Evolent Health (NYSE:EVH) Stock Price Up 5% - Time to Buy?

Evolent Health, Inc (NYSE:EVH - Get Free Report) shares shot up 5% on Tuesday . The company traded as high as $8.63 and last traded at $8.59. 501,402 shares changed hands during trading, a decline of 79% from the average session volume of 2,414,384 shares. The stock had previously closed at $8.18.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Piper Sandler reiterated an "overweight" rating and issued a $16.00 price target (down previously from $17.00) on shares of Evolent Health in a research note on Friday, February 21st. JPMorgan Chase & Co. dropped their price objective 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. Truist Financial decreased their target price on Evolent Health from $15.00 to $14.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. UBS Group boosted 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. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $15.00 price objective on shares of Evolent Health in a report on Tuesday, May 13th. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Evolent Health has a consensus rating of "Buy" and a consensus price target of $17.79.

Evolent Health Price Performance

The company has a market cap of $1.09 billion, a P/E ratio of -7.53 and a beta of 0.87. The firm's 50-day moving average is $8.81 and its two-hundred day moving average is $9.82. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.98 and a quick ratio of 0.98.

Evolent Health (NYSE:EVH - Get Free Report) last posted its earnings results on Thursday, May 8th. The technology company reported $0.06 earnings per share for the quarter, missing analysts' consensus estimates of $0.08 by ($0.02). The business had revenue of $483.65 million during the quarter, compared to the consensus estimate of $460.15 million. Evolent Health had a positive return on equity of 3.64% and a negative net margin of 4.54%. The business's quarterly revenue was down 24.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.34 earnings per share. Analysts anticipate that Evolent Health, Inc will post 0.08 earnings per share for the current year.

Institutional Investors Weigh In On Evolent Health

Several institutional investors have recently modified their holdings of EVH. Cadian Capital Management LP bought a new stake in Evolent Health in the fourth quarter worth $58,781,000. Goldman Sachs Group Inc. raised its stake in shares of Evolent Health by 162.2% in the first quarter. Goldman Sachs Group Inc. now owns 2,836,402 shares of the technology company's stock valued at $26,861,000 after acquiring an additional 1,754,520 shares during the period. Eventide Asset Management LLC raised its stake in shares of Evolent Health by 33.5% in the first quarter. Eventide Asset Management LLC now owns 6,077,191 shares of the technology company's stock valued at $57,555,000 after acquiring an additional 1,524,885 shares during the period. Engaged Capital LLC lifted its holdings in shares of Evolent Health by 35.5% in the 4th quarter. Engaged Capital LLC now owns 5,404,768 shares of the technology company's stock worth $60,804,000 after acquiring an additional 1,415,300 shares during the last quarter. Finally, Boston Partners boosted its stake in shares of Evolent Health by 92.0% during the 4th quarter. Boston Partners now owns 2,444,006 shares of the technology company's stock worth $27,097,000 after purchasing an additional 1,171,304 shares during the period.

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.