Evolent Health (NYSE:EVH) Shares Cross Below 50-Day Moving Average - Here's What Happened

Key Points

• Evolent Health shares slipped below their 50-day moving average ($3.36), trading as low as $2.92 and last at $3.0150 on volume of 2,340,146.
• Analyst coverage is mixed but tilted positive—13 Buys, 3 Holds and 1 Sell with an average rating of Moderate Buy and an average target of $6.04, although several firms recently cut targets into the $5–$6 range.
• The company reported EPS of $0.08 (beating estimates) while revenue fell 27.5% YoY to $468.72M and it posted a negative net margin of 28.49%, with a market cap of about $336.6M and a debt-to-equity ratio of 2.34.

Evolent Health, Inc (NYSE:EVH - Get Free Report)'s stock price passed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $3.36 and traded as low as $2.92. Evolent Health shares last traded at $3.0150, with a volume of 2,340,146 shares changing hands.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on EVH shares. Wall Street Zen raised Evolent Health from a "sell" rating to a "hold" rating in a research note on Saturday, February 28th. Truist Financial cut their target price on shares of Evolent Health from $10.00 to $6.00 and set a "buy" rating for the company in a research note on Wednesday, February 25th. KeyCorp cut Evolent Health from an "overweight" rating to a "sector weight" rating in a report on Wednesday, February 25th. UBS Group decreased their price objective on Evolent Health from $10.00 to $5.00 and set a "buy" rating on the stock in a report on Thursday, February 26th. Finally, Piper Sandler set a $6.00 price objective on shares of Evolent Health in a research report on Tuesday, December 2nd. Thirteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $6.04.

Evolent Health Price Performance

The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.31 and a current ratio of 1.31. The company has a market capitalization of $336.59 million, a P/E ratio of -0.59 and a beta of 0.24. The firm's fifty day moving average is $3.36 and its 200 day moving average is $5.45.

Evolent Health (NYSE:EVH - Get Free Report) last announced its earnings results on Tuesday, February 24th. The technology company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.02. Evolent Health had a positive return on equity of 1.49% and a negative net margin of 28.49%.The business had revenue of $468.72 million during the quarter, compared to analyst estimates of $468.48 million. During the same quarter in the previous year, the business earned ($0.02) earnings per share. The company's revenue for the quarter was down 27.5% compared to the same quarter last year. As a group, analysts predict that Evolent Health, Inc will post 0.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Evolent Health

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EVH. Vanguard Group Inc. increased its position in shares of Evolent Health by 0.4% during the third quarter. Vanguard Group Inc. now owns 10,966,830 shares of the technology company's stock worth $92,779,000 after acquiring an additional 45,299 shares during the period. Durable Capital Partners LP purchased a new stake in shares of Evolent Health in the 2nd quarter worth $72,326,000. Eventide Asset Management LLC grew its position in shares of Evolent Health by 54.0% during the 3rd quarter. Eventide Asset Management LLC now owns 6,292,511 shares of the technology company's stock worth $53,246,000 after buying an additional 2,205,659 shares in the last quarter. Engaged Capital LLC increased its stake in shares of Evolent Health by 13.0% during the second quarter. Engaged Capital LLC now owns 5,854,468 shares of the technology company's stock valued at $65,921,000 after buying an additional 675,000 shares during the period. Finally, Rubicon Founders LLC bought a new stake in shares of Evolent Health in the third quarter valued at about $49,204,000.

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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