Evolent Health (NYSE:EVH) Receives "Neutral" Rating from Citigroup

Key Points

• Citigroup reaffirmed its Neutral rating on Evolent Health and raised its price target to $6.75 from $5.50, implying about 21% upside from the current share price.
• Other analysts have been mixed on EVH, with recent target price changes and rating updates leading to an overall consensus of Moderate Buy and an average price target of $6.25.
• Evolent Health reported a smaller-than-expected quarterly loss of $0.02 per share, but revenue of $496.25 million came in below estimates; the stock opened at $5.57 and has traded between $2.10 and $10.35 over the past 52 weeks.

Evolent Health (NYSE:EVH - Get Free Report)'s stock had its "neutral" rating restated by research analysts at Citigroup in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $6.75 target price on the technology company's stock, up from their previous target price of $5.50. Citigroup's target price points to a potential upside of 21.18% from the stock's current price.

Several other brokerages also recently weighed in on EVH. Needham & Company LLC upped their target price on Evolent Health from $4.00 to $5.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Truist Financial downgraded Evolent Health from a "buy" rating to a "hold" rating and set a $7.00 target price on the stock. in a report on Tuesday, June 30th. Canaccord Genuity Group boosted their price target on Evolent Health from $6.00 to $7.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Weiss Ratings upgraded Evolent Health from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, July 8th. Eleven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $6.25.

Evolent Health Price Performance

Evolent Health stock opened at $5.57 on Thursday. The firm has a fifty day moving average of $4.83 and a 200-day moving average of $3.75. Evolent Health has a 52-week low of $2.10 and a 52-week high of $10.35. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 2.46. The firm has a market capitalization of $626.52 million, a P/E ratio of -1.17 and a beta of 0.76.

Evolent Health (NYSE:EVH - Get Free Report) last posted its earnings results on Thursday, May 7th. The technology company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.03. Evolent Health had a negative net margin of 26.29% and a positive return on equity of 0.36%. The business had revenue of $496.25 million for the quarter, compared to analyst estimates of $534.00 million. During the same quarter in the previous year, the business posted $0.06 EPS. The business's quarterly revenue was up 2.6% on a year-over-year basis. As a group, analysts predict that Evolent Health will post -0.16 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Brighton Jones LLC bought a new position in shares of Evolent Health during the fourth quarter worth about $3,927,000. Tudor Investment Corp ET AL grew its stake in Evolent Health by 174.4% in the third quarter. Tudor Investment Corp ET AL now owns 689,262 shares of the technology company's stock worth $5,831,000 after purchasing an additional 438,095 shares in the last quarter. Castle Hook Partners LP bought a new stake in Evolent Health in the fourth quarter valued at about $3,751,000. Rock Point Advisors LLC increased its holdings in Evolent Health by 21.6% in the fourth quarter. Rock Point Advisors LLC now owns 1,190,156 shares of the technology company's stock valued at $4,761,000 after buying an additional 211,707 shares during the last quarter. Finally, Tejara Capital Ltd acquired a new stake in Evolent Health during the fourth quarter valued at approximately $5,326,000.

About Evolent Health

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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