Gabelli Funds LLC Decreases Stake in Evolent Health, Inc $EVH

Key Points

• Gabelli Funds sharply reduced its Evolent Health stake by 91.7% in the first quarter, selling 3.13 million shares and retaining 284,300 shares valued at approximately $648,000.
• Wall Street’s outlook remains mixed but leans positive: 11 analysts rate the stock a Buy, four rate it Hold, and two rate it Sell, producing a “Moderate Buy” consensus and an average price target of $6.16.
• Evolent Health shares opened at $3.19 after declining 3.5%; the company beat quarterly earnings expectations but reported revenue below forecasts, negative net margins, and analysts expect a full-year loss of $0.16 per share.

Gabelli Funds LLC lessened its position in shares of Evolent Health, Inc (NYSE:EVH - Free Report) by 91.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 284,300 shares of the technology company's stock after selling 3,128,900 shares during the period. Gabelli Funds LLC owned about 0.25% of Evolent Health worth $648,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of EVH. R Squared Ltd acquired a new position in shares of Evolent Health during the first quarter worth $26,000. CIBC Private Wealth Group LLC increased its holdings in Evolent Health by 4,000.0% in the third quarter. CIBC Private Wealth Group LLC now owns 4,100 shares of the technology company's stock valued at $35,000 after buying an additional 4,000 shares during the last quarter. Strs Ohio acquired a new stake in Evolent Health in the first quarter valued at $47,000. Vise Technologies Inc. acquired a new stake in Evolent Health in the fourth quarter valued at $50,000. Finally, Headlands Technologies LLC purchased a new stake in Evolent Health during the 2nd quarter worth about $58,000.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Weiss Ratings downgraded Evolent Health from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, July 21st. Canaccord Genuity Group boosted their target price on Evolent Health from $6.00 to $7.00 and gave the stock a "buy" rating in a research note on Tuesday, July 21st. Citigroup reaffirmed a "sell" rating and issued a $6.75 price target (up from $5.50) on shares of Evolent Health in a report on Thursday, July 23rd. Needham & Company LLC raised their price objective on shares of Evolent Health from $4.00 to $5.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Finally, Truist Financial downgraded shares of Evolent Health from a "buy" rating to a "hold" rating and set a $7.00 price objective for the company. in a research report on Tuesday, June 30th. Eleven research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $6.16.

Evolent Health Trading Down 3.5%

NYSE EVH opened at $3.19 on Friday. The company has a debt-to-equity ratio of 2.46, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market cap of $358.25 million, a PE ratio of -0.67 and a beta of 0.76. Evolent Health, Inc has a one year low of $2.10 and a one year high of $10.30. The firm's fifty day moving average is $4.82 and its two-hundred day moving average is $3.74.

Evolent Health (NYSE:EVH - Get Free Report) last announced its earnings results on Thursday, May 7th. The technology company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. Evolent Health had a negative net margin of 26.29% and a positive return on equity of 0.36%. The business had revenue of $496.25 million during the quarter, compared to the consensus estimate of $534.00 million. During the same quarter in the prior year, the firm earned $0.06 earnings per share. The business's quarterly revenue was up 2.6% compared to the same quarter last year. Analysts expect that Evolent Health, Inc will post -0.16 earnings per share for the current year.

About Evolent Health

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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