Evolent Health (NYSE:EVH) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Evolent Health (NYSE:EVH - Free Report) in a research report released on Tuesday morning,Benzinga reports. Needham & Company LLC currently has a $15.00 price objective on the technology company's stock.

EVH has been the topic of several other research reports. Piper Sandler reissued an "overweight" rating and set a $16.00 target price (down previously from $17.00) on shares of Evolent Health in a research note on Friday, February 21st. JMP Securities reissued a "market outperform" rating and set a $13.00 target price on shares of Evolent Health in a research note on Monday, April 28th. Truist Financial lowered their price objective on shares of Evolent Health from $15.00 to $14.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. Stephens lowered their price objective on shares of Evolent Health from $16.00 to $12.00 and set an "equal weight" rating on the stock in a research note on Tuesday, January 21st. Finally, Canaccord Genuity Group lowered their price objective on shares of Evolent Health from $23.00 to $16.00 and set a "buy" rating on the stock in a research note on Thursday, January 23rd. 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. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $17.79.

Evolent Health Price Performance

Evolent Health stock traded down $0.01 during trading hours on Tuesday, hitting $8.81. 1,799,887 shares of the company traded hands, compared to its average volume of 2,404,972. The firm has a market cap of $1.03 billion, a P/E ratio of -10.74 and a beta of 1.04. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. The firm's 50-day simple moving average is $9.60 and its two-hundred day simple moving average is $11.14. Evolent Health has a 1-year low of $8.35 and a 1-year high of $33.63.

Evolent Health (NYSE:EVH - Get Free Report) last released its earnings results on Thursday, May 8th. The technology company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.02). The company had revenue of $483.65 million for the quarter, compared to analyst estimates of $460.15 million. Evolent Health had a negative net margin of 2.41% and a positive return on equity of 5.73%. The firm's quarterly revenue was down 24.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.34 EPS. As a group, analysts forecast that Evolent Health will post 0.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Diane Holder acquired 2,735 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average cost of $9.33 per share, with a total value of $25,517.55. Following the completion of the transaction, the director now owns 70,584 shares of the company's stock, valued at approximately $658,548.72. This trade represents a 4.03% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Brendan B. Springstubb acquired 5,000 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were bought at an average cost of $8.75 per share, for a total transaction of $43,750.00. Following the completion of the transaction, the director now directly owns 11,842 shares of the company's stock, valued at $103,617.50. This represents a 73.08% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 74,000 shares of company stock worth $666,315 over the last ninety days. 1.40% of the stock is currently owned by company insiders.

Institutional Trading of Evolent Health

Several large investors have recently added to or reduced their stakes in the business. Summit Creek Advisors LLC grew its position in Evolent Health by 0.8% in the fourth quarter. Summit Creek Advisors LLC now owns 202,114 shares of the technology company's stock worth $2,274,000 after acquiring an additional 1,636 shares in the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Evolent Health in the fourth quarter worth $26,000. Parkside Financial Bank & Trust lifted its stake in shares of Evolent Health by 90.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 4,957 shares of the technology company's stock worth $56,000 after buying an additional 2,358 shares during the last quarter. Johnson Investment Counsel Inc. lifted its stake in shares of Evolent Health by 28.0% in the fourth quarter. Johnson Investment Counsel Inc. now owns 11,607 shares of the technology company's stock worth $131,000 after buying an additional 2,542 shares during the last quarter. Finally, Banque Cantonale Vaudoise acquired a new stake in shares of Evolent Health in the first quarter worth $25,000.

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.