Honestly, if you’ve been looking at the price of evolent stock lately, you might feel like you’re watching a slow-motion car crash—or maybe a coiled spring waiting to explode. It depends on who you ask.
As of mid-January 2026, the ticker EVH is hovering around $3.77.
That is a brutal drop. We are talking about a stock that was sitting at $12.00 just a year ago. It has shed over 68% of its value in twelve months. If you’re an investor holding a bag right now, it hurts. But if you’re a contrarian looking for a "blood in the streets" entry point, this might be the most interesting ticker on the NYSE.
The $3.77 Reality Check
Why is the price of evolent stock so low? It isn't just one thing. It's a pile-up of bad news and shifting goalposts.
The biggest hit came from the company's third-quarter earnings in late 2025. They actually beat revenue expectations—bringing in $479.5 million—but the profit side was a total mess. They missed earnings-per-share (EPS) estimates by over 50%. Wall Street expected $0.11; Evolent delivered $0.05.
Investors hate misses like that.
Then you have the ACA (Affordable Care Act) membership concerns. Analysts at firms like Citizens have been slashing price targets because they’re worried about 2026. There’s a very real fear that Evolent’s customers are going to see a massive erosion in their exchange memberships. If the users disappear, the revenue follows them out the door.
📖 Related: Target Town Hall Live: What Really Happens Behind the Scenes
What Most People Get Wrong About EVH
Most people see a 60% drop and think the company is going bankrupt.
That doesn't seem to be the case here. In fact, Evolent is doing something pretty gutsy behind the scenes: they are slimming down to survive.
In September 2025, they sold off their value-based primary care unit (Evolent Care Partners) to Privia Health for $100 million in cash. Why? To pay down debt. CEO Seth Blackley basically said they wanted to get out of the primary care game to focus entirely on "specialty care management."
Specialty care is where the high-cost, high-complexity stuff lives. We’re talking oncology, cardiology, and musculoskeletal disorders.
- They are focusing on the $750 million in new annualized revenue they expect to launch in 2026.
- They’ve signed 13 new contracts in the last year.
- Their preliminary 2026 revenue forecast is a staggering $2.5 billion.
It is a classic "tale of two companies." The stock price says "failure," but the contract wins say "growth."
The Bull Case: Is This Oversold?
Let’s look at the numbers. The Relative Strength Index (RSI) for EVH is currently sitting around 25.
👉 See also: Les Wexner Net Worth: What the Billions Really Look Like in 2026
In trader-speak, anything below 30 is "oversold." It means people have been panic-selling so hard that the price might have disconnected from the actual value of the business.
Even with the price targets being slashed, the "low" targets from analysts like Piper Sandler are around $6.00. That is still significantly higher than the current $3.77 price tag. Some analysts, like the folks at TD Cowen, are still screaming "Buy" with targets as high as $8.00 or $10.00.
They believe the market is overreacting to the 2026 ACA membership fears.
The 2026 Pivot and AI
Evolent is betting the farm on their "Performance Suite" and a new AI play. They bought a company called Machinify a while back, and they expect AI to be a "material contributor" to their earnings by late 2026.
The goal? Auto-authorizations.
Basically, they want to use AI to approve medical treatments instantly, cutting out the expensive human doctors who usually have to review every file. If they can make the approval process 20% more efficient, their margins could skyrocket.
✨ Don't miss: Left House LLC Austin: Why This Design-Forward Firm Keeps Popping Up
But AI is expensive to build. And Evolent is already losing money on a GAAP basis.
What Really Happened with the Management Shakeup?
Keep an eye on the C-suite. As of January 1, 2026, Mario Ramos took over as CFO.
A new CFO usually means one of two things: either they are cleaning up the books for a sale, or they are preparing for a massive restructuring. Ramos has a history of driving profitability, which is exactly what Evolent needs right now. They have enough revenue; they just need to stop bleeding cash.
Actionable Insights for Investors
If you are looking at the price of evolent stock as a potential trade, here is the breakdown of how to handle it.
- Watch the $3.50 Level: This is the current 52-week low. If it breaks below this, there is no "floor" and the stock could spiral further. If it holds, this might be a double-bottom setup.
- Monitor 2026 Guidance: The company has teased $2.5 billion in revenue for 2026. If they reaffirm this in their next quarterly call, the stock could gap up.
- Check the Debt: Use the proceeds from the Privia sale to see if they actually lowered their interest burden. If debt isn't shrinking, the "specialty focus" isn't working yet.
- Scale In Slowly: This is a high-volatility healthcare tech play. It is not a "widows and orphans" stock. If you’re going in, do it in small chunks (dollar-cost averaging) rather than one big bet.
The reality is that Evolent is a company in the middle of a massive identity shift. They are ditching primary care, leaning into AI-driven specialty care, and trying to pay off debt while their share price is in the gutter. It’s risky. But at under $4.00, it’s a price point that has caught the attention of every contrarian on the street.