Evolent Health (NYSE:EVH) Price Target Raised to $6.00

Key Points

• JPMorgan raised Evolent Health’s price target to $6.00 from $5.00 and maintained an “overweight” rating, implying 32.89% potential upside from the reported $4.51 share price.
• Analyst sentiment is broadly positive: 12 analysts rate the stock Buy, four rate it Hold and one rates it Sell, producing a “Moderate Buy” consensus rating and a $5.96 average target.
• Evolent reported quarterly EPS of $0.02, beating the $0.01 loss estimate, while revenue rose 46.9% year over year to $484.5 million but remained below the $597.7 million consensus forecast.

Evolent Health (NYSE:EVH - Get Free Report) had its price objective raised by equities researchers at JPMorgan Chase & Co. from $5.00 to $6.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 32.89% from the company's current price.

EVH has been the subject of a number of other reports. Weiss Ratings upgraded Evolent Health from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, August 4th. Canaccord Genuity Group lowered their price objective on shares of Evolent Health from $7.00 to $6.00 and set a "buy" rating on the stock in a research note on Monday, August 10th. TD Cowen boosted their target price on shares of Evolent Health from $5.00 to $6.00 and gave the stock a "buy" rating in a research report on Monday. Truist Financial cut their target price on shares of Evolent Health from $7.00 to $6.00 and set a "hold" rating for the company in a research note on Wednesday, August 12th. Finally, Needham & Company LLC increased their price target on shares of Evolent Health from $4.00 to $5.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Twelve investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Evolent Health has a consensus rating of "Moderate Buy" and a consensus target price of $5.96.

Evolent Health Stock Performance

NYSE:EVH traded up $0.10 during midday trading on Tuesday, reaching $4.51. The stock had a trading volume of 326,934 shares, compared to its average volume of 3,066,149. Evolent Health has a 1-year low of $2.10 and a 1-year high of $10.08. The firm's fifty day simple moving average is $4.77 and its 200-day simple moving average is $3.74. The company has a debt-to-equity ratio of 2.52, a current ratio of 1.24 and a quick ratio of 1.24. The stock has a market capitalization of $510.47 million, a P/E ratio of -0.99 and a beta of 0.80.

Evolent Health (NYSE:EVH - Get Free Report) last announced its earnings results on Thursday, August 6th. The technology company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.03. The firm had revenue of $484.50 million for the quarter, compared to the consensus estimate of $597.70 million. Evolent Health had a negative net margin of 24.08% and a negative return on equity of 4.27%. The business's quarterly revenue was up 46.9% on a year-over-year basis. During the same quarter last year, the firm posted ($0.10) EPS. On average, equities research analysts forecast that Evolent Health will post -0.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Evolent Health

A number of institutional investors have recently bought and sold shares of the business. CIBC Private Wealth Group LLC raised its position in Evolent Health by 4,000.0% in the third quarter. CIBC Private Wealth Group LLC now owns 4,100 shares of the technology company's stock worth $35,000 after purchasing an additional 4,000 shares in the last quarter. Strs Ohio bought a new position in Evolent Health during the first quarter worth about $47,000. Headlands Technologies LLC acquired a new stake in Evolent Health during the second quarter valued at approximately $58,000. Quantbot Technologies LP acquired a new stake in Evolent Health during the third quarter valued at approximately $88,000. Finally, Caxton Associates LLP bought a new stake in shares of Evolent Health in the 3rd quarter valued at approximately $93,000.

Evolent Health Company Profile

Evolent Health, Inc is a U.S.-based healthcare technology and services company that partners with health systems, physician organizations and health plans to design, build and operate value-based care programs. Headquartered in Arlington, Virginia, the company was founded in 2011 as a joint venture between TPG and the University of Pittsburgh Medical Center (UPMC). Evolent Health aims to help its clients transition from fee-for-service payment models to value-based care arrangements by leveraging its proprietary technology platforms and clinical expertise.

The company's core offerings include care management solutions, population health analytics and clinical advisory services.

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