EVE (NYSE:EVEX) Downgraded by Wall Street Zen to Strong Sell

Key Points

• Wall Street Zen downgraded EVE from “sell” to “strong sell,” despite the broader analyst consensus remaining “Moderate Buy” with a $5.93 price target.
• EVE shares opened at $2.23, near their 12-month low of $2.10 and below both their 50-day and 200-day moving averages. The company reported a quarterly loss of $0.10 per share, though this beat analysts’ estimate of a $0.18 loss.
• Institutional ownership remains limited at 1.27%, although several funds increased their positions, including AQR Capital Management, which expanded its holdings by 167.8%.

EVE (NYSE:EVEX - Get Free Report) was downgraded by Wall Street Zen from a "sell" rating to a "strong sell" rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other equities research analysts have also recently weighed in on EVEX. JPMorgan Chase & Co. lifted their price objective on EVE from $6.00 to $6.50 and gave the company an "overweight" rating in a research note on Wednesday, August 12th. Weiss Ratings restated a "sell (e+)" rating on shares of EVE in a research note on Tuesday, July 21st. Jefferies Financial Group set a $5.00 price objective on EVE in a report on Wednesday, August 5th. Finally, D. Boral Capital initiated coverage on shares of EVE in a research report on Friday, August 21st. They issued a "buy" rating and a $6.00 price target for the company. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, EVE presently has a consensus rating of "Moderate Buy" and a consensus price target of $5.93.

EVE Price Performance

Shares of EVEX stock opened at $2.23 on Friday. The company has a debt-to-equity ratio of 13.65, a current ratio of 3.48 and a quick ratio of 3.48. The company has a market capitalization of $777.13 million, a PE ratio of -3.60 and a beta of 1.14. The firm's 50-day moving average is $2.49 and its two-hundred day moving average is $2.74. EVE has a 12 month low of $2.10 and a 12 month high of $5.16.

EVE (NYSE:EVEX - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.08. Analysts predict that EVE will post -0.69 earnings per share for the current year.

Institutional Investors Weigh In On EVE

Several institutional investors have recently made changes to their positions in EVEX. AQR Capital Management LLC grew its holdings in EVE by 167.8% in the first quarter. AQR Capital Management LLC now owns 52,456 shares of the company's stock valued at $174,000 after purchasing an additional 32,868 shares during the last quarter. Strs Ohio acquired a new position in shares of EVE during the 1st quarter worth $75,000. Rhumbline Advisers raised its stake in shares of EVE by 25.5% during the 1st quarter. Rhumbline Advisers now owns 35,223 shares of the company's stock worth $117,000 after buying an additional 7,154 shares during the last quarter. Legal & General Group Plc boosted its position in shares of EVE by 5.2% in the 2nd quarter. Legal & General Group Plc now owns 165,336 shares of the company's stock worth $1,134,000 after buying an additional 8,108 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of EVE in the 2nd quarter worth about $326,000. 1.27% of the stock is currently owned by hedge funds and other institutional investors.

About EVE

Eve Holding, Inc NYSE: EVEX is the publicly traded parent of Eve Air Mobility, a company dedicated to developing sustainable urban air mobility solutions. Through its engineering and design capabilities, Eve focuses on creating electric vertical takeoff and landing (eVTOL) aircraft tailored for short-haul passenger and cargo transport in densely populated areas.

The company’s flagship offering is an eVTOL aircraft designed to deliver clean, quiet and efficient point-to-point service, backed by an integrated digital platform for air traffic management.

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