Evolent Health (NYSE:EVH) Trading 8.1% Higher - Still a Buy?

Evolent Health, Inc. (NYSE:EVH - Get Free Report)'s share price was up 8.1% on Tuesday . The company traded as high as $8.18 and last traded at $8.18. Approximately 613,288 shares changed hands during trading, a decline of 75% from the average daily volume of 2,406,867 shares. The stock had previously closed at $7.57.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on EVH shares. Piper Sandler reiterated an "overweight" rating and set a $16.00 target price (down from $17.00) on shares of Evolent Health in a report on Friday, February 21st. Needham & Company LLC reiterated a "buy" rating and issued a $15.00 price objective on shares of Evolent Health in a report on Tuesday, May 13th. JMP Securities reiterated a "market outperform" rating and issued a $13.00 price objective on shares of Evolent Health in a report on Monday, April 28th. JPMorgan Chase & Co. dropped their price target on Evolent Health from $13.00 to $12.00 and set an "overweight" rating for the company in a research note on Monday, March 10th. Finally, Truist Financial dropped their price target on Evolent Health from $15.00 to $14.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. One investment analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $17.79.

Evolent Health Price Performance

The firm has a market cap of $961.86 million, a PE ratio of -9.99 and a beta of 1.04. The firm has a 50-day simple moving average of $9.09 and a 200 day simple moving average of $10.10. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 1.04.

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

Institutional Investors Weigh In On Evolent Health

Hedge funds have recently added to or reduced their stakes in the stock. Summit Creek Advisors LLC boosted its stake in Evolent Health by 0.8% in the 4th quarter. Summit Creek Advisors LLC now owns 202,114 shares of the technology company's stock worth $2,274,000 after purchasing an additional 1,636 shares in the last quarter. Pilgrim Partners Asia Pte Ltd bought a new position in Evolent Health in the 4th quarter worth about $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 in 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 in the last quarter. Finally, Banque Cantonale Vaudoise bought a new position in shares of Evolent Health in the first quarter worth approximately $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.