Evolent Health (NYSE:EVH) Trading Down 15.5% Following Weak Earnings

Shares of Evolent Health, Inc (NYSE:EVH) traded down 15.5% on Friday following a weaker than expected earnings announcement. The company traded as low as $4.92 and last traded at $5.07. 2,339,368 shares traded hands during trading, a decline of 13% from the average session volume of 2,683,484 shares. The stock had previously closed at $6.00.

The technology company reported $0.21 EPS for the quarter. The company had revenue of $427.70 million for the quarter. Evolent Health had a positive return on equity of 1.83% and a negative net margin of 5.94%.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Piper Sandler increased their price objective on Evolent Health from $16.00 to $18.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. Stephens reissued an “equal weight” rating and set a $9.00 price objective on shares of Evolent Health in a research note on Wednesday, September 24th. Truist Financial raised their price target on Evolent Health from $14.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, July 17th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Evolent Health in a research note on Wednesday, October 8th. Finally, BTIG Research reissued a “buy” rating and issued a $20.00 price target on shares of Evolent Health in a report on Tuesday, September 30th. Twelve analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $15.85.

Hedge Funds Weigh In On Evolent Health

Several institutional investors and hedge funds have recently modified their holdings of EVH. Brighton Jones LLC purchased a new position in shares of Evolent Health in the fourth quarter worth $3,927,000. Teacher Retirement System of Texas purchased a new stake in Evolent Health in the 1st quarter worth $137,000. Rock Point Advisors LLC raised its stake in Evolent Health by 37.6% during the 1st quarter. Rock Point Advisors LLC now owns 824,535 shares of the technology company’s stock valued at $7,808,000 after purchasing an additional 225,396 shares during the period. Signaturefd LLC raised its position in shares of Evolent Health by 400.6% during the first quarter. Signaturefd LLC now owns 7,043 shares of the technology company’s stock valued at $67,000 after buying an additional 5,636 shares during the last quarter. Finally, Hussman Strategic Advisors Inc. boosted its stake in Evolent Health by 66.7% during the first quarter. Hussman Strategic Advisors Inc. now owns 105,000 shares of the technology company’s stock worth $994,000 after buying an additional 42,000 shares during the period.

Evolent Health Price Performance

The stock’s 50-day simple moving average is $8.26 and its two-hundred day simple moving average is $9.07. The firm has a market cap of $586.96 million, a P/E ratio of -3.11 and a beta of 0.58. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.01 and a quick ratio of 1.01.

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.