Evolent Health (NYSE:EVH) Stock Price Up 4.3% – Here’s Why

Evolent Health, Inc. (NYSE:EVH)’s stock price shot up 4.3% during trading on Wednesday . The company traded as high as $9.64 and last traded at $9.69. 112,344 shares changed hands during mid-day trading, a decline of 96% from the average session volume of 2,509,879 shares. The stock had previously closed at $9.29.

Analysts Set New Price Targets

EVH has been the subject of several recent research reports. Citigroup decreased their target price on shares of Evolent Health from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Friday, January 10th. Royal Bank of Canada lowered their target price on Evolent Health from $20.00 to $17.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 14th. Needham & Company LLC reissued a “buy” rating and issued a $15.00 target price on shares of Evolent Health in a report on Friday, February 21st. Oppenheimer decreased their price target on Evolent Health from $28.00 to $18.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Finally, JMP Securities reissued a “market outperform” rating and issued a $12.00 price objective on shares of Evolent Health in a research note on Friday, February 14th. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $17.64.

Evolent Health Stock Down 3.0 %

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 company has a market capitalization of $1.04 billion, a price-to-earnings ratio of -10.92 and a beta of 1.20. The firm’s 50-day simple moving average is $9.66 and its two-hundred day simple moving average is $13.41.

Evolent Health (NYSE:EVH) last released its quarterly earnings results on Thursday, February 20th. The technology company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.35). The firm had revenue of $646.54 million during the quarter, compared to analyst estimates of $650.92 million. Evolent Health had a positive return on equity of 5.73% and a negative net margin of 2.41%. Sell-side analysts predict that Evolent Health, Inc. will post 0.08 EPS for the current fiscal year.

Insider Transactions at Evolent Health

In related news, Director Brendan B. Springstubb purchased 5,000 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was bought at an average price of $8.75 per share, with a total value of $43,750.00. Following the completion of the transaction, the director now owns 11,842 shares of the company’s stock, valued at approximately $103,617.50. This represents a 73.08 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Diane Holder acquired 2,735 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average cost of $9.33 per share, for a total transaction of $25,517.55. Following the purchase, the director now owns 70,584 shares of the company’s stock, valued at approximately $658,548.72. The trade was a 4.03 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 74,000 shares of company stock valued at $666,315 in the last 90 days. 1.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Evolent Health by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 11,171,199 shares of the technology company’s stock valued at $125,676,000 after buying an additional 259,781 shares during the period. Engaged Capital LLC lifted its stake in shares of Evolent Health by 35.5% during the 4th quarter. Engaged Capital LLC now owns 5,404,768 shares of the technology company’s stock worth $60,804,000 after purchasing an additional 1,415,300 shares during the period. Cadian Capital Management LP acquired a new stake in shares of Evolent Health during the fourth quarter worth $58,781,000. Granahan Investment Management LLC grew its position in shares of Evolent Health by 5.2% in the fourth quarter. Granahan Investment Management LLC now owns 3,673,710 shares of the technology company’s stock valued at $41,329,000 after purchasing an additional 181,893 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Evolent Health by 19.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,897,443 shares of the technology company’s stock valued at $32,595,000 after purchasing an additional 466,225 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.