Needham & Company LLC Initiates Coverage on Evolent Health (NYSE:EVH)

Analysts at Needham & Company LLC began coverage on shares of Evolent Health (NYSE:EVH) in a research report issued on Friday, MarketBeat.com reports. The brokerage set a “buy” rating and a $15.00 price target on the technology company’s stock. Needham & Company LLC’s price target would indicate a potential upside of 18.95% from the company’s previous close.

Several other equities research analysts also recently commented on EVH. Royal Bank of Canada reissued an “outperform” rating and issued a $20.00 target price on shares of Evolent Health in a report on Tuesday, November 12th. Oppenheimer cut their price objective 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. BTIG Research reduced their price objective on shares of Evolent Health from $36.00 to $29.00 and set a “buy” rating for the company in a research note on Tuesday, December 3rd. Barclays dropped their target price on shares of Evolent Health from $39.00 to $19.00 and set an “overweight” rating on the stock in a research note on Monday, November 11th. Finally, Citigroup reduced their price target on shares of Evolent Health from $33.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. One analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $25.25.

Evolent Health Price Performance

EVH stock opened at $12.61 on Friday. 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 has a market capitalization of $1.47 billion, a price-to-earnings ratio of -13.86 and a beta of 1.45. The firm has a 50 day moving average price of $13.13 and a 200-day moving average price of $21.09. Evolent Health has a 52-week low of $10.53 and a 52-week high of $35.00.

Hedge Funds Weigh In On Evolent Health

Several hedge funds and other institutional investors have recently modified their holdings of the company. Covestor Ltd increased its position in Evolent Health by 138.1% during the third quarter. Covestor Ltd now owns 1,424 shares of the technology company’s stock valued at $40,000 after acquiring an additional 826 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Evolent Health by 5,365.5% during the 3rd quarter. GAMMA Investing LLC now owns 1,585 shares of the technology company’s stock valued at $45,000 after purchasing an additional 1,556 shares during the last quarter. Quarry LP purchased a new stake in shares of Evolent Health during the 2nd quarter valued at about $32,000. Canada Pension Plan Investment Board bought a new position in shares of Evolent Health in the 2nd quarter worth approximately $61,000. Finally, Quest Partners LLC purchased a new position in shares of Evolent Health in the second quarter worth approximately $87,000.

Evolent Health Company Profile

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.