Truist Financial Forecasts Strong Price Appreciation for Evolent Health (NYSE:EVH) Stock

Evolent Health (NYSE:EVH) had its target price raised by equities research analysts at Truist Financial from $6.00 to $7.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Truist Financial’s price objective indicates a potential upside of 46.90% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Evolent Health in a report on Friday, March 27th. Needham & Company LLC raised their target price on Evolent Health from $4.00 to $5.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Canaccord Genuity Group lifted their target price on Evolent Health from $4.00 to $6.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. TD Cowen reiterated a “buy” rating on shares of Evolent Health in a research report on Monday, March 2nd. Finally, BTIG Research decreased their price target on Evolent Health from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. Thirteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Evolent Health presently has a consensus rating of “Moderate Buy” and an average target price of $6.08.

Evolent Health Stock Performance

Shares of Evolent Health stock traded up $0.19 during trading on Friday, hitting $4.77. 164,188 shares of the stock were exchanged, compared to its average volume of 2,960,146. The company has a debt-to-equity ratio of 2.46, a quick ratio of 1.32 and a current ratio of 1.32. Evolent Health has a 12 month low of $2.10 and a 12 month high of $12.06. The stock’s fifty day moving average is $3.54 and its 200 day moving average is $3.48. The stock has a market cap of $535.97 million, a PE ratio of -1.00 and a beta of 0.84.

Evolent Health (NYSE:EVH) last issued its quarterly earnings data on Thursday, May 7th. The technology company reported ($0.02) earnings per share for the quarter, beating 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 firm had revenue of $496.25 million for the quarter, compared to the consensus estimate of $534.00 million. During the same period last year, the firm posted $0.06 EPS. Evolent Health’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Evolent Health will post -0.23 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in EVH. Vanguard Group Inc. raised its holdings in Evolent Health by 0.4% during the third quarter. Vanguard Group Inc. now owns 10,966,830 shares of the technology company’s stock worth $92,779,000 after purchasing an additional 45,299 shares in the last quarter. Durable Capital Partners LP bought a new position in Evolent Health during the 2nd quarter valued at $72,326,000. Eventide Asset Management LLC boosted its stake in Evolent Health by 54.0% during the 3rd quarter. Eventide Asset Management LLC now owns 6,292,511 shares of the technology company’s stock valued at $53,246,000 after purchasing an additional 2,205,659 shares in the last quarter. Rubicon Founders LLC acquired a new position in shares of Evolent Health during the 3rd quarter valued at $49,204,000. Finally, 8 Knots Management LLC acquired a new position in shares of Evolent Health during the 2nd quarter valued at $32,802,000.

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.