Evolent Health (NYSE:EVH) Shares Gap Down Following Analyst Downgrade

Evolent Health, Inc. (NYSE:EVH) shares gapped down prior to trading on Friday after Oppenheimer lowered their price target on the stock from $28.00 to $18.00. The stock had previously closed at $10.18, but opened at $9.97. Oppenheimer currently has an outperform rating on the stock. Evolent Health shares last traded at $10.14, with a volume of 80,949 shares changing hands.

Other research analysts also recently issued research reports about the company. KeyCorp started coverage on Evolent Health in a research note on Friday, October 11th. They issued an “overweight” rating and a $35.00 price objective for the company. Stephens reduced their price target on Evolent Health from $16.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 21st. BTIG Research cut their price objective on Evolent Health from $36.00 to $29.00 and set a “buy” rating on the stock in a research report on Tuesday, December 3rd. Needham & Company LLC initiated coverage on Evolent Health in a research note on Friday, January 10th. They issued a “buy” rating and a $15.00 target price for the company. Finally, Barclays lowered their price objective on Evolent Health from $39.00 to $19.00 and set an “overweight” rating for the company in a research note on Monday, November 11th. One analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Evolent Health presently has a consensus rating of “Buy” and a consensus price target of $18.54.

Hedge Funds Weigh In On Evolent Health

Several institutional investors and hedge funds have recently modified their holdings of the business. Wellington Management Group LLP grew its position in shares of 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 purchasing an additional 1,426,747 shares in the last quarter. Eventide Asset Management LLC lifted its stake in Evolent Health by 1.7% during the third quarter. Eventide Asset Management LLC now owns 3,804,104 shares of the technology company’s stock worth $107,580,000 after purchasing an additional 64,985 shares in the last quarter. State Street Corp lifted its stake in Evolent Health by 1.0% during the third quarter. State Street Corp now owns 2,725,375 shares of the technology company’s stock worth $77,074,000 after purchasing an additional 25,967 shares in the last quarter. Bellevue Group AG raised its stake in shares of Evolent Health by 59.9% in the third quarter. Bellevue Group AG now owns 2,670,050 shares of the technology company’s stock valued at $75,509,000 after acquiring an additional 1,000,215 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Evolent Health by 5.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,368,255 shares of the technology company’s stock valued at $45,286,000 after acquiring an additional 121,770 shares in the last quarter.

Evolent Health Stock Down 0.7 %

The stock has a market cap of $1.18 billion, a PE ratio of -11.10 and a beta of 1.45. The firm has a fifty day moving average of $11.45 and a 200 day moving average of $20.39. 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 (NYSE:EVH) last announced its earnings results on Thursday, November 7th. The technology company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.38). The business had revenue of $621.40 million for the quarter, compared to analyst estimates of $625.58 million. Evolent Health had a positive return on equity of 6.30% and a negative net margin of 2.93%. During the same quarter last year, the company posted $0.19 EPS. On average, equities research analysts anticipate that Evolent Health, Inc. will post 0.26 EPS for the current fiscal year.

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.