Evolent Health (NYSE:EVH) Shares Gap Down on Insider Selling

Posted by Defense World Staff on May 5th, 2023

Evolent Health, Inc. (NYSE:EVH – Get Rating)’s share price gapped down before the market opened on Thursday after an insider sold shares in the company. The stock had previously closed at $35.20, but opened at $32.00. Evolent Health shares last traded at $32.25, with a volume of 478,886 shares changing hands.

Specifically, CEO Seth Blackley sold 73,928 shares of Evolent Health stock in a transaction on Monday, March 6th. The shares were sold at an average price of $34.42, for a total transaction of $2,544,601.76. Following the sale, the chief executive officer now owns 878,066 shares in the company, valued at $30,223,031.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Evolent Health news, Director Frank J. Williams sold 90,356 shares of Evolent Health stock in a transaction on Monday, March 6th. The stock was sold at an average price of $34.42, for a total transaction of $3,110,053.52. Following the completion of the transaction, the director now directly owns 936,123 shares of the company’s stock, valued at $32,221,353.66. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Seth Blackley sold 73,928 shares of Evolent Health stock in a transaction on Monday, March 6th. The shares were sold at an average price of $34.42, for a total value of $2,544,601.76. Following the transaction, the chief executive officer now directly owns 878,066 shares of the company’s stock, valued at $30,223,031.72. The disclosure for this sale can be found here. Insiders have sold 494,284 shares of company stock worth $16,995,655 over the last 90 days. Corporate insiders own 4.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. BTIG Research lifted their price objective on Evolent Health from $40.00 to $45.00 in a report on Thursday, February 23rd. Stephens assumed coverage on Evolent Health in a report on Tuesday, April 11th. They set an “overweight” rating and a $40.00 price objective for the company. Cowen lifted their price objective on Evolent Health from $57.00 to $59.00 and gave the company an “outperform” rating in a report on Monday, January 30th. StockNews.com initiated coverage on Evolent Health in a report on Thursday, March 16th. They set a “sell” rating for the company. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $44.00 price target on shares of Evolent Health in a report on Thursday, February 23rd. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Evolent Health presently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

Evolent Health Price Performance

The stock has a market capitalization of $3.73 billion, a P/E ratio of -167.75 and a beta of 1.55. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.48. The company has a fifty day simple moving average of $33.12 and a two-hundred day simple moving average of $30.48.

Evolent Health (NYSE:EVH – Get Rating) last announced its quarterly earnings data on Wednesday, February 22nd. The technology company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The firm had revenue of $382.43 million for the quarter, compared to the consensus estimate of $373.68 million. Evolent Health had a positive return on equity of 7.50% and a negative net margin of 1.42%. Sell-side analysts expect that Evolent Health, Inc. will post 0.21 EPS for the current fiscal year.

Institutional Trading of Evolent Health

Several institutional investors and hedge funds have recently added to or reduced their stakes in EVH. American Century Companies Inc. raised its holdings in Evolent Health by 12.7% during the 1st quarter. American Century Companies Inc. now owns 20,453 shares of the technology company’s stock worth $661,000 after purchasing an additional 2,300 shares during the last quarter. HighTower Advisors LLC bought a new stake in Evolent Health during the 1st quarter worth about $296,000. MetLife Investment Management LLC grew its position in shares of Evolent Health by 52.2% during the 1st quarter. MetLife Investment Management LLC now owns 44,172 shares of the technology company’s stock worth $1,427,000 after buying an additional 15,143 shares during the period. BlackRock Inc. grew its position in shares of Evolent Health by 4.9% during the 1st quarter. BlackRock Inc. now owns 6,180,992 shares of the technology company’s stock worth $199,644,000 after buying an additional 291,029 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of Evolent Health by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 7,657,874 shares of the technology company’s stock worth $247,350,000 after buying an additional 111,882 shares during the period. 93.33% of the stock is owned by institutional investors.

About Evolent Health

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Evolent Health, Inc engages in the provision of healthcare delivery and payment services. It deals with population health management, health plan and third party administration, network performance and pharmacy benefit management, risk adjustment, analytics and performance improvement, and technology and electronic medical record integration.