Evolent Health (NYSE:EVH) Shares Down 6.1% - Here's What Happened

Evolent Health, Inc (NYSE:EVH - Get Free Report) shares traded down 6.1% on Friday . The company traded as low as $10.90 and last traded at $10.58. 83,818 shares changed hands during trading, a decline of 97% from the average session volume of 2,494,097 shares. The stock had previously closed at $11.27.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Needham & Company LLC restated a "buy" rating and set a $15.00 price objective on shares of Evolent Health in a report on Tuesday, May 13th. Truist Financial upped their price target on shares of Evolent Health from $14.00 to $16.00 and gave the stock a "buy" rating in a research report on Thursday. JMP Securities reaffirmed a "market outperform" rating and set a $13.00 price target on shares of Evolent Health in a research report on Friday, June 20th. Finally, UBS Group raised their price target on shares of Evolent Health from $14.00 to $15.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. One equities research 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 company. Based on data from MarketBeat.com, Evolent Health currently has an average rating of "Buy" and an average target price of $17.93.

Evolent Health Trading Up 1.6%

The firm's 50-day moving average is $9.47 and its 200 day moving average is $9.79. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of -7.87 and a beta of 1.01.

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of EVH. Parallel Advisors LLC raised its holdings in Evolent Health by 82.6% during the second quarter. Parallel Advisors LLC now owns 3,487 shares of the technology company's stock worth $39,000 after buying an additional 1,577 shares during the last quarter. Summit Creek Advisors LLC grew its position in Evolent Health by 0.8% during the fourth quarter. Summit Creek Advisors LLC now owns 202,114 shares of the technology company's stock valued at $2,274,000 after buying an additional 1,636 shares during the period. Pilgrim Partners Asia Pte Ltd bought a new position in Evolent Health during the fourth quarter valued at about $26,000. Banque Cantonale Vaudoise bought a new position in Evolent Health during the first quarter worth about $25,000. Finally, Rhumbline Advisers grew its holdings in Evolent Health by 2.1% during the 1st quarter. Rhumbline Advisers now owns 169,918 shares of the technology company's stock valued at $1,609,000 after buying an additional 3,527 shares in 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.