Canaccord Genuity Group Forecasts Strong Price Appreciation for Evolent Health (NYSE:EVH) Stock

Evolent Health (NYSE:EVH) had its price target upped by analysts at Canaccord Genuity Group from $6.00 to $7.00 in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage presently has a “buy” rating on the technology company’s stock. Canaccord Genuity Group’s price objective indicates a potential upside of 25.67% from the company’s current price.

Several other research analysts have also recently issued reports on EVH. Weiss Ratings upgraded shares of Evolent Health from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 8th. Citigroup boosted their price objective on shares of Evolent Health from $4.00 to $5.50 and gave the company a “buy” rating in a research report on Friday, May 15th. Truist Financial lowered shares of Evolent Health from a “buy” rating to a “hold” rating and set a $7.00 target price for the company. in a report on Tuesday, June 30th. Finally, Needham & Company LLC boosted their price target on Evolent Health from $4.00 to $5.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Twelve investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Evolent Health presently has an average rating of “Moderate Buy” and a consensus price target of $6.15.

Evolent Health Stock Performance

NYSE EVH opened at $5.57 on Tuesday. The company has a 50-day simple moving average of $4.83 and a two-hundred day simple moving average of $3.75. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 2.46. Evolent Health has a 12-month low of $2.10 and a 12-month high of $10.35. The firm has a market cap of $626.52 million, a price-to-earnings ratio of -1.17 and a beta of 0.76.

Evolent Health (NYSE:EVH) last released its quarterly earnings data on Thursday, May 7th. The technology company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.03. The firm had revenue of $496.25 million for the quarter, compared to the consensus estimate of $534.00 million. Evolent Health had a positive return on equity of 0.36% and a negative net margin of 26.29%.The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.06 earnings per share. On average, equities analysts forecast that Evolent Health will post -0.16 EPS for the current year.

Institutional Trading of Evolent Health

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Brighton Jones LLC purchased a new position in shares of Evolent Health in the 4th quarter worth about $3,927,000. Tudor Investment Corp ET AL grew its position in Evolent Health by 174.4% during the 3rd quarter. Tudor Investment Corp ET AL now owns 689,262 shares of the technology company’s stock valued at $5,831,000 after purchasing an additional 438,095 shares during the last quarter. Castle Hook Partners LP bought a new stake in Evolent Health during the 4th quarter valued at about $3,751,000. Rock Point Advisors LLC raised its holdings in Evolent Health by 21.6% in the fourth quarter. Rock Point Advisors LLC now owns 1,190,156 shares of the technology company’s stock worth $4,761,000 after buying an additional 211,707 shares during the last quarter. Finally, Tejara Capital Ltd bought a new position in shares of Evolent Health in the fourth quarter worth approximately $5,326,000.

Evolent Health Company Profile

Evolent Health, Inc is a U.S.-based healthcare technology and services company that partners with health systems, physician organizations and health plans to design, build and operate value-based care programs. Headquartered in Arlington, Virginia, the company was founded in 2011 as a joint venture between TPG and the University of Pittsburgh Medical Center (UPMC). Evolent Health aims to help its clients transition from fee-for-service payment models to value-based care arrangements by leveraging its proprietary technology platforms and clinical expertise.

The company’s core offerings include care management solutions, population health analytics and clinical advisory services.