Evolent Health (NYSE:EVH) Shares Up 8.1% - Here's What Happened

Evolent Health, Inc. (NYSE:EVH - Get Free Report) rose 8.1% during mid-day trading on Tuesday . The stock traded as high as $8.18 and last traded at $8.18. Approximately 613,288 shares were traded during trading, a decline of 75% from the average daily volume of 2,406,867 shares. The stock had previously closed at $7.57.

Analyst Upgrades and Downgrades

Several research firms have recently commented on EVH. JPMorgan Chase & Co. reduced their price target on Evolent Health from $13.00 to $12.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. Piper Sandler reiterated an "overweight" rating and set a $16.00 price target (down previously from $17.00) on shares of Evolent Health in a report on Friday, February 21st. Needham & Company LLC reiterated a "buy" rating and set a $15.00 price target on shares of Evolent Health in a report on Tuesday, May 13th. Truist Financial reduced their price target on Evolent Health from $15.00 to $14.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Finally, UBS Group lifted their price target on Evolent Health from $14.00 to $15.00 and gave the stock a "buy" rating in a report on Friday, May 9th. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $17.79.

Evolent Health Trading Up 1.9%

The company has a market cap of $979.70 million, a PE ratio of -10.18 and a beta of 0.87. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.04 and a current ratio of 1.04. The company has a 50 day simple moving average of $9.06 and a two-hundred day simple moving average of $10.06.

Evolent Health (NYSE:EVH - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The technology company reported $0.06 EPS for the quarter, missing analysts' consensus estimates of $0.08 by ($0.02). The firm had revenue of $483.65 million during the quarter, compared to analyst estimates of $460.15 million. Evolent Health had a positive return on equity of 5.73% and a negative net margin of 2.41%. The company's quarterly revenue was down 24.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.34 EPS. Sell-side analysts forecast that Evolent Health, Inc. will post 0.08 EPS for the current year.

Institutional Trading of Evolent Health

Hedge funds and other institutional investors have recently made changes to their positions in the business. Banque Cantonale Vaudoise bought a new position in Evolent Health in the first quarter valued at about $25,000. Pilgrim Partners Asia Pte Ltd bought a new position in Evolent Health in the fourth quarter valued at about $26,000. AlphaQuest LLC boosted its holdings in Evolent Health by 21,650.0% in the fourth quarter. AlphaQuest LLC now owns 3,045 shares of the technology company's stock valued at $34,000 after acquiring an additional 3,031 shares during the last quarter. Strs Ohio bought a new position in Evolent Health in the first quarter valued at about $47,000. Finally, US Bancorp DE boosted its holdings in Evolent Health by 291.0% in the first quarter. US Bancorp DE now owns 5,153 shares of the technology company's stock valued at $49,000 after acquiring an additional 3,835 shares during the last quarter.

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.