Cowen and Company Reaffirms Outperform Rating for Evolent Health, Inc (EVH)
Evolent Health, Inc (NYSE:EVH)‘s stock had its “outperform” rating restated by equities researchers at Cowen and Company in a report issued on Friday. They presently have a $29.00 target price on the technology company’s stock, down from their prior target price of $33.00. Cowen and Company’s price target would indicate a potential upside of 58.90% from the stock’s current price.
Several other research analysts also recently weighed in on EVH. Robert W. Baird set a $35.00 price target on Evolent Health and gave the stock a “buy” rating in a research note on Tuesday, August 8th. Zacks Investment Research downgraded Evolent Health from a “hold” rating to a “sell” rating in a research note on Thursday, August 10th. BidaskClub downgraded Evolent Health from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. J P Morgan Chase & Co reiterated a “buy” rating on shares of Evolent Health in a research note on Friday, August 18th. Finally, ValuEngine downgraded Evolent Health from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Three research analysts have rated the stock with a sell rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $28.36.
Shares of Evolent Health (EVH) traded down 1.10% during midday trading on Friday, hitting $18.05. 739,104 shares of the stock were exchanged. Evolent Health has a 1-year low of $14.50 and a 1-year high of $25.66. The firm’s market capitalization is $1.19 billion. The stock’s 50-day moving average price is $17.39 and its 200-day moving average price is $17.39.
Evolent Health (NYSE:EVH) last posted its quarterly earnings results on Monday, August 7th. The technology company reported ($0.13) earnings per share for the quarter, hitting the consensus estimate of ($0.13). The company had revenue of $107.30 million during the quarter, compared to the consensus estimate of $104.45 million. Evolent Health had a negative return on equity of 6.44% and a negative net margin of 17.57%. The firm’s quarterly revenue was up 89.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.20) EPS. On average, analysts forecast that Evolent Health will post ($0.41) EPS for the current year.
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In other Evolent Health news, CEO Steve Wigginton sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $24.64, for a total value of $147,840.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Frank J. Williams sold 16,300 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $23.73, for a total value of $386,799.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 64,507 shares of company stock valued at $1,631,054. 8.79% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Dynamic Technology Lab Private Ltd bought a new position in Evolent Health in the 2nd quarter worth about $635,000. Castleark Management LLC bought a new position in Evolent Health in the 2nd quarter worth about $14,299,000. California State Teachers Retirement System boosted its stake in Evolent Health by 116.8% in the 2nd quarter. California State Teachers Retirement System now owns 68,315 shares of the technology company’s stock worth $1,732,000 after purchasing an additional 36,800 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Evolent Health by 123.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,005 shares of the technology company’s stock worth $760,000 after purchasing an additional 16,587 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its stake in Evolent Health by 492.2% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 82,874 shares of the technology company’s stock worth $2,101,000 after purchasing an additional 68,880 shares during the period. Institutional investors and hedge funds own 82.51% of the company’s stock.
Evolent Health Company Profile
Evolent Health, Inc is engaged in healthcare delivery and payment. The Company supports health systems and physician organizations in their migration toward value-based care and population health management. The Company provides an end-to-end, technology-enabled services platform for providers. The Company’s platform, powered by its technology, processes and integrated services, enables providers to migrate their economic orientation from fee-for-service (FFS) reimbursement to payment models that reward value-based payment models.
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