Evolent Health (NYSE:EVH) Stock Price Up 4.8% - Here's Why

Key Points

• Evolent Health shares rose 4.8% to about $4.46, although trading volume was 81% below the stock’s average daily volume.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating from 16 analysts and an average price target of $5.96.
• The company exceeded quarterly EPS expectations, reporting $0.02 versus the projected loss of $0.01, while revenue increased 46.9% year over year but fell short of estimates.

Evolent Health, Inc (NYSE:EVH - Get Free Report) shares shot up 4.8% on Tuesday. The stock traded as high as $4.46 and last traded at $4.4550. 563,018 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 2,918,336 shares. The stock had previously closed at $4.25.

Wall Street Analyst Weigh In

EVH has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price objective on Evolent Health from $5.00 to $6.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 18th. Canaccord Genuity Group lowered their target price on shares of Evolent Health from $7.00 to $6.00 and set a "buy" rating for the company in a report on Monday, August 10th. Truist Financial cut their price target on shares of Evolent Health from $7.00 to $6.00 and set a "hold" rating on the stock in a report on Wednesday, August 12th. TD Cowen lifted their price objective on Evolent Health from $5.00 to $6.00 and gave the company a "buy" rating in a report on Monday, August 17th. Finally, Citigroup raised shares of Evolent Health from a "neutral" rating to a "buy" rating and decreased their target price for the company from $6.75 to $6.00 in a research report on Monday, August 10th. Eleven research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $5.96.

Evolent Health Price Performance

The firm has a market cap of $522.90 million, a price-to-earnings ratio of -1.01 and a beta of 1.02. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 2.52. The stock's fifty day moving average price is $4.06 and its 200-day moving average price is $4.06.

Evolent Health (NYSE:EVH - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The technology company reported $0.02 earnings per share for the quarter, beating analysts' consensus estimates of ($0.01) by $0.03. The firm had revenue of $484.50 million during the quarter, compared to analysts' expectations of $597.70 million. Evolent Health had a negative net margin of 24.08% and a negative return on equity of 4.27%. The business's quarterly revenue was up 46.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.10) earnings per share. As a group, equities research analysts forecast that Evolent Health, Inc will post -0.25 earnings per share for the current fiscal year.

Insider Activity

In related news, President Daniel Mccarthy sold 65,892 shares of the stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $5.00, for a total transaction of $329,460.00. Following the transaction, the president directly owned 655,133 shares in the company, valued at approximately $3,275,665. This represents a 9.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.48% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. R Squared Ltd acquired a new position in Evolent Health during the 1st quarter worth $26,000. Sequoia Financial Advisors LLC bought a new stake in Evolent Health in the second quarter worth about $78,000. Royal Bank of Canada lifted its stake in Evolent Health by 51.6% during the first quarter. Royal Bank of Canada now owns 25,161 shares of the technology company's stock valued at $57,000 after purchasing an additional 8,563 shares during the last quarter. WINTON GROUP Ltd lifted its position in shares of Evolent Health by 29.6% during the 2nd quarter. WINTON GROUP Ltd now owns 26,700 shares of the technology company's stock valued at $145,000 after acquiring an additional 6,100 shares during the last quarter. Finally, Wealthfront Advisers LLC boosted its stake in shares of Evolent Health by 40.8% during the 1st quarter. Wealthfront Advisers LLC now owns 28,083 shares of the technology company's stock worth $64,000 after acquiring an additional 8,136 shares in the last quarter.

Evolent Health Company Profile

Evolent Health, Inc is a healthcare services and technology company that helps health plans and providers manage specialty care and transition to value-based models. Its offerings are designed to coordinate care, improve clinical outcomes and support more predictable healthcare costs across complex medical conditions.

The company provides technology-enabled administrative, clinical and analytical services for areas such as oncology, cardiology, musculoskeletal care and other specialty-care categories.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.