Evolv Technologies (NASDAQ:EVLV) Shares Gap Up to $3.74

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) shares gapped up before the market opened on Friday . The stock had previously closed at $3.74, but opened at $3.84. Evolv Technologies shares last traded at $3.76, with a volume of 96,769 shares traded.

Analyst Ratings Changes

A number of brokerages recently weighed in on EVLV. Lake Street Capital cut shares of Evolv Technologies from a “buy” rating to a “hold” rating and cut their price objective for the company from $6.00 to $3.50 in a research note on Friday, May 10th. TD Cowen reduced their price objective on Evolv Technologies from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Friday, May 10th. Northland Securities cut their target price on Evolv Technologies from $6.50 to $5.50 and set an “outperform” rating on the stock in a report on Monday, August 12th. Finally, Craig Hallum started coverage on Evolv Technologies in a research report on Monday, May 20th. They set a “buy” rating and a $5.75 price objective for the company. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $5.75.

Evolv Technologies Price Performance

The stock’s 50 day moving average is $3.26 and its two-hundred day moving average is $3.43. The firm has a market capitalization of $566.60 million, a P/E ratio of -6.13 and a beta of 1.24.

Evolv Technologies (NASDAQ:EVLV) last issued its earnings results on Thursday, August 8th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.13) by $0.15. Evolv Technologies had a negative net margin of 21.42% and a negative return on equity of 28.57%. The company had revenue of $25.54 million during the quarter, compared to analysts’ expectations of $23.57 million. As a group, equities research analysts expect that Evolv Technologies Holdings, Inc. will post -0.26 EPS for the current year.

Hedge Funds Weigh In On Evolv Technologies

Several hedge funds have recently added to or reduced their stakes in EVLV. MCF Advisors LLC raised its stake in Evolv Technologies by 84.5% during the 1st quarter. MCF Advisors LLC now owns 6,549 shares of the company’s stock worth $29,000 after buying an additional 3,000 shares during the period. Foundations Investment Advisors LLC bought a new stake in shares of Evolv Technologies in the second quarter worth about $30,000. Worth Financial Advisory Group LLC raised its position in shares of Evolv Technologies by 42.0% during the second quarter. Worth Financial Advisory Group LLC now owns 15,000 shares of the company’s stock worth $38,000 after purchasing an additional 4,435 shares during the period. Sequoia Financial Advisors LLC bought a new position in shares of Evolv Technologies during the 1st quarter valued at about $45,000. Finally, Principal Financial Group Inc. grew its position in shares of Evolv Technologies by 30.5% in the 2nd quarter. Principal Financial Group Inc. now owns 17,650 shares of the company’s stock valued at $45,000 after purchasing an additional 4,127 shares during the period. Institutional investors and hedge funds own 66.65% of the company’s stock.

About Evolv Technologies

Evolv Technologies Holdings, Inc provides artificial intelligence (AI)-based weapons detection for security screening in the United States and internationally. Its products include Evolv Express, a touchless security screening system designed to detect firearms, improvised explosive devices, and tactical knives; and Evolv Insights that provides self-serve access, insights regarding visitor flow and arrival curves, location specific performance, system detection performance, and alarm statistics.