Evolent Health (NYSE:EVH) Shares Up 10% - What's Next?

Key Points

• Evolent Health shares rose 10% to about $4.59 on Thursday, with roughly 2.3 million shares traded. The stock remains below its 50-day average of $4.76 but above its 200-day average of $3.72.
• Analysts maintain a generally positive outlook despite lowered price targets: 12 rate the stock Buy, four Hold, and one Sell, producing a consensus “Moderate Buy” rating and an average target of $5.96.
• In its latest quarter, Evolent reported EPS of $0.02, beating estimates by $0.03, while revenue grew 46.9% year over year to $484.5 million but fell short of the $597.7 million consensus estimate.

Evolent Health, Inc (NYSE:EVH - Get Free Report)'s share price rose 10% during trading on Thursday . The stock traded as high as $4.54 and last traded at $4.5850. Approximately 2,295,554 shares traded hands during trading, a decline of 25% from the average session volume of 3,075,750 shares. The stock had previously closed at $4.17.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on EVH. TD Cowen cut their price objective on Evolent Health from $8.00 to $5.00 and set a "buy" rating for the company in a report on Tuesday, July 28th. Citigroup upgraded Evolent Health from a "neutral" rating to a "buy" rating and lowered their target price for the company from $6.75 to $6.00 in a research note on Monday. Weiss Ratings raised Evolent Health from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, August 4th. Needham & Company LLC raised their price target on Evolent Health from $4.00 to $5.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Finally, Canaccord Genuity Group reduced their price target on Evolent Health from $7.00 to $6.00 and set a "buy" rating for the company in a report on Monday. Twelve investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $5.96.

Evolent Health Stock Up 10.0%

The business has a 50-day simple moving average of $4.76 and a two-hundred day simple moving average of $3.72. The company has a market cap of $515.73 million, a price-to-earnings ratio of -1.00 and a beta of 0.79. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 2.52.

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

Hedge Funds Weigh In On Evolent Health

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Durable Capital Partners LP acquired a new stake in shares of Evolent Health in the second quarter worth $72,326,000. Rubicon Founders LLC bought a new position in Evolent Health in the 3rd quarter worth $49,204,000. 8 Knots Management LLC acquired a new position in Evolent Health during the 2nd quarter worth $32,802,000. Goldman Sachs Group Inc. lifted its position in Evolent Health by 162.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,836,402 shares of the technology company's stock worth $26,861,000 after acquiring an additional 1,754,520 shares during the last quarter. Finally, Maverick Capital Ltd. boosted its holdings in Evolent Health by 1.3% during the first quarter. Maverick Capital Ltd. now owns 2,572,763 shares of the technology company's stock valued at $5,866,000 after acquiring an additional 32,833 shares during the period.

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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