Evolent Health Inc . (NYSE:EVH) shares have tumbled to a 52-week low, touching down at $11.17 amidst a challenging market environment. The healthcare company, which provides an array of services to payers and providers, has seen its stock price significantly retreat from previous levels over the past year. According to InvestingPro data, the company maintains strong fundamentals with 37.65% revenue growth and a market capitalization of $1.29 billion. Technical indicators from InvestingPro suggest the stock is currently in oversold territory. Investors have witnessed a stark decrease in value, with Evolent Health's stock plunging by 60.37% over the one-year period. This downturn reflects broader market trends and possibly investor concerns about the company's future growth prospects in a rapidly evolving healthcare sector. While currently trading below its Fair Value according to InvestingPro analysis, analysts maintain optimistic price targets, suggesting significant potential upside. Discover more insights and 12 additional ProTips for EVH with an InvestingPro subscription.
In other recent news, Evolent Health has been in the spotlight following a revision of its Q3 outlook due to a surge in oncology-related medical costs. Despite this, the company reported a record number of new sign-ins and reaffirmed its long-term goals of 20% annual growth in adjusted EBITDA and 15% revenue growth. Six new revenue agreements were signed in Q3, marking the highest in a quarter since the company's inception. Analyst firm Oppenheimer has adjusted its outlook on Evolent Health shares, reducing the price target to $28 from the previous $34, while maintaining an Outperform rating. This follows recent discussions with the company's management, which provided insights into the company's strategies and financial expectations. The company anticipates a revised adjusted EBITDA outlook of $160 million to $175 million for the year and adjusted revenue expectations between $2.55 billion and $2.575 billion. These are some of the recent developments in Evolent Health's business operations.
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