Evolent Health (NYSE:EVH) Shares Down 8.5% After Earnings Miss

Shares of Evolent Health, Inc. (NYSE:EVH) were down 8.5% on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $9.84 and last traded at $9.86. Approximately 754,301 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 2,374,186 shares. The stock had previously closed at $10.78.

The technology company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.02). Evolent Health had a negative net margin of 2.41% and a positive return on equity of 5.73%. The business had revenue of $483.65 million during the quarter, compared to the consensus estimate of $460.15 million. During the same period last year, the business posted $0.34 earnings per share. The firm’s quarterly revenue was down 24.4% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. UBS Group upped their target price on shares of Evolent Health from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday. Citigroup cut their price target on shares of Evolent Health from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Friday, January 10th. Truist Financial decreased their price objective on Evolent Health from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. Piper Sandler reissued an “overweight” rating and issued a $16.00 price target (down previously from $17.00) on shares of Evolent Health in a report on Friday, February 21st. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $13.00 price objective on shares of Evolent Health in a research note on Monday, April 28th. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $17.79.

Insider Activity at Evolent Health

In other Evolent Health news, Director Diane Holder bought 2,735 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was acquired at an average price of $9.33 per share, with a total value of $25,517.55. Following the completion of the purchase, the director now owns 70,584 shares of the company’s stock, valued at approximately $658,548.72. This trade represents a 4.03 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Seth Blackley purchased 55,225 shares of the company’s stock in a transaction dated Thursday, March 6th. The stock was bought at an average cost of $9.01 per share, for a total transaction of $497,577.25. Following the completion of the transaction, the chief executive officer now owns 762,217 shares in the company, valued at approximately $6,867,575.17. This represents a 7.81 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 74,000 shares of company stock worth $666,315 over the last ninety days. 1.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Salem Investment Counselors Inc. increased its holdings in shares of Evolent Health by 53.0% during the fourth quarter. Salem Investment Counselors Inc. now owns 350,155 shares of the technology company’s stock valued at $3,939,000 after acquiring an additional 121,369 shares in the last quarter. Nordea Investment Management AB grew its position in Evolent Health by 7.0% during the 4th quarter. Nordea Investment Management AB now owns 130,453 shares of the technology company’s stock valued at $1,469,000 after purchasing an additional 8,552 shares during the last quarter. Harbor Capital Advisors Inc. increased its stake in Evolent Health by 90.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 803,211 shares of the technology company’s stock valued at $9,036,000 after purchasing an additional 380,790 shares in the last quarter. Franklin Resources Inc. raised its holdings in Evolent Health by 40.8% in the third quarter. Franklin Resources Inc. now owns 909,776 shares of the technology company’s stock worth $24,682,000 after buying an additional 263,815 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Evolent Health in the fourth quarter worth approximately $2,542,000.

Evolent Health Trading Down 16.0 %

The stock has a market cap of $1.06 billion, a PE ratio of -11.04 and a beta of 1.04. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. The stock’s fifty day moving average price is $9.61 and its 200 day moving average price is $11.63.

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.