Point72 Asset Management L.P. Cuts Stock Position in Evolent Health, Inc. (NYSE:EVH)

Point72 Asset Management L.P. lessened its stake in shares of Evolent Health, Inc. (NYSE:EVH) by 96.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 73,000 shares of the technology company’s stock after selling 1,870,385 shares during the period. Point72 Asset Management L.P.’s holdings in Evolent Health were worth $1,396,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Quarry LP bought a new position in shares of Evolent Health during the second quarter valued at $32,000. Creative Planning grew its position in Evolent Health by 12.2% during the 2nd quarter. Creative Planning now owns 18,091 shares of the technology company’s stock valued at $346,000 after purchasing an additional 1,973 shares during the last quarter. Algert Global LLC bought a new stake in Evolent Health during the 2nd quarter valued at about $200,000. Ascent Group LLC raised its holdings in Evolent Health by 28.2% in the second quarter. Ascent Group LLC now owns 26,065 shares of the technology company’s stock worth $498,000 after buying an additional 5,735 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its stake in shares of Evolent Health by 387.6% in the second quarter. Mackenzie Financial Corp now owns 34,783 shares of the technology company’s stock worth $665,000 after buying an additional 27,650 shares in the last quarter.

Evolent Health Price Performance

Shares of NYSE:EVH opened at $26.15 on Friday. The firm’s 50 day moving average price is $27.95 and its 200-day moving average price is $26.11. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $3.04 billion, a PE ratio of -20.92 and a beta of 1.57. Evolent Health, Inc. has a twelve month low of $17.98 and a twelve month high of $35.00.

Evolent Health (NYSE:EVH) last released its quarterly earnings results on Thursday, August 8th. The technology company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.09. Evolent Health had a negative net margin of 3.16% and a positive return on equity of 8.47%. The business had revenue of $647.10 million for the quarter, compared to the consensus estimate of $636.46 million. During the same period last year, the firm earned $0.06 earnings per share. The company’s quarterly revenue was up 37.9% on a year-over-year basis. Equities research analysts expect that Evolent Health, Inc. will post 0.86 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on EVH. JPMorgan Chase & Co. raised their price target on shares of Evolent Health from $36.00 to $45.00 and gave the company an “overweight” rating in a research report on Monday, August 19th. Truist Financial reiterated a “buy” rating and issued a $33.00 price objective on shares of Evolent Health in a report on Tuesday, August 27th. Royal Bank of Canada reissued an “outperform” rating and issued a $42.00 target price on shares of Evolent Health in a research report on Monday, August 26th. Stephens reaffirmed an “overweight” rating and set a $42.00 price target on shares of Evolent Health in a report on Tuesday, July 30th. Finally, JMP Securities decreased their price objective on shares of Evolent Health from $34.00 to $31.00 and set a “market outperform” rating for the company in a report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $40.40.

Insider Activity at Evolent Health

In other Evolent Health news, General Counsel Jonathan Weinberg sold 42,140 shares of the company’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $31.20, for a total value of $1,314,768.00. Following the completion of the sale, the general counsel now owns 167,027 shares in the company, valued at $5,211,242.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, General Counsel Jonathan Weinberg sold 42,140 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $31.20, for a total value of $1,314,768.00. Following the completion of the sale, the general counsel now directly owns 167,027 shares of the company’s stock, valued at $5,211,242.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Seth Blackley sold 187,904 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $30.00, for a total transaction of $5,637,120.00. Following the completion of the sale, the chief executive officer now directly owns 411,924 shares of the company’s stock, valued at $12,357,720. The disclosure for this sale can be found here. Over the last three months, insiders have sold 307,291 shares of company stock worth $9,290,385. Corporate insiders own 1.60% of the company’s stock.

Evolent Health 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.