In a report released today, Richard Close from Canaccord Genuity assigned a Buy rating to Evolent Health (NYSE: EVH), with a price target of $24. The company’s shares opened today at $19.80.
Close noted:
“We were aware that Lighthouse Health Plan had intended to protest the April awards and yesterday learned from an article (linked here) that the state has decided to award a contract to Lighthouse to provide managed medical assistance services. It was expected that the Administration (ACHA) was to meet with challengers to the previous awards.”
According to TipRanks.com, Close is a 5-star analyst with an average return of 12.8% and a 60.1% success rate. Close covers the Services sector, focusing on stocks such as Envision Healthcare, Premier Inc, and Maximus.
Currently, the analyst consensus on Evolent Health is Strong Buy and the average price target is $23.33, representing a 17.8% upside.
In a report issued on May 30, KeyBanc also reiterated a Buy rating on the stock with a $24 price target.
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The company has a one-year high of $27.50 and a one-year low of $10.30. Currently, Evolent Health has an average volume of 796.1K.
Based on the recent corporate insider activity of 13 insiders, corporate insider sentiment is negative on the stock.
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Evolent Health, Inc. engages in the provision of health care delivery and payment services. Its solutions include population health management, health plan administration and third party administration, network performance management, risk adjustment, pharmacy benefit management, analytics and performance improvement, and technology and electronic medical record integration. The company was founded by Frank J. Williams, Seth B. Blackley, and Tom Peterson in August 2011 and is headquartered in Arlington, VA.
