Evolent Health (NYSE:EVH) Hits New 12-Month Low After Analyst Downgrade

Shares of Evolent Health, Inc. (NYSE:EVH) hit a new 52-week low during mid-day trading on Thursday after Citigroup lowered their price target on the stock from $33.00 to $21.00. Citigroup currently has a buy rating on the stock. Evolent Health traded as low as $12.33 and last traded at $12.44, with a volume of 1120664 shares. The stock had previously closed at $12.75.

A number of other brokerages have also issued reports on EVH. Stephens lowered shares of Evolent Health from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $38.00 to $16.00 in a research report on Friday, November 8th. Truist Financial reiterated a “buy” rating and set a $33.00 price target on shares of Evolent Health in a research note on Tuesday, August 27th. JMP Securities decreased their price target on shares of Evolent Health from $34.00 to $31.00 and set a “market outperform” rating on the stock in a research note on Friday, August 9th. KeyCorp began coverage on shares of Evolent Health in a research note on Friday, October 11th. They set an “overweight” rating and a $35.00 price target on the stock. Finally, Oppenheimer decreased their price target on shares of Evolent Health from $45.00 to $34.00 and set an “outperform” rating on the stock in a research note on Friday, November 8th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $29.50.

Insider Activity

In related news, President Daniel Joseph Mccarthy sold 23,693 shares of Evolent Health stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $30.89, for a total value of $731,876.77. Following the completion of the transaction, the president now directly owns 198,809 shares of the company’s stock, valued at $6,141,210.01. The trade was a 10.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Jonathan Weinberg sold 42,140 shares of Evolent Health stock in a transaction dated 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 transaction, the general counsel now directly owns 167,027 shares of the company’s stock, valued at $5,211,242.40. This represents a 20.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 307,291 shares of company stock worth $9,290,385. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of Evolent Health

Several institutional investors and hedge funds have recently added to or reduced their stakes in EVH. Quarry LP bought a new stake in Evolent Health during the 2nd quarter worth about $32,000. Covestor Ltd raised its holdings in Evolent Health by 138.1% during the 3rd quarter. Covestor Ltd now owns 1,424 shares of the technology company’s stock worth $40,000 after purchasing an additional 826 shares during the last quarter. GAMMA Investing LLC raised its holdings in Evolent Health by 5,365.5% during the 3rd quarter. GAMMA Investing LLC now owns 1,585 shares of the technology company’s stock worth $45,000 after purchasing an additional 1,556 shares during the last quarter. Headlands Technologies LLC bought a new stake in Evolent Health during the 1st quarter worth about $46,000. Finally, Canada Pension Plan Investment Board bought a new stake in Evolent Health during the 2nd quarter worth about $61,000.

Evolent Health Price Performance

The stock has a market capitalization of $1.44 billion, a P/E ratio of -13.60 and a beta of 1.58. 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 company has a fifty day simple moving average of $25.11 and a two-hundred day simple moving average of $24.34.

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.