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

Evolent Health, Inc. (NYSE:EVH) fell 2% 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. 679,469 shares changed hands during trading, a decline of 60% from the average session volume of 1,678,069 shares. The stock had previously closed at $11.18.

Other equities analysts have also recently issued reports about the stock. Stephens cut shares of Evolent Health from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $38.00 to $16.00 in a report on Friday, November 8th. JMP Securities cut their price objective on Evolent Health from $27.00 to $18.00 and set a “market outperform” rating for the company in a research report on Friday, January 10th. JPMorgan Chase & Co. decreased their target price on shares of Evolent Health from $45.00 to $15.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Barclays cut their price target on shares of Evolent Health from $39.00 to $19.00 and set an “overweight” rating for the company in a report on Monday, November 11th. Finally, Needham & Company LLC started coverage on shares of Evolent Health in a report on Friday, January 10th. They set a “buy” rating and a $15.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $22.58.

Hedge Funds Weigh In On Evolent Health

Several hedge funds and other institutional investors have recently modified their holdings of EVH. Rhumbline Advisers lifted its position in Evolent Health by 8.3% in the 2nd quarter. Rhumbline Advisers now owns 180,059 shares of the technology company’s stock valued at $3,443,000 after purchasing an additional 13,867 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Evolent Health by 2.3% during the second quarter. Arizona State Retirement System now owns 29,083 shares of the technology company’s stock valued at $556,000 after buying an additional 649 shares during the last quarter. Quest Partners LLC bought a new stake in shares of Evolent Health during the second quarter valued at approximately $87,000. Federated Hermes Inc. acquired a new position in shares of Evolent Health during the second quarter worth approximately $6,273,000. Finally, Dimensional Fund Advisors LP grew its holdings in Evolent Health by 5.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,368,255 shares of the technology company’s stock worth $45,286,000 after buying an additional 121,770 shares in the last quarter.

Evolent Health Trading Down 2.1 %

The firm has a 50-day moving average of $12.69 and a 200 day moving average of $20.97. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of -12.03 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.