Short Interest in Evolent Health, Inc. (NYSE:EVH) Decreases By 7.9%

Evolent Health, Inc. (NYSE:EVH) saw a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 14,610,000 shares, a decline of 7.9% from the August 15th total of 15,870,000 shares. Based on an average trading volume of 2,430,000 shares, the days-to-cover ratio is currently 6.0 days.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on EVH. Stephens reiterated an “overweight” rating and issued a $42.00 price objective on shares of Evolent Health in a research note on Tuesday, July 30th. Royal Bank of Canada reiterated an “outperform” rating and set a $42.00 price objective on shares of Evolent Health in a report on Monday, August 26th. Truist Financial restated a “buy” rating and issued a $33.00 target price on shares of Evolent Health in a research note on Tuesday, August 27th. JMP Securities dropped their price target on Evolent Health from $34.00 to $31.00 and set a “market outperform” rating on the stock in a research note on Friday, August 9th. Finally, JPMorgan Chase & Co. raised their price objective on Evolent Health from $36.00 to $45.00 and gave the company an “overweight” rating in a research note on Monday, August 19th. One equities research analyst has rated the stock with a sell rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Evolent Health currently has an average rating of “Moderate Buy” and an average target price of $40.40.

Evolent Health Stock Up 1.0 %

NYSE EVH traded up $0.31 on Thursday, reaching $31.15. The company had a trading volume of 53,630 shares, compared to its average volume of 1,594,419. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The company’s fifty day moving average is $26.22 and its 200 day moving average is $26.46. Evolent Health has a 52-week low of $17.98 and a 52-week high of $35.00. The stock has a market capitalization of $3.62 billion, a P/E ratio of -24.66 and a beta of 1.57.

Evolent Health (NYSE:EVH) last announced its earnings results on Thursday, August 8th. The technology company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.21 by $0.09. Evolent Health had a negative net margin of 3.16% and a positive return on equity of 8.47%. The company had revenue of $647.10 million during the quarter, compared to the consensus estimate of $636.46 million. During the same quarter in the prior year, the company posted $0.06 earnings per share. The firm’s revenue for the quarter was up 37.9% on a year-over-year basis. Sell-side analysts anticipate that Evolent Health will post 0.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Evolent Health news, President Daniel Joseph Mccarthy sold 23,693 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $30.89, for a total transaction of $731,876.77. Following the completion of the sale, the president now owns 198,809 shares of the company’s stock, valued at approximately $6,141,210.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Emily Ann Rafferty sold 8,861 shares of the company’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $30.00, for a total transaction of $265,830.00. Following the sale, the chief operating officer now owns 63,408 shares in the company, valued at approximately $1,902,240. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Daniel Joseph Mccarthy sold 23,693 shares of Evolent Health stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $30.89, for a total value of $731,876.77. Following the completion of the sale, the president now owns 198,809 shares of the company’s stock, valued at $6,141,210.01. The disclosure for this sale can be found here. Insiders have sold a total of 307,291 shares of company stock valued at $9,290,385 over the last ninety days. 1.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Evolent Health

A number of hedge funds and other institutional investors have recently modified their holdings of EVH. Vanguard Group Inc. grew its position in Evolent Health by 0.9% during the first quarter. Vanguard Group Inc. now owns 10,915,070 shares of the technology company’s stock valued at $357,905,000 after buying an additional 93,739 shares during the period. Wellington Management Group LLP grew its position in shares of Evolent Health by 96.1% during the 4th quarter. Wellington Management Group LLP now owns 8,313,157 shares of the technology company’s stock valued at $274,584,000 after acquiring an additional 4,073,959 shares during the period. RA Capital Management L.P. increased its stake in shares of Evolent Health by 125.0% during the 1st quarter. RA Capital Management L.P. now owns 5,736,132 shares of the technology company’s stock worth $188,088,000 after purchasing an additional 3,187,000 shares during the last quarter. William Blair Investment Management LLC raised its holdings in shares of Evolent Health by 35.2% in the 2nd quarter. William Blair Investment Management LLC now owns 5,026,043 shares of the technology company’s stock worth $96,098,000 after purchasing an additional 1,308,376 shares during the period. Finally, Engaged Capital LLC raised its holdings in shares of Evolent Health by 26.1% in the 2nd quarter. Engaged Capital LLC now owns 4,111,458 shares of the technology company’s stock worth $78,611,000 after purchasing an additional 850,000 shares during the period.

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.