Granahan Investment Management LLC Acquires 181,893 Shares of Evolent Health, Inc. (NYSE:EVH)

Granahan Investment Management LLC boosted its holdings in Evolent Health, Inc. (NYSE:EVH) by 5.2% in the fourth quarter, HoldingsChannel reports. The firm owned 3,673,710 shares of the technology company’s stock after purchasing an additional 181,893 shares during the period. Evolent Health makes up about 1.7% of Granahan Investment Management LLC’s investment portfolio, making the stock its 15th biggest holding. Granahan Investment Management LLC’s holdings in Evolent Health were worth $41,329,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of EVH. Forest Hill Capital LLC boosted its position in shares of Evolent Health by 223.5% during the 4th quarter. Forest Hill Capital LLC now owns 144,750 shares of the technology company’s stock worth $1,628,000 after purchasing an additional 100,000 shares in the last quarter. Fort Baker Capital Management LP acquired a new position in Evolent Health during the 4th quarter worth approximately $3,028,000. Ethic Inc. bought a new position in Evolent Health in the fourth quarter worth approximately $113,000. FORA Capital LLC acquired a new stake in Evolent Health in the fourth quarter valued at approximately $638,000. Finally, Deutsche Bank AG increased its holdings in shares of Evolent Health by 21.5% during the fourth quarter. Deutsche Bank AG now owns 185,617 shares of the technology company’s stock valued at $2,088,000 after acquiring an additional 32,904 shares in the last quarter.

Evolent Health Stock Down 16.0 %

Shares of NYSE:EVH opened at $9.05 on Friday. Evolent Health, Inc. has a 1 year low of $8.35 and a 1 year high of $33.63. The company has a market capitalization of $1.06 billion, a PE ratio of -11.04 and a beta of 1.04. The business has a fifty day moving average price of $9.61 and a two-hundred day moving average price of $11.63. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 1.04.

Evolent Health (NYSE:EVH) last posted its quarterly earnings data on Thursday, May 8th. The technology company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.02). The company had revenue of $483.65 million for the quarter, compared to analysts’ expectations of $460.15 million. Evolent Health had a positive return on equity of 5.73% and a negative net margin of 2.41%. The business’s quarterly revenue was down 24.4% on a year-over-year basis. During the same quarter last year, the business posted $0.34 EPS. Analysts forecast that Evolent Health, Inc. will post 0.08 earnings per share for the current year.

Insider Buying and Selling

In related news, President Daniel Joseph Mccarthy purchased 11,040 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was purchased at an average cost of $9.01 per share, with a total value of $99,470.40. Following the completion of the acquisition, the president now directly owns 389,004 shares of the company’s stock, valued at approximately $3,504,926.04. The trade was a 2.92 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Seth Blackley acquired 55,225 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average cost of $9.01 per share, for a total transaction of $497,577.25. Following the acquisition, the chief executive officer now directly owns 762,217 shares in the company, valued at $6,867,575.17. This represents a 7.81 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 74,000 shares of company stock valued at $666,315. 1.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Piper Sandler reiterated an “overweight” rating and issued a $16.00 target price (down from $17.00) on shares of Evolent Health in a report on Friday, February 21st. Royal Bank of Canada dropped their price objective on shares of Evolent Health from $20.00 to $17.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 14th. Canaccord Genuity Group decreased their target price on shares of Evolent Health from $23.00 to $16.00 and set a “buy” rating for the company in a research report on Thursday, January 23rd. Needham & Company LLC restated a “buy” rating and issued a $15.00 target price on shares of Evolent Health in a report on Friday, February 21st. Finally, UBS Group lifted their price target on Evolent Health from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Friday. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $17.79.

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.