Evolent Health Inc. (EVH) Upgraded to Buy at Zacks Investment Research
Evolent Health Inc. (NYSE:EVH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm presently has a $28.00 price objective on the stock. Zacks Investment Research’s price target indicates a potential upside of 10.41% from the stock’s previous close.
According to Zacks, “Evolent Health, Inc. is involved in the healthcare delivery and payment markets. The company provides technology-enabled services platform for providers to transition their organization in value-based payment models. Evolent Health, Inc. is based in Arlington, Virginia. “
EVH has been the subject of several other research reports. Leerink Swann restated an “outperform” rating and issued a $20.00 target price on shares of Evolent Health in a report on Sunday, July 17th. Canaccord Genuity restated a “buy” rating and issued a $30.00 target price on shares of Evolent Health in a report on Sunday, August 7th. FBR & Co raised their price target on shares of Evolent Health from $16.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 13th. Jefferies Group assumed coverage on shares of Evolent Health in a research note on Tuesday, July 26th. They issued a “buy” rating and a $28.00 price target on the stock. Finally, William Blair reaffirmed an “outperform” rating on shares of Evolent Health in a research note on Friday, September 30th. Seven equities research analysts have rated the stock with a buy rating, Evolent Health presently has an average rating of “Buy” and an average price target of $25.17.
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Shares of Evolent Health (NYSE:EVH) traded down 0.16% on Tuesday, hitting $25.36. 322,033 shares of the stock traded hands. The stock’s market cap is $1.53 billion. The stock’s 50 day moving average price is $23.86 and its 200 day moving average price is $18.64. Evolent Health has a 52-week low of $8.14 and a 52-week high of $26.84.
Evolent Health (NYSE:EVH) last released its earnings results on Thursday, August 4th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.04. The firm earned $56.50 million during the quarter, compared to analyst estimates of $51.96 million. Evolent Health had a negative net margin of 76.55% and a negative return on equity of 5.04%. The business’s revenue was up 443.3% on a year-over-year basis. During the same quarter last year, the business earned ($0.95) EPS. On average, equities analysts expect that Evolent Health will post ($0.54) EPS for the current fiscal year.
In other Evolent Health news, major shareholder Board Co Advisory sold 1,936,529 shares of the firm’s stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $22.50, for a total transaction of $43,571,902.50. Following the transaction, the insider now owns 4,445,879 shares of the company’s stock, valued at approximately $100,032,277.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Seth Blackley sold 167,672 shares of Evolent Health stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $21.54, for a total transaction of $3,611,654.88. Following the completion of the transaction, the president now directly owns 869,848 shares in the company, valued at approximately $18,736,525.92. The disclosure for this sale can be found here. Company insiders own 8.85% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC increased its position in shares of Evolent Health by 11.3% in the second quarter. FMR LLC now owns 1,865,791 shares of the company’s stock worth $35,823,000 after buying an additional 189,612 shares during the last quarter. Pennant Capital Management LLC boosted its stake in Evolent Health by 54.2% in the first quarter. Pennant Capital Management LLC now owns 1,361,147 shares of the company’s stock worth $14,374,000 after buying an additional 478,318 shares during the period. JPMorgan Chase & Co. boosted its stake in Evolent Health by 3.7% in the second quarter. JPMorgan Chase & Co. now owns 1,338,238 shares of the company’s stock worth $25,694,000 after buying an additional 47,773 shares during the period. TimesSquare Capital Management LLC boosted its stake in Evolent Health by 21.1% in the first quarter. TimesSquare Capital Management LLC now owns 1,192,755 shares of the company’s stock worth $12,595,000 after buying an additional 207,755 shares during the period. Finally, Vanguard Group Inc. boosted its stake in Evolent Health by 7.7% in the second quarter. Vanguard Group Inc. now owns 1,015,527 shares of the company’s stock worth $19,499,000 after buying an additional 72,454 shares during the period. 39.23% of the stock is currently owned by hedge funds and other institutional investors.
Evolent Health Company Profile
Evolent Health, Inc supports integrated health systems in their migration towards value-based care and population health management. The Company’s services include providing customers with a population management platform, integrated data and analytics capabilities, pharmacy benefit management services and health plan administration services.
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