12 and its two-hundred day simple moving average is $23.26.

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.