Short Interest in Evolent Health, Inc. (NYSE:EVH) Increases By 7.3%

Evolent Health, Inc. (NYSE:EVH) was the recipient of a large increase in short interest in June. As of June 15th, there was short interest totalling 12,380,000 shares, an increase of 7.3% from the May 31st total of 11,540,000 shares. Based on an average daily trading volume, of 1,240,000 shares, the days-to-cover ratio is currently 10.0 days.

Hedge Funds Weigh In On Evolent Health

A number of institutional investors have recently bought and sold shares of EVH. Northern Trust Corp grew its holdings in shares of Evolent Health by 2.5% during the 3rd quarter. Northern Trust Corp now owns 1,217,726 shares of the technology company’s stock worth $33,159,000 after acquiring an additional 29,692 shares during the period. Adage Capital Partners GP L.L.C. grew its stake in Evolent Health by 7.5% in the third quarter. Adage Capital Partners GP L.L.C. now owns 847,768 shares of the technology company’s stock worth $23,085,000 after purchasing an additional 59,376 shares during the period. Kennedy Capital Management LLC raised its holdings in Evolent Health by 6.2% in the third quarter. Kennedy Capital Management LLC now owns 361,145 shares of the technology company’s stock worth $9,834,000 after purchasing an additional 20,959 shares in the last quarter. Rock Springs Capital Management LP lifted its position in Evolent Health by 1.6% during the third quarter. Rock Springs Capital Management LP now owns 3,865,000 shares of the technology company’s stock valued at $105,244,000 after buying an additional 61,500 shares during the period. Finally, Redmile Group LLC boosted its holdings in shares of Evolent Health by 118.0% during the 3rd quarter. Redmile Group LLC now owns 465,282 shares of the technology company’s stock valued at $12,670,000 after buying an additional 251,850 shares in the last quarter.

Evolent Health Price Performance

Shares of EVH stock opened at $19.74 on Thursday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.57. Evolent Health has a fifty-two week low of $17.98 and a fifty-two week high of $35.00. The business’s 50 day moving average price is $23.35 and its 200-day moving average price is $28.72.

Evolent Health (NYSE:EVH) last released its quarterly earnings results on Thursday, May 9th. The technology company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.04. Evolent Health had a negative net margin of 5.07% and a positive return on equity of 6.90%. The business had revenue of $639.65 million for the quarter, compared to analysts’ expectations of $601.60 million. On average, sell-side analysts forecast that Evolent Health will post 0.9 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on EVH. Canaccord Genuity Group reduced their price target on shares of Evolent Health from $44.00 to $41.00 and set a “buy” rating on the stock in a research report on Friday, May 10th. JPMorgan Chase & Co. reduced their target price on shares of Evolent Health from $53.00 to $52.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Citigroup began coverage on shares of Evolent Health in a research note on Monday, April 22nd. They issued a “buy” rating and a $40.00 price target for the company. Finally, JMP Securities reduced their price objective on Evolent Health from $38.00 to $34.00 and set a “market outperform” rating on the stock in a research note on Friday, May 10th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Evolent Health presently has an average rating of “Moderate Buy” and an average target price of $42.00.

About Evolent Health

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.