Evolent Health (NYSE:EVH) Trading 4.9% Higher - Here's Why

Evolent Health, Inc. (NYSE:EVH - Get Free Report)'s stock price shot up 4.9% during trading on Thursday . The company traded as high as $11.35 and last traded at $11.24. 1,790,056 shares were traded during trading, a decline of 3% from the average session volume of 1,854,646 shares. The stock had previously closed at $10.71.

Analyst Ratings Changes

A number of research firms recently weighed in on EVH. Citigroup decreased their price objective on Evolent Health from $33.00 to $21.00 and set a "buy" rating for the company in a report on Wednesday, November 13th. BTIG Research decreased their price target on Evolent Health from $36.00 to $29.00 and set a "buy" rating for the company in a research note on Tuesday, December 3rd. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $20.00 price objective on shares of Evolent Health in a research note on Tuesday, November 12th. Stephens cut Evolent Health from an "overweight" rating to an "equal weight" rating and reduced their target price for the company from $38.00 to $16.00 in a report on Friday, November 8th. Finally, Barclays lowered their price target on shares of Evolent Health from $39.00 to $19.00 and set an "overweight" rating for the company in a report on Monday, November 11th. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Evolent Health currently has an average rating of "Buy" and an average price target of $26.18.

Evolent Health Stock Up 4.4 %

The company has a market cap of $1.30 billion, a price-to-earnings ratio of -12.29 and a beta of 1.45. The stock's 50-day moving average is $16.97 and its 200-day moving average is $22.23. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.58.

Hedge Funds Weigh In On Evolent Health

A number of institutional investors and hedge funds have recently made changes to their positions in EVH. Principal Financial Group Inc. raised its stake in Evolent Health by 3.2% during the 2nd quarter. Principal Financial Group Inc. now owns 15,594 shares of the technology company's stock worth $298,000 after buying an additional 480 shares during the period. Arizona State Retirement System raised its position in shares of Evolent Health by 2.3% during the second quarter. Arizona State Retirement System now owns 29,083 shares of the technology company's stock worth $556,000 after purchasing an additional 649 shares during the period. Covestor Ltd raised its position in shares of Evolent Health by 138.1% during the third quarter. Covestor Ltd now owns 1,424 shares of the technology company's stock worth $40,000 after purchasing an additional 826 shares during the period. GAMMA Investing LLC lifted its holdings in shares of 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 purchasing an additional 1,556 shares in the last quarter. Finally, Quarry LP acquired a new stake in Evolent Health in the 2nd quarter valued at $32,000.

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.