Evolent Health (NYSE:EVH) Price Target Cut to $16.00 by Analysts at Canaccord Genuity Group

Evolent Health (NYSE:EVH - Get Free Report) had its price target decreased by equities researchers at Canaccord Genuity Group from $23.00 to $16.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Canaccord Genuity Group's price target suggests a potential upside of 57.53% from the stock's previous close.

EVH has been the topic of several other reports. JMP Securities lowered their target price on Evolent Health from $27.00 to $18.00 and set a "market outperform" rating on the stock in a research note on Friday, January 10th. JPMorgan Chase & Co. decreased their price objective 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. Stephens decreased their price objective on Evolent Health from $16.00 to $12.00 and set an "equal weight" rating on the stock in a research note on Tuesday. UBS Group decreased their price objective on Evolent Health from $27.00 to $14.00 and set a "buy" rating on the stock in a research note on Thursday, January 16th. Finally, Royal Bank of Canada decreased their price objective on Evolent Health from $20.00 to $17.00 and set an "outperform" rating on the stock in a research note on Tuesday, January 14th. One investment analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Evolent Health currently has an average rating of "Buy" and an average target price of $19.31.

Evolent Health Stock Performance

Shares of EVH traded up $0.16 during mid-day trading on Thursday, hitting $10.16. The stock had a trading volume of 1,163,812 shares, compared to its average volume of 2,527,416. The firm has a market cap of $1.18 billion, a P/E ratio of -11.12 and a beta of 1.45. The business has a fifty day moving average price of $11.55 and a 200-day moving average price of $20.51. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 1.04. Evolent Health has a 52 week low of $9.74 and a 52 week high of $35.00.

Evolent Health (NYSE:EVH - Get Free Report) last issued its earnings results on Thursday, November 7th. The technology company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.38). The firm had revenue of $621.40 million during the quarter, compared to the consensus estimate of $625.58 million. Evolent Health had a negative net margin of 2.93% and a positive return on equity of 6.30%. During the same quarter in the previous year, the firm earned $0.19 earnings per share. On average, equities research analysts expect that Evolent Health will post 0.26 EPS for the current year.

Hedge Funds Weigh In On Evolent Health

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Covestor Ltd grew its position in Evolent Health by 138.1% during the 3rd quarter. Covestor Ltd now owns 1,424 shares of the technology company's stock worth $40,000 after acquiring an additional 826 shares during the last quarter. GAMMA Investing LLC grew its position in Evolent Health by 5,365.5% during the 3rd quarter. GAMMA Investing LLC now owns 1,585 shares of the technology company's stock worth $45,000 after acquiring an additional 1,556 shares during the last quarter. Quarry LP bought a new position in Evolent Health during the 2nd quarter worth approximately $32,000. Creative Planning grew its position in Evolent Health by 12.2% during the 2nd quarter. Creative Planning now owns 18,091 shares of the technology company's stock worth $346,000 after acquiring an additional 1,973 shares during the last quarter. Finally, R Squared Ltd purchased a new stake in Evolent Health in the 4th quarter worth approximately $31,000.

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.