Evolent Health (NYSE:EVH) Shares Down 5.8% – Here’s What Happened

Evolent Health, Inc. (NYSE:EVH)’s share price traded down 5.8% during trading on Thursday . The company traded as low as $8.76 and last traded at $8.70. 262,479 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 2,300,795 shares. The stock had previously closed at $9.23.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Canaccord Genuity Group decreased their price target on shares of Evolent Health from $23.00 to $16.00 and set a “buy” rating for the company in a research note on Thursday, January 23rd. JMP Securities reiterated a “market outperform” rating and set a $12.00 target price on shares of Evolent Health in a research note on Friday, February 14th. Oppenheimer dropped their price target on Evolent Health from $28.00 to $18.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Needham & Company LLC reiterated a “buy” rating and issued a $15.00 target price on shares of Evolent Health in a research note on Friday, February 21st. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $16.00 price target (down from $17.00) on shares of Evolent Health in a report on Friday, February 21st. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Evolent Health has a consensus rating of “Buy” and a consensus target price of $17.64.

Evolent Health Trading Down 3.0 %

The company has a market cap of $1.04 billion, a price-to-earnings ratio of -10.92 and a beta of 1.20. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 1.04. The business’s 50-day simple moving average is $9.64 and its 200-day simple moving average is $13.29.

Evolent Health (NYSE:EVH) last issued its quarterly earnings data on Thursday, February 20th. The technology company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.35). Evolent Health had a positive return on equity of 5.73% and a negative net margin of 2.41%. The company had revenue of $646.54 million for the quarter, compared to analyst estimates of $650.92 million. Research analysts predict that Evolent Health, Inc. will post 0.08 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Brendan B. Springstubb bought 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were purchased at an average price of $8.75 per share, for a total transaction of $43,750.00. Following the completion of the transaction, the director now owns 11,842 shares in the company, valued at $103,617.50. The trade was a 73.08 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Diane Holder purchased 2,735 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was acquired at an average price of $9.33 per share, with a total value of $25,517.55. Following the completion of the acquisition, the director now directly owns 70,584 shares in the company, valued at $658,548.72. The trade was a 4.03 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 74,000 shares of company stock worth $666,315 over the last three months. 1.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Evolent Health

Hedge funds have recently made changes to their positions in the business. Pilgrim Partners Asia Pte Ltd acquired a new position in Evolent Health in the fourth quarter valued at $26,000. R Squared Ltd purchased a new stake in Evolent Health in the fourth quarter valued at approximately $31,000. AlphaQuest LLC raised its stake in Evolent Health by 21,650.0% during the fourth quarter. AlphaQuest LLC now owns 3,045 shares of the technology company’s stock worth $34,000 after purchasing an additional 3,031 shares during the period. Parkside Financial Bank & Trust increased its holdings in shares of Evolent Health by 90.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 4,957 shares of the technology company’s stock worth $56,000 after buying an additional 2,358 shares during the last quarter. Finally, AlphaCentric Advisors LLC acquired a new position in Evolent Health in the fourth quarter valued at $61,000.

About Evolent Health

Evolent Health, Inc, through its subsidiary, Evolent Health LLC, offers specialty care management services in oncology, cardiology, and musculoskeletal markets in the United States. The company provides platform for health plan administration and value-based business infrastructure. It offers administrative services, such as health plan services, pharmacy benefits management, risk management, analytics and reporting, and leadership and management; and Identifi, a proprietary technology system that aggregates and analyzes data, manages care workflows, and engages patients.