Truist Financial Cuts Evolent Health (NYSE:EVH) Price Target to $6.00

Evolent Health (NYSE:EVH) had its price objective lowered by Truist Financial from $7.00 to $6.00 in a research note released on Wednesday,Benzinga reports. Truist Financial currently has a hold rating on the technology company’s stock.

Other equities analysts also recently issued research reports about the company. Weiss Ratings upgraded Evolent Health from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, August 4th. Needham & Company LLC lifted their target price on Evolent Health from $4.00 to $5.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Citigroup raised shares of Evolent Health from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $6.75 to $6.00 in a research report on Monday. Canaccord Genuity Group lowered their target price on Evolent Health from $7.00 to $6.00 and set a “buy” rating on the stock in a research note on Monday, August 10th. Finally, TD Cowen dropped their price target on Evolent Health from $8.00 to $5.00 and set a “buy” rating on the stock in a research report on Tuesday, July 28th. Twelve analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $5.96.

Evolent Health Stock Up 0.5%

Shares of NYSE EVH opened at $4.68 on Wednesday. The stock has a 50-day moving average price of $4.77 and a two-hundred day moving average price of $3.73. The company has a market cap of $529.69 million, a price-to-earnings ratio of -1.03 and a beta of 0.79. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 2.52. Evolent Health has a 12 month low of $2.10 and a 12 month high of $10.08.

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

Hedge Funds Weigh In On Evolent Health

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EVH. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Evolent Health by 2.9% in 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 acquiring an additional 3,572 shares during the last quarter. CIBC Private Wealth Group LLC lifted its position in Evolent Health by 4,000.0% in the third quarter. CIBC Private Wealth Group LLC now owns 4,100 shares of the technology company’s stock valued at $35,000 after purchasing an additional 4,000 shares during the last quarter. Strs Ohio purchased a new stake in Evolent Health in the 1st quarter worth approximately $47,000. Headlands Technologies LLC purchased a new stake in Evolent Health in the 2nd quarter worth approximately $58,000. Finally, Osaic Holdings Inc. grew its position in shares of Evolent Health by 99.2% in the 2nd quarter. Osaic Holdings Inc. now owns 11,119 shares of the technology company’s stock worth $125,000 after buying an additional 5,537 shares during the last quarter.

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.