Evolent Health’s (EVH) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Evolent Health (NYSE:EVH) in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has a $15.00 target price on the technology company’s stock.

Other research analysts have also issued research reports about the stock. UBS Group increased their target price on shares of Evolent Health from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Canaccord Genuity Group decreased their target price on shares of Evolent Health from $23.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday, January 23rd. Stephens reduced their price target on shares of Evolent Health from $16.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 21st. Piper Sandler reiterated an “overweight” rating and set a $16.00 price target (down previously from $17.00) on shares of Evolent Health in a research report on Friday, February 21st. Finally, JMP Securities reiterated a “market outperform” rating and set a $13.00 price target on shares of Evolent Health in a research report on Monday, April 28th. One investment analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $17.79.

Evolent Health Stock Down 1.2%

Evolent Health stock opened at $8.83 on Tuesday. The stock has a market cap of $1.03 billion, a P/E ratio of -10.77 and a beta of 1.04. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. Evolent Health has a twelve month low of $8.35 and a twelve month high of $33.63. The company’s 50-day moving average price is $9.61 and its two-hundred day moving average price is $11.24.

Evolent Health (NYSE:EVH) last released its quarterly earnings results on Thursday, May 8th. The technology company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.02). The company had revenue of $483.65 million during the quarter, compared to the consensus estimate of $460.15 million. Evolent Health had a negative net margin of 2.41% and a positive return on equity of 5.73%. The firm’s revenue was down 24.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.34 earnings per share. As a group, analysts expect that Evolent Health will post 0.08 EPS for the current year.

Insider Activity at Evolent Health

In other Evolent Health news, Director Brendan B. Springstubb purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, March 4th. The stock was purchased at an average price of $8.75 per share, with a total value of $43,750.00. Following the completion of the purchase, the director now owns 11,842 shares of the company’s stock, valued at approximately $103,617.50. The trade was a 73.08% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Seth Blackley purchased 55,225 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were acquired at an average cost of $9.01 per share, with a total value of $497,577.25. Following the purchase, the chief executive officer now directly owns 762,217 shares of the company’s stock, valued at approximately $6,867,575.17. The trade was a 7.81% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 74,000 shares of company stock valued at $666,315 in the last quarter. Insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Evolent Health

A number of hedge funds have recently bought and sold shares of the company. First Light Asset Management LLC raised its stake in Evolent Health by 991.8% during the first quarter. First Light Asset Management LLC now owns 585,436 shares of the technology company’s stock worth $5,544,000 after buying an additional 531,816 shares during the last quarter. State of Wyoming raised its stake in Evolent Health by 291.1% during the first quarter. State of Wyoming now owns 33,187 shares of the technology company’s stock worth $314,000 after buying an additional 24,701 shares during the last quarter. Gamco Investors INC. ET AL raised its stake in Evolent Health by 25.6% during the first quarter. Gamco Investors INC. ET AL now owns 247,500 shares of the technology company’s stock worth $2,344,000 after buying an additional 50,400 shares during the last quarter. FORA Capital LLC raised its stake in Evolent Health by 19.4% during the first quarter. FORA Capital LLC now owns 67,728 shares of the technology company’s stock worth $641,000 after buying an additional 10,989 shares during the last quarter. Finally, AlphaQuest LLC raised its stake in Evolent Health by 460.4% during the first quarter. AlphaQuest LLC now owns 17,064 shares of the technology company’s stock worth $162,000 after buying an additional 14,019 shares during the last quarter.

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.