Evolent Health (NYSE:EVH) Earns Buy Rating from Analysts at Needham & Company LLC

Analysts at Needham & Company LLC began coverage on shares of Evolent Health (NYSE:EVH) in a report released on Friday, Marketbeat.com reports. The firm set a “buy” rating and a $15.00 price target on the technology company’s stock. Needham & Company LLC’s price target would indicate a potential upside of 18.95% from the stock’s previous close.

EVH has been the subject of a number of other reports. JPMorgan Chase & Co. cut their price objective on Evolent Health from $45.00 to $15.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. KeyCorp initiated coverage on shares of Evolent Health in a research note on Friday, October 11th. They issued an “overweight” rating and a $35.00 price objective for the company. Barclays decreased their price objective on shares of Evolent Health from $39.00 to $19.00 and set an “overweight” rating on the stock in a research report on Monday, November 11th. Stephens downgraded shares of Evolent Health from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $38.00 to $16.00 in a report on Friday, November 8th. Finally, Oppenheimer dropped their price objective on Evolent Health from $34.00 to $28.00 and set an “outperform” rating for the company in a research note on Monday, November 18th. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Evolent Health presently has a consensus rating of “Buy” and an average price target of $25.25.

Evolent Health Stock Performance

NYSE:EVH opened at $12.61 on Friday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a 50-day simple moving average of $13.13 and a two-hundred day simple moving average of $21.09. The firm has a market capitalization of $1.47 billion, a PE ratio of -13.86 and a beta of 1.45. Evolent Health has a 52-week low of $10.53 and a 52-week high of $35.00.

Hedge Funds Weigh In On Evolent Health

Several institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its position in shares of Evolent Health by 3.2% during the 2nd quarter. Principal Financial Group Inc. now owns 15,594 shares of the technology company’s stock valued at $298,000 after acquiring an additional 480 shares during the last quarter. Rhumbline Advisers lifted its position in Evolent Health by 8.3% during the second quarter. Rhumbline Advisers now owns 180,059 shares of the technology company’s stock valued at $3,443,000 after purchasing an additional 13,867 shares during the last quarter. Arizona State Retirement System grew its stake in shares of Evolent Health by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 29,083 shares of the technology company’s stock worth $556,000 after buying an additional 649 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Evolent Health in the 2nd quarter worth $87,000. Finally, Federated Hermes Inc. bought a new stake in shares of Evolent Health in the 2nd quarter worth about $6,273,000.

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.