Evolent Health (NYSE:EVH) Shares Down 2% After Analyst Downgrade

Shares of Evolent Health, Inc. (NYSE:EVH) were down 2% during trading on Wednesday after Royal Bank of Canada lowered their price target on the stock from $20.00 to $17.00. Royal Bank of Canada currently has an outperform rating on the stock. Evolent Health traded as low as $10.89 and last traded at $10.96. Approximately 679,469 shares were traded during trading, a decline of 60% from the average daily volume of 1,678,069 shares. The stock had previously closed at $11.18.

A number of other research analysts have also weighed in on EVH. Oppenheimer decreased their target price on shares of Evolent Health from $34.00 to $28.00 and set an “outperform” rating on the stock in a research note on Monday, November 18th. Truist Financial decreased their target price on shares of Evolent Health from $24.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday. JMP Securities reduced their target price on shares of Evolent Health from $27.00 to $18.00 and set a “market outperform” rating on the stock in a report on Friday, January 10th. Needham & Company LLC assumed coverage on shares of Evolent Health in a research report on Friday, January 10th. They set a “buy” rating and a $15.00 target price for the company. Finally, Stephens cut Evolent Health from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $38.00 to $16.00 in a report on Friday, November 8th. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $22.58.

Hedge Funds Weigh In On Evolent Health

A number of large investors have recently added to or reduced their stakes in the business. Rhumbline Advisers grew its holdings in shares of Evolent Health by 8.3% during the second quarter. Rhumbline Advisers now owns 180,059 shares of the technology company’s stock valued at $3,443,000 after buying an additional 13,867 shares during the last quarter. Quest Partners LLC bought a new stake in shares of Evolent Health in the 2nd quarter valued at about $87,000. Federated Hermes Inc. purchased a new position in shares of Evolent Health in the 2nd quarter worth approximately $6,273,000. Dimensional Fund Advisors LP grew its position in Evolent Health by 5.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,368,255 shares of the technology company’s stock worth $45,286,000 after purchasing an additional 121,770 shares during the last quarter. Finally, Seven Eight Capital LP acquired a new stake in Evolent Health during the 2nd quarter valued at approximately $416,000.

Evolent Health Stock Performance

The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.04 and a current ratio of 1.04. The firm’s 50 day moving average is $12.44 and its 200-day moving average is $20.92. The stock has a market capitalization of $1.17 billion, a price-to-earnings ratio of -11.00 and a beta of 1.45.

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.