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

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

Wall Street Analysts Forecast Growth

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

Evolent Health Stock Performance

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 firm has a 50-day moving average price of $28.74 and a two-hundred day moving average price of $25.69. The firm has a market cap of $2.91 billion, a PE ratio of -19.72 and a beta of 1.56.

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

Insider Activity

In other news, CEO Seth Blackley sold 187,904 shares of Evolent Health stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $30.00, for a total transaction of $5,637,120.00. Following the transaction, the chief executive officer now owns 411,924 shares in the company, valued at $12,357,720. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Evolent Health news, General Counsel Jonathan Weinberg sold 42,140 shares of Evolent Health stock in a transaction on 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 sale, the general counsel now owns 167,027 shares in the company, valued at $5,211,242.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Seth Blackley sold 187,904 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $30.00, for a total value of $5,637,120.00. Following the transaction, the chief executive officer now owns 411,924 shares of the company’s stock, valued at approximately $12,357,720. 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 worth $9,290,385 over the last ninety days. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of EVH. Quarry LP acquired a new stake in Evolent Health in the 2nd quarter valued at approximately $32,000. GAMMA Investing LLC grew its stake in shares of Evolent Health by 5,365.5% in the third quarter. GAMMA Investing LLC now owns 1,585 shares of the technology company’s stock valued at $45,000 after buying an additional 1,556 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Evolent Health in the 1st quarter valued at $46,000. Canada Pension Plan Investment Board purchased a new stake in shares of Evolent Health in the 2nd quarter valued at $61,000. Finally, NBC Securities Inc. lifted its stake in 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 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.