Evolent Health (NYSE:EVH) Trading Down 2% After Analyst Downgrade

Evolent Health, Inc. (NYSE:EVH) shares dropped 2% during trading on Wednesday after UBS Group lowered their price target on the stock from $27.00 to $14.00. UBS Group currently has a buy rating on the stock. Evolent Health traded as low as $10.89 and last traded at $10.96. Approximately 679,469 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 1,678,069 shares. The stock had previously closed at $11.18.

EVH has been the topic of a number of other research reports. Stephens cut shares of Evolent Health from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $38.00 to $16.00 in a research note on Friday, November 8th. JMP Securities dropped their price target on Evolent Health from $27.00 to $18.00 and set a “market outperform” rating for the company in a research report on Friday, January 10th. Needham & Company LLC started coverage on shares of Evolent Health in a research report on Friday, January 10th. They set a “buy” rating and a $15.00 price objective for the company. Barclays reduced their target price on Evolent Health from $39.00 to $19.00 and set an “overweight” rating on the stock in a research report on Monday, November 11th. Finally, BTIG Research decreased their price objective on shares of Evolent Health from $36.00 to $29.00 and set a “buy” rating on the stock in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $21.92.

Hedge Funds Weigh In On Evolent Health

Several hedge funds and other institutional investors have recently modified their holdings of the company. Royce & Associates LP acquired a new position in shares of Evolent Health during the third quarter worth about $7,070,000. Foundry Partners LLC acquired a new stake in Evolent Health in the third quarter valued at $10,042,000. Harbor Capital Advisors Inc. raised its stake in shares of Evolent Health by 140.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 422,421 shares of the technology company’s stock valued at $11,946,000 after purchasing an additional 246,400 shares in the last quarter. Salem Investment Counselors Inc. lifted its holdings in Evolent Health by 53.0% during the 4th quarter. Salem Investment Counselors Inc. now owns 350,155 shares of the technology company’s stock worth $3,939,000 after buying an additional 121,369 shares during the last quarter. Finally, Nordea Investment Management AB boosted its holdings in Evolent Health by 7.0% in the fourth quarter. Nordea Investment Management AB now owns 130,453 shares of the technology company’s stock worth $1,469,000 after purchasing an additional 8,552 shares during the period.

Evolent Health Stock Performance

The stock has a 50 day simple moving average of $12.15 and a 200 day simple moving average of $20.84. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of -11.18 and a beta of 1.45. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.58.

Evolent Health Company 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.