Evolent Health, Inc. (NYSE:EVH) Short Interest Down 7.9% in August

Evolent Health, Inc. (NYSE:EVH) was the target of a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 14,610,000 shares, a drop of 7.9% from the August 15th total of 15,870,000 shares. Based on an average daily trading volume, of 2,430,000 shares, the days-to-cover ratio is currently 6.0 days.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Evolent Health from $36.00 to $45.00 and gave the stock an “overweight” rating in a report on Monday, August 19th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $42.00 target price on shares of Evolent Health in a report on Monday, August 26th. Stephens reissued an “overweight” rating and issued a $42.00 price target on shares of Evolent Health in a report on Tuesday, July 30th. Truist Financial restated a “buy” rating and set a $33.00 price objective on shares of Evolent Health in a research note on Tuesday, August 27th. Finally, JMP Securities cut their target price on Evolent Health from $34.00 to $31.00 and set a “market outperform” rating on the stock in a research note on Friday, August 9th. One research analyst has rated the stock with a sell rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Evolent Health presently has a consensus rating of “Moderate Buy” and an average target price of $40.40.

Evolent Health Price Performance

NYSE EVH traded up $0.30 on Wednesday, reaching $30.84. 1,155,239 shares of the stock traded hands, compared to its average volume of 1,602,811. Evolent Health has a 12 month low of $17.98 and a 12 month high of $35.00. The company has a market cap of $3.58 billion, a price-to-earnings ratio of -24.38 and a beta of 1.57. The firm’s fifty day simple moving average is $25.98 and its 200 day simple moving average is $26.43. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.57.

Evolent Health (NYSE:EVH) last issued its quarterly earnings results on Thursday, August 8th. The technology company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.21 by $0.09. Evolent Health had a negative net margin of 3.16% and a positive return on equity of 8.47%. The firm had revenue of $647.10 million for the quarter, compared to analysts’ expectations of $636.46 million. During the same period in the previous year, the business earned $0.06 earnings per share. Evolent Health’s revenue for the quarter was up 37.9% compared to the same quarter last year. As a group, research analysts predict that Evolent Health will post 0.86 EPS for the current fiscal year.

Insider Activity at Evolent Health

In related news, President Daniel Joseph Mccarthy sold 23,693 shares of Evolent Health stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $30.89, for a total transaction of $731,876.77. Following the sale, the president now owns 198,809 shares of the company’s stock, valued at approximately $6,141,210.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Evolent Health news, President Daniel Joseph Mccarthy sold 23,693 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $30.89, for a total transaction of $731,876.77. Following the transaction, the president now directly owns 198,809 shares in the company, valued at approximately $6,141,210.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Jonathan Weinberg sold 42,140 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $31.20, for a total transaction of $1,314,768.00. Following the transaction, the general counsel now directly owns 167,027 shares in the company, valued at approximately $5,211,242.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 307,291 shares of company stock worth $9,290,385. 1.60% of the stock is currently owned by company insiders.

Institutional Trading of Evolent Health

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Scout Investments Inc. acquired a new position in shares of Evolent Health in the 1st quarter valued at $5,760,000. Zevenbergen Capital Investments LLC raised its holdings in shares of Evolent Health by 126.5% during the first quarter. Zevenbergen Capital Investments LLC now owns 565,625 shares of the technology company’s stock valued at $18,547,000 after acquiring an additional 315,875 shares during the period. BNP Paribas Financial Markets raised its holdings in shares of Evolent Health by 86.7% during the first quarter. BNP Paribas Financial Markets now owns 99,126 shares of the technology company’s stock valued at $3,250,000 after acquiring an additional 46,024 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Evolent Health by 11.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 717,334 shares of the technology company’s stock valued at $23,522,000 after acquiring an additional 75,376 shares in the last quarter. Finally, Norges Bank acquired a new position in Evolent Health in the 4th quarter worth approximately $43,759,000.

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.