Salem Investment Counselors Inc. Raises Stake in Evolent Health, Inc. (NYSE:EVH)

Salem Investment Counselors Inc. lifted its position in shares of Evolent Health, Inc. (NYSE:EVH) by 53.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 350,155 shares of the technology company’s stock after acquiring an additional 121,369 shares during the period. Salem Investment Counselors Inc. owned about 0.30% of Evolent Health worth $3,939,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. grew 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 last quarter. Rhumbline Advisers lifted its holdings in shares of Evolent Health by 8.3% in the second quarter. Rhumbline Advisers now owns 180,059 shares of the technology company’s stock valued at $3,443,000 after buying an additional 13,867 shares during the period. Arizona State Retirement System lifted its holdings in shares of Evolent Health by 2.3% in the second quarter. Arizona State Retirement System now owns 29,083 shares of the technology company’s stock valued at $556,000 after buying an additional 649 shares during the period. Quest Partners LLC acquired a new stake in shares of Evolent Health in the second quarter valued at $87,000. Finally, Federated Hermes Inc. acquired a new stake in shares of Evolent Health in the second quarter valued at $6,273,000.

Evolent Health Stock Down 1.9 %

Shares of NYSE EVH traded down $0.24 during mid-day trading on Monday, reaching $12.30. 471,135 shares of the company traded hands, compared to its average volume of 1,417,170. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market cap of $1.43 billion, a PE ratio of -13.52 and a beta of 1.45. The company’s fifty day moving average is $12.91 and its two-hundred day moving average is $21.03. Evolent Health, Inc. has a fifty-two week low of $10.53 and a fifty-two week high of $35.00.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on EVH. Stephens downgraded 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. KeyCorp started coverage on Evolent Health in a research note on Friday, October 11th. They issued an “overweight” rating and a $35.00 price objective for the company. Oppenheimer reduced their price objective 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 reduced their price objective on Evolent Health from $24.00 to $20.00 and set a “buy” rating for the company in a research note on Monday. Finally, Needham & Company LLC started coverage on Evolent Health in a research note on Friday. They issued a “buy” rating and a $15.00 price objective for the company. One equities 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 stock currently has a consensus rating of “Buy” and an average target price of $22.83.

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.