Truist Financial Cuts Evolent Health (NYSE:EVH) Price Target to $6.00

Key Points

• Truist Financial cut Evolent Health’s price target from $7.00 to $6.00 while maintaining a “hold” rating, implying roughly 36.7% upside from the prior close.
• Analyst sentiment remains broadly positive: 12 analysts rate the stock a “buy,” four rate it “hold,” and one rates it “sell,” resulting in a consensus “Moderate Buy” rating and average target of $5.96.
• Evolent shares rose 7.1% to $4.39, while the company’s latest quarterly results beat EPS expectations at $0.02 but missed revenue estimates, reporting $484.5 million against a $597.7 million consensus.

Evolent Health (NYSE:EVH - Get Free Report) had its target price reduced by stock analysts at Truist Financial from $7.00 to $6.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a "hold" rating on the technology company's stock. Truist Financial's price target indicates a potential upside of 36.67% from the stock's previous close.

EVH has been the subject of several other research reports. TD Cowen dropped their target price on shares of Evolent Health from $8.00 to $5.00 and set a "buy" rating for the company in a research report on Tuesday, July 28th. Needham & Company LLC lifted their price target on Evolent Health from $4.00 to $5.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Canaccord Genuity Group decreased their price target on Evolent Health from $7.00 to $6.00 and set a "buy" rating for the company in a research note on Monday. Citigroup raised Evolent Health from a "neutral" rating to a "buy" rating and lowered their price objective for the company from $6.75 to $6.00 in a report on Monday. Finally, Weiss Ratings raised Evolent Health from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, August 4th. Twelve research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $5.96.

Evolent Health Stock Up 7.1%

Shares of EVH traded up $0.29 during trading on Wednesday, reaching $4.39. The company's stock had a trading volume of 1,511,994 shares, compared to its average volume of 3,066,463. The company has a market cap of $493.79 million, a price-to-earnings ratio of -0.96 and a beta of 0.79. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 2.52. The company has a fifty day moving average of $4.75 and a two-hundred day moving average of $3.72. Evolent Health has a twelve month low of $2.10 and a twelve month high of $10.08.

Evolent Health (NYSE:EVH - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The technology company reported $0.02 earnings per share for the quarter, topping analysts' consensus estimates of ($0.01) by $0.03. The business had revenue of $484.50 million during the quarter, compared to the consensus estimate 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 last year, the company earned ($0.10) earnings per share. On average, sell-side analysts predict that Evolent Health will post -0.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. R Squared Ltd bought a new stake in Evolent Health in the first quarter valued at $26,000. CIBC Private Wealth Group LLC grew its position in shares of Evolent Health by 4,000.0% during the third quarter. CIBC Private Wealth Group LLC now owns 4,100 shares of the technology company's stock worth $35,000 after acquiring an additional 4,000 shares during the last quarter. Strs Ohio bought a new position in shares of Evolent Health during the first quarter worth about $47,000. Vise Technologies Inc. acquired a new stake in shares of Evolent Health in the 4th quarter worth about $50,000. Finally, Royal Bank of Canada lifted its position in Evolent Health by 51.6% in the 1st 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.

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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