Evolent Health (NYSE:EVH) Shares Gap Down – Here’s Why

Evolent Health, Inc (NYSE:EVH) gapped down before the market opened on Tuesday . The stock had previously closed at $5.77, but opened at $5.46. Evolent Health shares last traded at $5.3270, with a volume of 251,186 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts have commented on EVH shares. Needham & Company LLC boosted their target price on Evolent Health from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Truist Financial lowered Evolent Health from a “buy” rating to a “hold” rating and set a $7.00 target price on the stock. in a research note on Tuesday. Weiss Ratings restated a “sell (e+)” rating on shares of Evolent Health in a research report on Wednesday, June 24th. Canaccord Genuity Group raised their target price on shares of Evolent Health from $4.00 to $6.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Finally, Citigroup raised their price target on Evolent Health from $4.00 to $5.50 and gave the stock a “buy” rating in a research note on Friday, May 15th. Twelve research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.08.

Evolent Health Trading Up 5.8%

The firm has a fifty day moving average of $4.21 and a 200 day moving average of $3.57. The company has a debt-to-equity ratio of 2.46, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market capitalization of $645.07 million, a PE ratio of -1.20 and a beta of 0.76.

Evolent Health (NYSE:EVH) last announced its earnings results 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. The business had revenue of $496.25 million during the quarter, compared to the consensus estimate of $534.00 million. Evolent Health had a negative net margin of 26.29% and a positive return on equity of 0.36%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.06 earnings per share. Equities research analysts expect that Evolent Health, Inc will post -0.16 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in EVH. Vanguard Group Inc. grew its stake in Evolent Health by 0.4% in 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 acquired a new stake in shares of Evolent Health in the 2nd quarter worth about $72,326,000. Eventide Asset Management LLC raised its holdings in shares of Evolent Health by 54.0% during the third quarter. Eventide Asset Management LLC now owns 6,292,511 shares of the technology company’s stock valued at $53,246,000 after buying an additional 2,205,659 shares during the last quarter. Rubicon Founders LLC bought a new stake in Evolent Health during the 3rd quarter valued at $49,204,000. Finally, 8 Knots Management LLC acquired a new stake in Evolent Health in the second quarter worth about $32,802,000.

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.