Bank of America Corp DE Sells 280,096 Shares of Evolent Health, Inc $EVH

Key Points

• Bank of America cut its Evolent Health stake by 49.9%, selling 280,096 shares in the first quarter and retaining 280,854 shares valued at approximately $640,000.
• Institutional activity was mixed: Goldman Sachs increased its position by 162.2%, while several investment firms initiated new stakes. Analysts maintained an overall “Moderate Buy” consensus with an average price target of $5.96.
• Evolent Health reported quarterly EPS of $0.02, beating expectations of a $0.01 loss, while revenue rose 46.9% year over year to $484.5 million. The stock opened at $4.32 and remains well below its 52-week high of $10.08.

Bank of America Corp DE lessened its position in shares of Evolent Health, Inc (NYSE:EVH - Free Report) by 49.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 280,854 shares of the technology company's stock after selling 280,096 shares during the period. Bank of America Corp DE owned 0.25% of Evolent Health worth $640,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Durable Capital Partners LP acquired a new stake in shares of Evolent Health during the 2nd quarter worth approximately $72,326,000. Rubicon Founders LLC bought a new stake in shares of Evolent Health in the 3rd quarter valued at $49,204,000. 8 Knots Management LLC acquired a new position in shares of Evolent Health during the 2nd quarter valued at $32,802,000. Goldman Sachs Group Inc. lifted its position in shares of Evolent Health by 162.2% during the 1st 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. Finally, Maverick Capital Ltd. boosted its stake in Evolent Health by 1.3% during the first quarter. Maverick Capital Ltd. now owns 2,572,763 shares of the technology company's stock worth $5,866,000 after acquiring an additional 32,833 shares in the last quarter.

Analyst Ratings Changes

Several equities analysts have recently weighed in on EVH shares. JPMorgan Chase & Co. upped their price objective on shares of Evolent Health from $5.00 to $6.00 and gave the company an "overweight" rating in a report on Tuesday, August 18th. Citigroup upgraded Evolent Health from a "neutral" rating to a "buy" rating and reduced their target price for the company from $6.75 to $6.00 in a research note on Monday, August 10th. Truist Financial decreased their target price on Evolent Health from $7.00 to $6.00 and set a "hold" rating for the company in a research report on Wednesday, August 12th. TD Cowen upped their price target on Evolent Health from $5.00 to $6.00 and gave the stock a "buy" rating in a research note on Monday, August 17th. Finally, Canaccord Genuity Group decreased their price target on shares of Evolent Health from $7.00 to $6.00 and set a "buy" rating for the company in a research note on Monday, August 10th. Eleven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $5.96.

Evolent Health Stock Performance

NYSE:EVH opened at $4.32 on Tuesday. The company has a debt-to-equity ratio of 2.52, a quick ratio of 1.24 and a current ratio of 1.24. The firm has a market cap of $488.42 million, a price-to-earnings ratio of -0.95 and a beta of 0.84. Evolent Health, Inc has a 52 week low of $2.10 and a 52 week high of $10.08. The firm has a 50-day moving average price of $4.69 and a two-hundred day moving average price of $3.91.

Evolent Health (NYSE:EVH - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The technology company reported $0.02 EPS for the quarter, beating analysts' consensus estimates of ($0.01) by $0.03. Evolent Health had a negative return on equity of 4.27% and a negative net margin of 24.08%.The company had revenue of $484.50 million during the quarter, compared to the consensus estimate of $597.70 million. During the same period last year, the business posted ($0.10) earnings per share. Evolent Health's revenue was up 46.9% on a year-over-year basis. On average, equities analysts expect that Evolent Health, Inc will post -0.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Evolent Health news, President Daniel Mccarthy sold 65,892 shares of the business's stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $5.00, for a total value of $329,460.00. Following the transaction, the president directly owned 655,133 shares in the company, valued at $3,275,665. The trade was a 9.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.48% of the company's stock.

Evolent Health Company Profile

Evolent Health, Inc is a U.S.-based healthcare technology and services company that partners with health systems, physician organizations and health plans to design, build and operate value-based care programs. Headquartered in Arlington, Virginia, the company was founded in 2011 as a joint venture between TPG and the University of Pittsburgh Medical Center (UPMC). Evolent Health aims to help its clients transition from fee-for-service payment models to value-based care arrangements by leveraging its proprietary technology platforms and clinical expertise.

The company's core offerings include care management solutions, population health analytics and clinical advisory services.

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