First Light Asset Management LLC Has $27.63 Million Stake in Evolent Health, Inc. (NYSE:EVH)

First Light Asset Management LLC lifted its holdings in shares of Evolent Health, Inc. (NYSE:EVH) by 401.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 1,445,305 shares of the technology company’s stock after purchasing an additional 1,157,124 shares during the period. Evolent Health accounts for about 2.4% of First Light Asset Management LLC’s portfolio, making the stock its 22nd largest position. First Light Asset Management LLC owned 1.24% of Evolent Health worth $27,634,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Scout Investments Inc. bought a new stake in Evolent Health during the 1st quarter worth about $5,760,000. Zevenbergen Capital Investments LLC grew its stake 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 purchasing an additional 315,875 shares during the last quarter. BNP Paribas Financial Markets raised its position in Evolent Health by 86.7% in the 1st quarter. BNP Paribas Financial Markets now owns 99,126 shares of the technology company’s stock worth $3,250,000 after purchasing an additional 46,024 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Evolent Health by 11.7% during the first 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 during the period. Finally, Norges Bank bought a new position in shares of Evolent Health in the 4th quarter valued at about $43,759,000.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. JMP Securities cut their price target 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. JPMorgan Chase & Co. boosted their target price on Evolent Health from $36.00 to $45.00 and gave the stock an “overweight” rating in a research report on Monday, August 19th. Truist Financial reissued a “buy” rating and set a $33.00 price objective on shares of Evolent Health in a research note on Tuesday, August 27th. Stephens reaffirmed an “overweight” rating and issued a $42.00 target price on shares of Evolent Health in a research note on Tuesday, July 30th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $42.00 price target on shares of Evolent Health in a research report on Monday, August 26th. One 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, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $40.40.

Evolent Health Stock Performance

EVH opened at $29.98 on Tuesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 1.08. The company has a market capitalization of $3.48 billion, a price-to-earnings ratio of -23.98 and a beta of 1.57. Evolent Health, Inc. has a 1 year low of $17.98 and a 1 year high of $35.00. The business’s 50-day moving average price is $26.88 and its two-hundred day moving average price is $26.33.

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

Insider Activity

In related news, CEO Seth Blackley sold 187,904 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $30.00, for a total value of $5,637,120.00. Following the transaction, the chief executive officer now owns 411,924 shares in the company, valued at approximately $12,357,720. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Evolent Health news, COO Emily Ann Rafferty sold 8,861 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $30.00, for a total transaction of $265,830.00. Following the transaction, the chief operating officer now owns 63,408 shares in the company, valued at approximately $1,902,240. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Seth Blackley sold 187,904 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $30.00, for a total transaction of $5,637,120.00. Following the sale, the chief executive officer now owns 411,924 shares in the company, valued at $12,357,720. The disclosure for this sale can be found here. Insiders have sold 307,291 shares of company stock valued at $9,290,385 over the last ninety days. 1.60% of the stock is currently owned by company insiders.

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.