Citigroup Cuts Evolent Health (NYSE:EVH) Price Target to $21.00

Evolent Health (NYSE:EVH) had its price objective reduced by analysts at Citigroup from $33.00 to $21.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Citigroup’s price objective would suggest a potential upside of 65.75% from the stock’s current price.

EVH has been the topic of several other research reports. Barclays lowered their price objective on shares of Evolent Health from $39.00 to $19.00 and set an “overweight” rating on the stock in a report on Monday. Stephens downgraded Evolent Health from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $38.00 to $16.00 in a research note on Friday, November 8th. JPMorgan Chase & Co. raised their target price on Evolent Health from $36.00 to $45.00 and gave the company an “overweight” rating in a report on Monday, August 19th. Truist Financial restated a “buy” rating and set a $33.00 price objective on shares of Evolent Health in a research note on Tuesday, August 27th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $20.00 price target on shares of Evolent Health in a research report on Tuesday. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $29.50.

Evolent Health Stock Performance

EVH stock opened at $12.67 on Wednesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 1.08. The company’s 50-day moving average is $25.47 and its 200-day moving average is $24.45. Evolent Health has a 1 year low of $12.31 and a 1 year high of $35.00.

Insiders Place Their Bets

In related news, COO Emily Ann Rafferty sold 8,861 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $30.00, for a total value of $265,830.00. Following the completion of the transaction, the chief operating officer now directly owns 63,408 shares in the company, valued at approximately $1,902,240. The trade was a 12.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Jonathan Weinberg sold 42,140 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $31.20, for a total value of $1,314,768.00. Following the sale, the general counsel now owns 167,027 shares in the company, valued at $5,211,242.40. The trade was a 20.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 307,291 shares of company stock worth $9,290,385 in the last three months. 1.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Evolent Health

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. grew its stake in shares of Evolent Health by 3.2% during the second quarter. Principal Financial Group Inc. now owns 15,594 shares of the technology company’s stock valued at $298,000 after buying an additional 480 shares during the last quarter. Ascent Group LLC raised its holdings in Evolent Health by 2.8% during the 1st quarter. Ascent Group LLC now owns 20,330 shares of the technology company’s stock valued at $667,000 after buying an additional 550 shares during the last quarter. SeaCrest Wealth Management LLC boosted its position in Evolent Health by 6.3% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 10,200 shares of the technology company’s stock valued at $195,000 after buying an additional 600 shares during the period. American International Group Inc. grew its holdings in Evolent Health by 1.2% in the 1st quarter. American International Group Inc. now owns 55,402 shares of the technology company’s stock worth $1,817,000 after acquiring an additional 640 shares during the last quarter. Finally, Arizona State Retirement System increased its position 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 acquiring an additional 649 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.