Evolent Health (NYSE:EVH) Shares Gap Down – Here’s Why

Evolent Health, Inc (NYSE:EVH) gapped down before the market opened on Thursday. The stock had previously closed at $4.80, but opened at $4.25. Evolent Health shares last traded at $4.9050, with a volume of 173,665 shares traded.

Analyst Upgrades and Downgrades

EVH has been the subject of a number of research analyst reports. Weiss Ratings cut shares of Evolent Health from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, October 16th. Canaccord Genuity Group reduced their target price on Evolent Health from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Monday, August 10th. Citigroup raised Evolent Health from a “neutral” rating to a “buy” rating and cut their target price for the company from $6.75 to $6.00 in a research report on Monday, August 10th. TD Cowen raised their price objective on shares of Evolent Health from $5.00 to $6.00 and gave the company a “buy” rating in a research note on Monday, August 17th. Finally, Truist Financial lowered their target price on Evolent Health from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Wednesday, August 12th. Eleven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Evolent Health presently has a consensus rating of “Moderate Buy” and an average target price of $5.96.

Evolent Health Price Performance

The stock has a market cap of $541.44 million, a price-to-earnings ratio of -1.04 and a beta of 1.03. The company has a debt-to-equity ratio of 2.52, a quick ratio of 1.24 and a current ratio of 1.24. The company has a 50-day moving average of $4.17 and a 200-day moving average of $3.88.

Evolent Health (NYSE:EVH) last issued its quarterly earnings results on Thursday, November 5th. The technology company reported $0.06 earnings per share for the quarter, hitting the consensus estimate of $0.06. The firm had revenue of $725.37 million during the quarter, compared to the consensus estimate of $727.06 million. Evolent Health had a negative return on equity of 4.27% and a negative net margin of 24.08%. The company’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same period last year, the company earned $0.05 earnings per share. As a group, equities research analysts predict that Evolent Health, Inc will post -0.25 earnings per share for the current year.

Insider Buying and Selling

In other news, President Daniel Mccarthy sold 65,892 shares of the firm’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $5.00, for a total value of $329,460.00. Following the completion of the transaction, the president owned 655,133 shares in the company, valued at $3,275,665. This trade represents a 9.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.48% of the company’s stock.

Institutional Investors Weigh In On Evolent Health

Hedge funds have recently modified their holdings of the company. Vise Technologies Inc. boosted its holdings in Evolent Health by 76.5% in the third quarter. Vise Technologies Inc. now owns 30,215 shares of the technology company’s stock valued at $105,000 after acquiring an additional 13,096 shares during the last quarter. State of Wyoming raised its position in Evolent Health by 37.3% in the third quarter. State of Wyoming now owns 113,074 shares of the technology company’s stock valued at $395,000 after purchasing an additional 30,720 shares during the period. Tempus Wealth Planning LLC raised its position in Evolent Health by 20.2% in the third quarter. Tempus Wealth Planning LLC now owns 100,774 shares of the technology company’s stock valued at $352,000 after purchasing an additional 16,969 shares during the period. Congress Asset Management Co. lifted its stake in shares of Evolent Health by 20.3% during the third quarter. Congress Asset Management Co. now owns 275,158 shares of the technology company’s stock worth $960,000 after purchasing an additional 46,466 shares in the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of Evolent Health during the second quarter worth about $78,000.

About Evolent Health

Evolent Health, Inc (NYSE: EVH) is a healthcare services and technology company that helps health plans and healthcare providers transition to value-based care. Its platform is designed to support the management of clinical programs, improve patient outcomes and coordinate care while helping customers manage healthcare costs.

The company provides specialty and total-cost-of-care solutions across areas such as cardiology, oncology, musculoskeletal care, radiology and other complex conditions.