Evolent Health (EVH) shares plunged 41.2% in recent Friday trading after Truist Securities cut its price target on the company's stock following Q3 results that fell short of market expectations.

The company reported Q3 adjusted earnings late Thursday of $0.04 per share, down from $0.18 a year earlier.

Analysts polled by Capital IQ expected $0.34.

Revenue for the quarter ended Sept. 30 was $621.4 million, up from $511 million a year earlier.

Analysts polled by Capital IQ expected $626.5 million.

For Q4, the company expects revenue of $642 million to $667 million. Analysts polled by Capital IQ expect $652.3 million.

Evolent now expects full-year 2024 revenue of $2.55 billion to $2.58 billion, from its previous guidance of $2.56 billion to $2.6 billion. Analysts polled by Capital IQ expect $2.56 billion.

Separately, Truist Securities cut its price target on Evolent Health stock to $24 from $33, while maintaining a buy rating.

"[Evolent Health] shares are likely to be weak post this print given the magnitude of its miss and guide cut, and the company's decision to withdraw its 2024 exit EBITDA run-rate," Truist said in a note Friday.

Price: 14.44, Change: -10.13, Percent Change: -41.23