Eventide Asset Management LLC Purchases 2,205,659 Shares of Evolent Health, Inc $EVH

Key Points

• Eventide Asset Management increased its Evolent Health stake by 54%, buying 2,205,659 shares to hold 6,292,511 shares (about 5.35% of the company) worth roughly $53.25 million per its SEC filing.
• Analyst sentiment is mixed but tilted positive: the stock has a consensus rating of "Moderate Buy" with an average price target of $6.04, though recent targets vary significantly (e.g., Needham $4, JPMorgan $7, Piper Sandler $6).
• Fundamentals are mixed — EVH trades near $2.99 with a $333M market cap, reported an EPS beat ($0.08 vs. $0.06) but saw revenue decline 27.5% year-over-year and a negative net margin of 28.49%.

Eventide Asset Management LLC lifted its position in Evolent Health, Inc (NYSE:EVH - Free Report) by 54.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,292,511 shares of the technology company's stock after buying an additional 2,205,659 shares during the period. Eventide Asset Management LLC owned approximately 5.35% of Evolent Health worth $53,246,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Brighton Jones LLC purchased a new stake in Evolent Health during the fourth quarter valued at approximately $3,927,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Evolent Health by 2.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 128,527 shares of the technology company's stock worth $1,217,000 after purchasing an additional 3,572 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in 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 worth $26,861,000 after purchasing an additional 1,754,520 shares during the last quarter. Caxton Associates LLP acquired a new position in shares of Evolent Health during the first quarter worth $252,000. Finally, Strs Ohio acquired a new position in shares of Evolent Health during the first quarter worth $47,000.

Analysts Set New Price Targets

A number of analysts have recently weighed in on EVH shares. TD Cowen reissued a "buy" rating on shares of Evolent Health in a research report on Monday, March 2nd. Piper Sandler set a $6.00 target price on Evolent Health in a research report on Tuesday, December 2nd. JPMorgan Chase & Co. decreased their price target on Evolent Health from $13.00 to $7.00 and set an "overweight" rating for the company in a research note on Monday, November 17th. Citizens Jmp lowered their price target on Evolent Health from $11.00 to $10.00 and set a "market outperform" rating for the company in a report on Tuesday, January 6th. Finally, Needham & Company LLC dropped their price target on Evolent Health from $15.00 to $4.00 and set a "buy" rating on the stock in a research note on Wednesday, February 25th. Thirteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $6.04.

Evolent Health Price Performance

Shares of EVH opened at $2.99 on Friday. The firm has a market capitalization of $333.25 million, a PE ratio of -0.58 and a beta of 0.24. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.31 and a quick ratio of 1.31. Evolent Health, Inc has a 1-year low of $2.50 and a 1-year high of $12.06. The company's fifty day moving average price is $3.33 and its 200-day moving average price is $5.36.

Evolent Health (NYSE:EVH - Get Free Report) last released its earnings results on Tuesday, February 24th. The technology company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.02. Evolent Health had a positive return on equity of 1.49% and a negative net margin of 28.49%.The firm had revenue of $468.72 million for the quarter, compared to the consensus estimate of $468.48 million. During the same period in the prior year, the firm earned ($0.02) EPS. The firm's revenue was down 27.5% on a year-over-year basis. On average, equities research analysts predict that Evolent Health, Inc will post 0.08 EPS for the current year.

Evolent Health 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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