Canaccord Genuity Group Forecasts Strong Price Appreciation for Evolent Health (NYSE:EVH) Stock

Evolent Health (NYSE:EVH) had its target price boosted by stock analysts at Canaccord Genuity Group from $6.00 to $7.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Canaccord Genuity Group’s target price would suggest a potential upside of 17.75% from the stock’s previous close.

Other research analysts have also issued reports about the company. Weiss Ratings raised Evolent Health from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 8th. Citigroup lifted their price objective on shares of Evolent Health from $4.00 to $5.50 and gave the stock a “buy” rating in a research report on Friday, May 15th. Needham & Company LLC upped their price objective on shares of Evolent Health from $4.00 to $5.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Finally, Truist Financial lowered shares of Evolent Health from a “buy” rating to a “hold” rating and set a $7.00 price objective on the stock. in a research report on Tuesday, June 30th. Twelve analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Evolent Health currently has an average rating of “Moderate Buy” and an average price target of $6.15.

Evolent Health Trading Up 2.3%

Shares of NYSE:EVH opened at $5.95 on Tuesday. Evolent Health has a 52-week low of $2.10 and a 52-week high of $10.35. 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 company has a market capitalization of $668.69 million, a P/E ratio of -1.25 and a beta of 0.76. The company has a 50-day simple moving average of $4.77 and a 200 day simple moving average of $3.73.

Evolent Health (NYSE:EVH) last announced its quarterly earnings results on Thursday, May 7th. The technology company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $496.25 million for the quarter, compared to the consensus estimate of $534.00 million. Evolent Health had a positive return on equity of 0.36% and a negative net margin of 26.29%.The business’s revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.06 earnings per share. Sell-side analysts forecast that Evolent Health will post -0.16 earnings per share for the current year.

Institutional Investors Weigh In On Evolent Health

Institutional investors have recently modified their holdings of the business. Brighton Jones LLC bought a new position in Evolent Health during the fourth quarter worth about $3,927,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Evolent Health by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 128,527 shares of the technology company’s stock valued at $1,217,000 after purchasing an additional 3,572 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Evolent Health by 162.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,836,402 shares of the technology company’s stock worth $26,861,000 after purchasing an additional 1,754,520 shares in the last quarter. Caxton Associates LLP acquired a new position in shares of Evolent Health during the 1st quarter worth approximately $252,000. Finally, Strs Ohio bought a new position in shares of Evolent Health during the first quarter worth approximately $47,000.

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.