Evolent Health (NYSE:EVH) Trading Up 5.7% - Here's What Happened

Evolent Health, Inc. (NYSE:EVH - Get Free Report)'s stock price shot up 5.7% during trading on Monday . The company traded as high as $9.66 and last traded at $9.50. 169,134 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 2,341,726 shares. The stock had previously closed at $8.98.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Needham & Company LLC reiterated a "buy" rating and issued a $15.00 price target on shares of Evolent Health in a report on Friday, February 21st. Canaccord Genuity Group reduced their target price on shares of Evolent Health from $23.00 to $16.00 and set a "buy" rating for the company in a report on Thursday, January 23rd. JPMorgan Chase & Co. lowered their price target on shares of Evolent Health from $13.00 to $12.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. UBS Group cut their price objective on shares of Evolent Health from $27.00 to $14.00 and set a "buy" rating on the stock in a research report on Thursday, January 16th. Finally, Piper Sandler restated an "overweight" rating and issued a $16.00 target price (down from $17.00) on shares of Evolent Health in a research note on Friday, February 21st. One research 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 company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $17.71.

Evolent Health Stock Up 7.8 %

The business's 50-day simple moving average is $9.48 and its 200-day simple moving average is $12.11. The company has a market capitalization of $1.25 billion, a PE ratio of -13.09 and a beta of 1.20. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.58.

Evolent Health (NYSE:EVH - Get Free Report) last posted its earnings results on Thursday, February 20th. The technology company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.35). Evolent Health had a positive return on equity of 5.73% and a negative net margin of 2.41%. The company had revenue of $646.54 million for the quarter, compared to analyst estimates of $650.92 million. As a group, equities research analysts anticipate that Evolent Health, Inc. will post 0.08 EPS for the current fiscal year.

Insider Activity

In related news, CEO Seth Blackley bought 55,225 shares of the business's stock in a transaction dated Thursday, March 6th. The stock was acquired at an average price of $9.01 per share, with a total value of $497,577.25. Following the completion of the purchase, the chief executive officer now directly owns 762,217 shares of the company's stock, valued at approximately $6,867,575.17. This trade represents a 7.81 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Daniel Joseph Mccarthy bought 11,040 shares of the firm's stock in a transaction dated Thursday, March 6th. The stock was purchased at an average price of $9.01 per share, for a total transaction of $99,470.40. Following the transaction, the president now owns 389,004 shares of the company's stock, valued at approximately $3,504,926.04. This represents a 2.92 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 74,000 shares of company stock worth $666,315 in the last ninety days. Company insiders own 1.60% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in EVH. Cadian Capital Management LP purchased a new position in Evolent Health during the fourth quarter worth about $58,781,000. Engaged Capital LLC grew its position in Evolent Health by 35.5% in the fourth 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 period. Boston Partners increased its stake in Evolent Health by 92.0% during the fourth quarter. Boston Partners now owns 2,444,006 shares of the technology company's stock worth $27,097,000 after acquiring an additional 1,171,304 shares during the last quarter. Norges Bank acquired a new position in shares of Evolent Health in the 4th quarter valued at $12,519,000. Finally, Sea Cliff Partners Management LP acquired a new position in shares of Evolent Health in the 4th quarter valued at $9,338,000.

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.