Seven Eight Capital LP Makes New Investment in Evolent Health, Inc. (NYSE:EVH)

Seven Eight Capital LP acquired a new stake in Evolent Health, Inc. (NYSE:EVH) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 21,765 shares of the technology company’s stock, valued at approximately $416,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. ICA Group Wealth Management LLC purchased a new stake in Evolent Health during the fourth quarter valued at about $33,000. Headlands Technologies LLC bought a new stake in shares of Evolent Health in the 1st quarter valued at about $46,000. NBC Securities Inc. boosted its holdings in Evolent Health by 16.6% during the 1st quarter. NBC Securities Inc. now owns 2,461 shares of the technology company’s stock valued at $81,000 after acquiring an additional 350 shares during the period. Banque Cantonale Vaudoise bought a new position in Evolent Health during the 1st quarter worth approximately $88,000. Finally, Quest Partners LLC purchased a new position in Evolent Health in the 2nd quarter worth approximately $87,000.

Evolent Health Stock Performance

Shares of EVH opened at $31.04 on Monday. 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 stock has a market cap of $3.61 billion, a P/E ratio of -24.83 and a beta of 1.57. The business’s 50 day moving average price is $26.67 and its 200-day moving average price is $26.36. Evolent Health, Inc. has a 52 week low of $17.98 and a 52 week high of $35.00.

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

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, CEO Seth Blackley sold 187,904 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $30.00, for a total transaction of $5,637,120.00. Following the sale, the chief executive officer now owns 411,924 shares in the company, valued at $12,357,720. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, General Counsel Jonathan Weinberg sold 42,140 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $31.20, for a total transaction of $1,314,768.00. Following the transaction, the general counsel now directly owns 167,027 shares of the company’s stock, valued at $5,211,242.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Seth Blackley sold 187,904 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $30.00, for a total value of $5,637,120.00. Following the sale, the chief executive officer now directly owns 411,924 shares in the company, valued at $12,357,720. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 307,291 shares of company stock valued at $9,290,385. Insiders own 1.60% of the company’s stock.

Evolent Health 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.