Evolent Health (NYSE:EVH) Price Target Lowered to $6.00 at Canaccord Genuity Group

Evolent Health (NYSE:EVH) had its target price dropped by stock analysts at Canaccord Genuity Group from $7.00 to $6.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Canaccord Genuity Group’s price target points to a potential upside of 51.59% from the company’s previous close.

A number of other analysts have also commented on EVH. Weiss Ratings upgraded shares of Evolent Health from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, August 4th. Citigroup reiterated a “sell” rating and issued a $6.75 target price (up from $5.50) on shares of Evolent Health in a research note on Thursday, July 23rd. Truist Financial lowered shares of Evolent Health from a “buy” rating to a “hold” rating and set a $7.00 price objective for the company. in a research note on Tuesday, June 30th. Needham & Company LLC upped their price objective on Evolent Health from $4.00 to $5.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Finally, TD Cowen cut their price target on shares of Evolent Health from $8.00 to $5.00 and set a “buy” rating on the stock in a report on Tuesday, July 28th. Eleven research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $6.09.

Evolent Health Price Performance

EVH stock opened at $3.96 on Monday. The company’s fifty day simple moving average is $4.75 and its 200 day simple moving average is $3.72. Evolent Health has a 12-month low of $2.10 and a 12-month high of $10.08. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 2.52. The firm has a market cap of $445.20 million, a price-to-earnings ratio of -0.87 and a beta of 0.79.

Evolent Health (NYSE:EVH) last issued its quarterly earnings results on Thursday, August 6th. The technology company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.03. The firm had revenue of $484.50 million for the quarter, compared to analyst estimates of $597.70 million. Evolent Health had a negative return on equity of 4.27% and a negative net margin of 24.08%.The company’s revenue was up 46.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.10) earnings per share. On average, analysts expect that Evolent Health will post -0.16 earnings per share for the current year.

Institutional Investors Weigh In On Evolent Health

A number of institutional investors and hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Evolent Health by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 128,527 shares of the technology company’s stock valued at $1,217,000 after buying an additional 3,572 shares during the period. CIBC Private Wealth Group LLC lifted its stake in shares of Evolent Health by 4,000.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,100 shares of the technology company’s stock valued at $35,000 after acquiring an additional 4,000 shares during the last quarter. Strs Ohio bought a new stake in shares of Evolent Health in the 1st quarter valued at about $47,000. Headlands Technologies LLC purchased a new stake in Evolent Health during the 2nd quarter valued at about $58,000. Finally, Osaic Holdings Inc. boosted its holdings in Evolent Health by 99.2% during the 2nd quarter. Osaic Holdings Inc. now owns 11,119 shares of the technology company’s stock valued at $125,000 after acquiring an additional 5,537 shares during the period.

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.