Evolent Health (NYSE:EVH) Sees Strong Trading Volume – Here’s What Happened

Evolent Health, Inc. (NYSE:EVHGet Free Report) shares saw unusually-strong trading volume on Tuesday . Approximately 1,081,682 shares changed hands during trading, a decline of 24% from the previous session’s volume of 1,421,266 shares.The stock last traded at $11.83 and had previously closed at $12.39.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on EVH. KeyCorp started coverage on Evolent Health in a research note on Friday, October 11th. They issued an “overweight” rating and a $35.00 price target on the stock. Barclays dropped their target price 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. Needham & Company LLC began coverage on shares of Evolent Health in a research note on Friday. They issued a “buy” rating and a $15.00 price target on the stock. Oppenheimer lowered their price target on shares of Evolent Health from $34.00 to $28.00 and set an “outperform” rating on the stock in a research report on Monday, November 18th. Finally, Citigroup cut their price objective on shares of Evolent Health from $21.00 to $18.00 and set a “buy” rating for the company in a report on Friday. One 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. According to data from MarketBeat, Evolent Health currently has an average rating of “Buy” and a consensus price target of $22.58.

Get Our Latest Analysis on Evolent Health

Evolent Health Stock Down 9.3 %

The business has a fifty day moving average of $12.69 and a 200 day moving average of $20.97. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of -12.35 and a beta of 1.45.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of EVH. Arizona State Retirement System lifted its holdings in shares of Evolent Health by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 29,083 shares of the technology company’s stock worth $556,000 after acquiring an additional 649 shares during the last quarter. Covestor Ltd lifted its stake in Evolent Health by 138.1% during the third quarter. Covestor Ltd now owns 1,424 shares of the technology company’s stock worth $40,000 after purchasing an additional 826 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Evolent Health by 5,365.5% during the third quarter. GAMMA Investing LLC now owns 1,585 shares of the technology company’s stock worth $45,000 after buying an additional 1,556 shares during the period. Quarry LP acquired a new stake in shares of Evolent Health in the second quarter valued at $32,000. Finally, Creative Planning raised its holdings in shares of Evolent Health by 12.2% in the 2nd quarter. Creative Planning now owns 18,091 shares of the technology company’s stock valued at $346,000 after buying an additional 1,973 shares during the period.

About Evolent Health

(Get Free Report)

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.

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