Evolent Health, Inc. (NYSE:EVH) Sees Large Drop in Short Interest

Evolent Health, Inc. (NYSE:EVH) saw a large drop in short interest during the month of December. As of December 15th, there was short interest totalling 9,760,000 shares, a drop of 7.1% from the November 30th total of 10,510,000 shares. Based on an average trading volume of 2,580,000 shares, the short-interest ratio is currently 3.8 days.

Analysts Set New Price Targets

EVH has been the topic of several research analyst reports. JPMorgan Chase & Co. dropped their price target on Evolent Health from $45.00 to $15.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. KeyCorp initiated coverage on Evolent Health in a research report on Friday, October 11th. They issued an “overweight” rating and a $35.00 target price on the stock. Oppenheimer reduced their price target on shares of Evolent Health from $34.00 to $28.00 and set an “outperform” rating for the company in a research report on Monday, November 18th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of Evolent Health in a report on Tuesday, November 12th. Finally, Barclays cut their price objective 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. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $26.18.

Hedge Funds Weigh In On Evolent Health

A number of hedge funds have recently bought and sold shares of the business. Quarry LP acquired a new stake in shares of Evolent Health in the second quarter valued at about $32,000. Covestor Ltd lifted its stake in Evolent Health by 138.1% in the 3rd quarter. Covestor Ltd now owns 1,424 shares of the technology company’s stock valued at $40,000 after buying an additional 826 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Evolent Health by 5,365.5% in the 3rd 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 last quarter. Canada Pension Plan Investment Board purchased a new stake in Evolent Health during the 2nd quarter worth approximately $61,000. Finally, Quest Partners LLC acquired a new position in shares of Evolent Health during the second quarter valued at approximately $87,000.

Evolent Health Price Performance

Shares of Evolent Health stock traded up $0.27 during trading hours on Wednesday, reaching $11.25. The stock had a trading volume of 1,603,900 shares, compared to its average volume of 1,851,536. The stock’s 50 day moving average is $14.72 and its 200 day moving average is $21.57. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.58. Evolent Health has a twelve month low of $10.53 and a twelve month high of $35.00. The firm has a market capitalization of $1.31 billion, a PE ratio of -12.36 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.