Evolent Health (NYSE:EVH)‘s stock had its “buy” rating reiterated by investment analysts at Cantor Fitzgerald in a research note issued on Wednesday, September 12th. They currently have a $37.00 price target on the technology company’s stock. Cantor Fitzgerald’s price target would indicate a potential upside of 40.74% from the company’s current price.
The analysts wrote, “. We reiterate our Overweight rating on EVH shares and increase our price target to $37 from $28. This morning, EVH announced the acquisition of privately-held New Century Health (NCH). NCH manages approximately 462,000 Medicare Advantage lives for 12 long-term operating partners across multiple states. NCH’s customers include at-risk providers as well as national and regional health plans. We believe that the acquisition of NCH is very attractive financially and a very solid fit strategically. NCH basically doubles EVH’s adjusted EBITDA. Strategically, it looks like NCH operates a more mature” EVH business model. Overall, we believe the acquisition is a nice positive for EVH.””
A number of other brokerages also recently issued reports on EVH. MED upped their price objective on shares of Evolent Health from $22.00 to $31.00 and gave the stock an “outperform” rating in a research report on Monday, June 18th. SunTrust Banks upped their price objective on shares of Evolent Health and gave the stock a “buy” rating in a research report on Thursday, June 7th. TheStreet raised shares of Evolent Health from a “d+” rating to a “c-” rating in a research report on Monday, June 4th. KeyCorp increased their target price on shares of Evolent Health from $24.00 to $26.00 and gave the company an “overweight” rating in a research report on Thursday, June 7th. Finally, Zacks Investment Research raised shares of Evolent Health from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a research report on Tuesday, July 10th. One investment analyst has rated the stock with a sell rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $29.69.
Shares of Evolent Health stock traded down $0.31 during trading on Wednesday, hitting $26.29. The company’s stock had a trading volume of 1,128,600 shares, compared to its average volume of 854,151. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.12. The stock has a market cap of $2.23 billion, a price-to-earnings ratio of -37.34 and a beta of 1.19. Evolent Health has a 52 week low of $10.30 and a 52 week high of $29.05.
Evolent Health (NYSE:EVH) last announced its quarterly earnings data on Tuesday, August 7th. The technology company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. Evolent Health had a negative net margin of 9.84% and a negative return on equity of 1.82%. The firm had revenue of $144.51 million for the quarter, compared to analyst estimates of $141.90 million. As a group, equities analysts anticipate that Evolent Health will post -0.36 earnings per share for the current fiscal year.
In other news, COO Thomas Peterson III sold 70,000 shares of the firm’s stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $27.50, for a total transaction of $1,925,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Frank J. Williams sold 9,653 shares of the firm’s stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $19.97, for a total transaction of $192,770.41. The disclosure for this sale can be found here. Insiders sold a total of 214,260 shares of company stock worth $5,433,522 over the last quarter. Corporate insiders own 4.82% of the company’s stock.
A number of large investors have recently modified their holdings of EVH. Dimensional Fund Advisors LP raised its position in Evolent Health by 45.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,818,720 shares of the technology company’s stock worth $59,335,000 after purchasing an additional 876,358 shares during the period. Baillie Gifford & Co. purchased a new position in Evolent Health in the 2nd quarter worth $18,276,000. Chicago Capital LLC purchased a new position in Evolent Health in the 1st quarter worth $12,254,000. Cortina Asset Management LLC raised its position in Evolent Health by 170.6% in the 2nd quarter. Cortina Asset Management LLC now owns 1,240,945 shares of the technology company’s stock worth $26,122,000 after purchasing an additional 782,283 shares during the period. Finally, Riverbridge Partners LLC raised its position in Evolent Health by 25.6% in the 2nd quarter. Riverbridge Partners LLC now owns 3,536,179 shares of the technology company’s stock worth $74,437,000 after purchasing an additional 719,956 shares during the period.
About Evolent Health
Evolent Health, Inc, through its subsidiary, Evolent Health LLC, provides health care delivery and payment solutions in the United States. The company operates as a managed services firm that supports health systems and physician organizations in migration toward value-based care and population health management.
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