Evolent Health (NYSE:EVH) Shares Down 2% After Analyst Downgrade

Evolent Health, Inc. (NYSE:EVH) shares dropped 2% during mid-day trading on Wednesday after Royal Bank of Canada lowered their price target on the stock from $20.00 to $17.00. Royal Bank of Canada currently has an outperform rating on the stock. Evolent Health traded as low as $10.89 and last traded at $10.96. Approximately 679,469 shares were traded during trading, a decline of 60% from the average daily volume of 1,678,069 shares. The stock had previously closed at $11.18.

Several other equities analysts have also commented on the stock. KeyCorp assumed coverage on shares of Evolent Health in a research note on Friday, October 11th. They issued an “overweight” rating and a $35.00 price target on the stock. Needham & Company LLC started coverage on Evolent Health in a report on Friday, January 10th. They issued a “buy” rating and a $15.00 target price for the company. Citigroup cut their price target on Evolent Health from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Friday, January 10th. BTIG Research lowered their price target on Evolent Health from $36.00 to $29.00 and set a “buy” rating for the company in a report on Tuesday, December 3rd. Finally, Barclays reduced their price target on Evolent Health from $39.00 to $19.00 and set an “overweight” rating on the stock in a research report on Monday, November 11th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $22.58.

Institutional Trading of Evolent Health

Institutional investors have recently modified their holdings of the company. Quarry LP acquired a new position in Evolent Health in the second quarter worth $32,000. Covestor Ltd boosted 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 buying an additional 826 shares during the period. GAMMA Investing LLC boosted its position in shares of Evolent Health by 5,365.5% during the third quarter. GAMMA Investing LLC now owns 1,585 shares of the technology company’s stock worth $45,000 after buying an additional 1,556 shares during the period. Canada Pension Plan Investment Board acquired a new position in shares of Evolent Health during the second quarter worth about $61,000. Finally, Quest Partners LLC acquired a new position in Evolent Health during the second quarter valued at approximately $87,000.

Evolent Health Stock Down 10.5 %

The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a 50-day moving average of $12.44 and a 200 day moving average of $20.92. The stock has a market capitalization of $1.17 billion, a price-to-earnings ratio of -11.00 and a beta of 1.45.

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.