Evolent Health, Inc. (NYSE:EVH) Sees Large Increase in Short Interest

Evolent Health, Inc. (NYSE:EVH) was the recipient of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 12,490,000 shares, an increase of 14.6% from the October 15th total of 10,900,000 shares. Based on an average daily volume of 2,410,000 shares, the days-to-cover ratio is currently 5.2 days.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Truist Financial reiterated a “buy” rating and set a $33.00 price target on shares of Evolent Health in a report on Tuesday, August 27th. Stephens lowered Evolent Health from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $38.00 to $16.00 in a report on Friday, November 8th. Barclays cut their price target on Evolent Health from $39.00 to $19.00 and set an “overweight” rating for the company in a report on Monday, November 11th. JPMorgan Chase & Co. upped their price target on Evolent Health from $36.00 to $45.00 and gave the stock an “overweight” rating in a report on Monday, August 19th. Finally, Oppenheimer cut their price target on Evolent Health from $45.00 to $34.00 and set an “outperform” rating for the company in a report on Friday, November 8th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $29.50.

Evolent Health Stock Performance

Shares of NYSE EVH opened at $12.38 on Monday. The business has a fifty day simple moving average of $25.11 and a 200 day simple moving average of $24.29. The company has a current ratio of 1.04, a quick ratio of 1.08 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of -13.60 and a beta of 1.58. Evolent Health has a one year low of $12.18 and a one year high of $35.00.

Insider Buying and Selling

In related news, CEO Seth Blackley sold 187,904 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $30.00, for a total value of $5,637,120.00. Following the completion of the sale, the chief executive officer now directly owns 411,924 shares in the company, valued at approximately $12,357,720. The trade was a 31.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Emily Ann Rafferty sold 8,861 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $30.00, for a total value of $265,830.00. Following the completion of the sale, the chief operating officer now owns 63,408 shares of the company’s stock, valued at approximately $1,902,240. This trade represents a 12.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 307,291 shares of company stock worth $9,290,385. 1.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Evolent Health

Several large investors have recently made changes to their positions in EVH. RA Capital Management L.P. lifted its stake in Evolent Health by 125.0% in the first quarter. RA Capital Management L.P. now owns 5,736,132 shares of the technology company’s stock valued at $188,088,000 after buying an additional 3,187,000 shares during the period. Wellington Management Group LLP lifted its stake in Evolent Health by 12.8% in the third quarter. Wellington Management Group LLP now owns 12,595,459 shares of the technology company’s stock valued at $356,200,000 after buying an additional 1,426,747 shares during the period. Point72 Asset Management L.P. lifted its stake in Evolent Health by 1,948.5% in the third quarter. Point72 Asset Management L.P. now owns 1,495,385 shares of the technology company’s stock valued at $42,289,000 after buying an additional 1,422,385 shares during the period. William Blair Investment Management LLC lifted its stake in Evolent Health by 35.2% in the second quarter. William Blair Investment Management LLC now owns 5,026,043 shares of the technology company’s stock valued at $96,098,000 after buying an additional 1,308,376 shares during the period. Finally, First Light Asset Management LLC lifted its stake in Evolent Health by 401.5% in the second quarter. First Light Asset Management LLC now owns 1,445,305 shares of the technology company’s stock valued at $27,634,000 after buying an additional 1,157,124 shares during the period.

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.