Evolent Health (NYSE:EVH) Shares Gap Up on Insider Buying Activity

Evolent Health, Inc. (NYSE:EVH - Get Free Report) gapped up before the market opened on Monday following insider buying activity. The stock had previously closed at $8.99, but opened at $9.49. Evolent Health shares last traded at $9.06, with a volume of 643,570 shares.

Specifically, CEO Seth Blackley acquired 55,225 shares of the company's stock in a transaction dated Thursday, March 6th. The stock was bought at an average price of $9.01 per share, with a total value of $497,577.25. Following the completion of the transaction, the chief executive officer now directly owns 762,217 shares of the company's stock, valued at approximately $6,867,575.17. The trade was a 7.81 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Daniel Joseph Mccarthy acquired 11,040 shares of the business's stock in a transaction on Thursday, March 6th. The stock was bought at an average cost of $9.01 per share, for a total transaction of $99,470.40. Following the completion of the transaction, the president now directly owns 389,004 shares of the company's stock, valued at $3,504,926.04. This trade represents a 2.92 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In related news, Director Diane Holder bought 2,735 shares of the stock in a transaction dated Thursday, March 6th. The stock was acquired at an average price of $9.33 per share, for a total transaction of $25,517.55. Following the completion of the purchase, the director now owns 70,584 shares in the company, valued at $658,548.72. This represents a 4.03 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Remove Ads

Analyst Upgrades and Downgrades

Several brokerages have issued reports on EVH. Piper Sandler reaffirmed an "overweight" rating and issued a $16.00 price objective (down previously from $17.00) on shares of Evolent Health in a research report on Friday, February 21st. Truist Financial lowered their price objective on Evolent Health from $20.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday, January 22nd. Canaccord Genuity Group decreased their price target on shares of Evolent Health from $23.00 to $16.00 and set a "buy" rating for the company in a research report on Thursday, January 23rd. Needham & Company LLC reaffirmed a "buy" rating and issued a $15.00 price target on shares of Evolent Health in a report on Friday, February 21st. Finally, 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 report on Friday, January 10th. One research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $17.71.

Evolent Health Stock Up 0.3 %

The firm's fifty day moving average is $10.26 and its two-hundred day moving average is $17.23. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of -11.59 and a beta of 1.49. 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 (NYSE:EVH - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The technology company reported $0.03 earnings per share for the quarter, missing analysts' consensus estimates of $0.38 by ($0.35). Evolent Health had a positive return on equity of 5.73% and a negative net margin of 2.41%. The company had revenue of $646.54 million during the quarter, compared to analyst estimates of $650.92 million. On average, sell-side analysts expect that Evolent Health, Inc. will post 0.08 EPS for the current fiscal year.

Hedge Funds Weigh In On Evolent Health

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EVH. State of Wyoming bought a new stake in shares of Evolent Health in the 4th quarter worth $95,000. Sea Cliff Partners Management LP bought a new stake in Evolent Health in the fourth quarter worth about $9,338,000. Silvercrest Asset Management Group LLC raised its position in Evolent Health by 37.3% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 1,371,053 shares of the technology company's stock worth $15,424,000 after acquiring an additional 372,793 shares in the last quarter. Raiffeisen Bank International AG acquired a new stake in Evolent Health in the 4th quarter valued at about $988,000. Finally, Redwood Investment Management LLC bought a new position in shares of Evolent Health during the 4th quarter valued at about $468,000.

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.