Evolent Health (NYSE:EVH) Given New $16.00 Price Target at Canaccord Genuity Group

Evolent Health (NYSE:EVH) had its price target reduced by Canaccord Genuity Group from $23.00 to $16.00 in a report published on Thursday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the technology company’s stock.

Several other brokerages also recently issued reports on EVH. KeyCorp started coverage on shares of Evolent Health in a research report on Friday, October 11th. They set an “overweight” rating and a $35.00 price objective for the company. Citigroup dropped their price target on Evolent Health from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. Barclays reduced their price objective on Evolent Health from $39.00 to $19.00 and set an “overweight” rating for the company in a research report on Monday, November 11th. UBS Group dropped their target price on Evolent Health from $27.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Finally, Royal Bank of Canada reduced their price target on Evolent Health from $20.00 to $17.00 and set an “outperform” rating for the company in a research report on Tuesday, January 14th. One investment analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Evolent Health presently has a consensus rating of “Buy” and an average target price of $19.31.

Evolent Health Stock Performance

Shares of Evolent Health stock opened at $10.16 on Thursday. The stock’s fifty day simple moving average is $11.50 and its 200 day simple moving average is $20.44. 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 company has a market capitalization of $1.18 billion, a PE ratio of -11.16 and a beta of 1.45. Evolent Health has a 12 month low of $9.74 and a 12 month high of $35.00.

Evolent Health (NYSE:EVH) last released its quarterly earnings results on Thursday, November 7th. The technology company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.38). Evolent Health had a positive return on equity of 6.30% and a negative net margin of 2.93%. The business had revenue of $621.40 million for the quarter, compared to analyst estimates of $625.58 million. During the same period in the prior year, the business earned $0.19 EPS. On average, research analysts predict that Evolent Health will post 0.26 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake 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 valued at $45,286,000 after purchasing an additional 121,770 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in Evolent Health in the second quarter valued at approximately $61,000. Marshall Wace LLP acquired a new stake in shares of Evolent Health in the second quarter valued at approximately $1,231,000. Point72 DIFC Ltd bought a new position in shares of Evolent Health during the 2nd quarter worth approximately $148,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Evolent Health during the 2nd quarter worth approximately $439,000.

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.