Evolent Health (NYSE:EVH) Stock Crosses Above 50 Day Moving Average - Here's What Happened

Key Points

• Evolent Health shares rose 3.8%, trading above their 50-day moving average of $4.78 and reaching as high as $4.96. The stock’s 200-day moving average was $3.80.
• Analyst sentiment remains broadly positive, with 12 Buy, four Hold, and one Sell rating; the consensus rating is “Moderate Buy” with a $5.96 price target, despite several target-price reductions.
• Evolent reported quarterly EPS of $0.02, beating the expected loss of $0.01, while revenue increased 46.9% year over year to $484.5 million, though it fell short of the $597.7 million estimate.

Evolent Health, Inc (NYSE:EVH - Get Free Report)'s stock price passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $4.78 and traded as high as $4.96. Evolent Health shares last traded at $4.8990, with a volume of 2,872,687 shares traded.

Analyst Upgrades and Downgrades

EVH has been the subject of a number of research reports. Truist Financial decreased their target price on shares of Evolent Health from $7.00 to $6.00 and set a "hold" rating for the company in a research note on Wednesday, August 12th. Weiss Ratings downgraded Evolent Health from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, August 18th. Canaccord Genuity Group cut their price objective on Evolent Health from $7.00 to $6.00 and set a "buy" rating for the company in a report on Monday, August 10th. JPMorgan Chase & Co. upped their price objective on Evolent Health from $5.00 to $6.00 and gave the company an "overweight" rating in a research report on Tuesday, August 18th. Finally, Needham & Company LLC upped their price objective on Evolent Health from $4.00 to $5.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Twelve equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $5.96.

Evolent Health Stock Up 3.8%

The company's 50 day moving average price is $4.78 and its two-hundred day moving average price is $3.80. The firm has a market cap of $553.88 million, a PE ratio of -1.07 and a beta of 0.79. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 2.52.

Evolent Health (NYSE:EVH - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The technology company reported $0.02 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $484.50 million during the quarter, compared to analyst estimates of $597.70 million. During the same period in the prior year, the business posted ($0.10) EPS. Evolent Health's revenue was up 46.9% on a year-over-year basis. On average, equities research analysts expect that Evolent Health, Inc will post -0.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Brighton Jones LLC bought a new position in shares of Evolent Health during the 4th quarter valued at approximately $3,927,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Evolent Health by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 128,527 shares of the technology company's stock worth $1,217,000 after acquiring an additional 3,572 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in 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 worth $26,861,000 after acquiring an additional 1,754,520 shares during the period. Caxton Associates LLP bought a new stake in Evolent Health during the 1st quarter worth approximately $252,000. Finally, Strs Ohio purchased a new position in Evolent Health during the first quarter valued at approximately $47,000.

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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