Canaccord Genuity Group Lowers Evolent Health (NYSE:EVH) Price Target to $16.00

Evolent Health (NYSE:EVH) had its target price lowered by Canaccord Genuity Group from $23.00 to $16.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

Other analysts also recently issued research reports about the stock. Barclays cut their price objective on shares of Evolent Health from $39.00 to $19.00 and set an “overweight” rating for the company in a report on Monday, November 11th. Truist Financial lowered their price objective on Evolent Health from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday. Needham & Company LLC began coverage on Evolent Health in a research report on Friday, January 10th. They set a “buy” rating and a $15.00 target price for the company. Royal Bank of Canada decreased their price target on Evolent Health from $20.00 to $17.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 14th. Finally, Stephens cut their price objective on shares of Evolent Health from $16.00 to $12.00 and set an “equal weight” rating for the company in a research report on Tuesday. One equities research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Evolent Health currently has a consensus rating of “Buy” and a consensus price target of $19.31.

Evolent Health Price Performance

Evolent Health stock opened at $10.16 on Thursday. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of -11.16 and a beta of 1.45. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.58. Evolent Health has a 12 month low of $9.74 and a 12 month high of $35.00. The stock’s 50 day moving average is $11.50 and its 200-day moving average is $20.44.

Evolent Health (NYSE:EVH) last issued its quarterly earnings data on Thursday, November 7th. The technology company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.38). Evolent Health had a negative net margin of 2.93% and a positive return on equity of 6.30%. The firm had revenue of $621.40 million during the quarter, compared to analyst estimates of $625.58 million. During the same period in the prior year, the company earned $0.19 earnings per share. Equities research analysts expect that Evolent Health will post 0.26 EPS for the current year.

Hedge Funds Weigh In On Evolent Health

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. R Squared Ltd bought a new stake in shares of Evolent Health during the fourth quarter worth $31,000. Quarry LP acquired a new position in Evolent Health in the 2nd quarter worth about $32,000. Covestor Ltd raised its position in Evolent Health by 138.1% in the third quarter. Covestor Ltd now owns 1,424 shares of the technology company’s stock valued at $40,000 after purchasing an additional 826 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Evolent Health by 5,365.5% during the third quarter. GAMMA Investing LLC now owns 1,585 shares of the technology company’s stock valued at $45,000 after purchasing an additional 1,556 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Evolent Health during the second quarter worth about $61,000.

Evolent Health Company Profile

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.