Short Interest in Evolent Health, Inc. (NYSE:EVH) Declines By 7.9%

Evolent Health, Inc. (NYSE:EVH) was the recipient of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 14,610,000 shares, a decrease of 7.9% from the August 15th total of 15,870,000 shares. Based on an average daily trading volume, of 2,430,000 shares, the short-interest ratio is currently 6.0 days.

Insider Buying and Selling at Evolent Health

In other news, President Daniel Joseph Mccarthy sold 23,693 shares of the business’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $30.89, for a total transaction of $731,876.77. Following the completion of the sale, the president now directly owns 198,809 shares of the company’s stock, valued at $6,141,210.01. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, President Daniel Joseph Mccarthy sold 23,693 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $30.89, for a total value of $731,876.77. Following the transaction, the president now owns 198,809 shares in the company, valued at $6,141,210.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Seth Blackley sold 187,904 shares of the company’s stock in a transaction 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 sale, the chief executive officer now owns 411,924 shares of the company’s stock, valued at approximately $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 valued at $9,290,385. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Evolent Health

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP raised its position in shares of Evolent Health by 96.1% in the fourth quarter. Wellington Management Group LLP now owns 8,313,157 shares of the technology company’s stock worth $274,584,000 after buying an additional 4,073,959 shares in the last quarter. RA Capital Management L.P. raised its holdings in shares of Evolent Health by 125.0% in the 1st quarter. RA Capital Management L.P. now owns 5,736,132 shares of the technology company’s stock valued at $188,088,000 after acquiring an additional 3,187,000 shares in the last quarter. Norges Bank bought a new stake in shares of Evolent Health during the 4th quarter valued at about $43,759,000. William Blair Investment Management LLC grew its holdings in shares of Evolent Health by 35.2% during the second quarter. William Blair Investment Management LLC now owns 5,026,043 shares of the technology company’s stock worth $96,098,000 after purchasing an additional 1,308,376 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its position in shares of Evolent Health by 81.3% in the fourth quarter. Point72 Asset Management L.P. now owns 2,675,000 shares of the technology company’s stock worth $88,355,000 after purchasing an additional 1,199,400 shares during the last quarter.

Evolent Health Stock Performance

EVH traded up $0.30 during trading hours on Wednesday, hitting $30.84. The stock had a trading volume of 1,207,554 shares, compared to its average volume of 1,603,101. The company’s fifty day simple moving average is $25.98 and its 200 day simple moving average is $26.43. Evolent Health has a 1 year low of $17.98 and a 1 year high of $35.00. The stock has a market cap of $3.58 billion, a PE ratio of -24.67 and a beta of 1.57. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.57.

Evolent Health (NYSE:EVH) last posted its quarterly earnings results on Thursday, August 8th. The technology company reported $0.30 earnings per share (EPS) for the quarter, beating 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 company had revenue of $647.10 million for the quarter, compared to analyst estimates of $636.46 million. During the same quarter in the previous year, the firm posted $0.06 earnings per share. The company’s quarterly revenue was up 37.9% compared to the same quarter last year. Equities analysts anticipate that Evolent Health will post 0.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

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.