Evolent Health (NYSE:EVH) Sees Unusually-High Trading Volume – Time to Buy?

Shares of Evolent Health, Inc. (NYSE:EVH) saw strong trading volume on Tuesday . 1,081,682 shares were traded during mid-day trading, a decline of 24% from the previous session’s volume of 1,421,266 shares.The stock last traded at $11.83 and had previously closed at $12.39.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. BTIG Research cut their price objective on Evolent Health from $36.00 to $29.00 and set a “buy” rating for the company in a research report on Tuesday, December 3rd. Oppenheimer lowered their target price on Evolent Health from $34.00 to $28.00 and set an “outperform” rating for the company in a research note on Monday, November 18th. Truist Financial lowered their target price on Evolent Health from $24.00 to $20.00 and set a “buy” rating for the company in a research note on Monday. JMP Securities lowered their target price on Evolent Health from $27.00 to $18.00 and set a “market outperform” rating for the company in a research note on Friday, January 10th. Finally, Stephens cut Evolent Health from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $38.00 to $16.00 in a research note on Friday, November 8th. One research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $21.92.

Evolent Health Trading Up 2.1 %

The company has a fifty day simple moving average of $12.15 and a two-hundred day simple moving average of $20.84. 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 has a market capitalization of $1.19 billion, a P/E ratio of -11.18 and a beta of 1.45.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Covestor Ltd lifted its holdings in 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 acquiring an additional 826 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Evolent Health by 5,365.5% in the third quarter. GAMMA Investing LLC now owns 1,585 shares of the technology company’s stock valued at $45,000 after purchasing an additional 1,556 shares in the last quarter. Quarry LP bought a new stake in shares of Evolent Health in the second quarter valued at about $32,000. Canada Pension Plan Investment Board bought a new stake in shares of Evolent Health in the second quarter valued at about $61,000. Finally, Quest Partners LLC bought a new stake in shares of Evolent Health in the second quarter valued at about $87,000.

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.