EVE (NYSE:EVEX) Rating Lowered to "Strong Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded EVE from “sell” to “strong sell,” despite the broader analyst consensus remaining “Moderate Buy” with an average price target of $5.93.
• EVE shares opened at $1.75, near their 12-month low of $1.73 and well below their 50-day and 200-day moving averages of $2.34 and $2.60, respectively.
• The company beat quarterly earnings expectations, reporting a loss of $0.10 per share versus the $0.18 consensus loss; analysts nonetheless expect a full-year loss of $0.69 per share.

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

EVEX has been the topic of a number of other reports. Jefferies Financial Group set a $5.00 price target on EVE in a research note on Wednesday, August 5th. JPMorgan Chase & Co. raised 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. D. Boral Capital started coverage on EVE in a research report on Friday, August 21st. They set a "buy" rating and a $6.00 target price on the stock. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of EVE in a report on Tuesday, July 21st. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $5.93.

EVE Stock Down 2.5%

Shares of NYSE EVEX opened at $1.75 on Friday. The company has a quick ratio of 3.48, a current ratio of 3.48 and a debt-to-equity ratio of 13.65. The firm has a market cap of $608.12 million, a PE ratio of -2.81 and a beta of 1.19. The company's fifty day simple moving average is $2.34 and its 200 day simple moving average is $2.60. EVE has a 12-month low of $1.73 and a 12-month high of $5.16.

EVE (NYSE:EVEX - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.08. As a group, sell-side analysts forecast that EVE will post -0.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On EVE

Hedge funds have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC purchased a new stake in shares of EVE in the second quarter worth approximately $25,000. Corient Private Wealth LP purchased a new position in shares of EVE during the second quarter valued at approximately $28,000. Themes Management Co LLC purchased a new position in shares of EVE during the first quarter valued at approximately $30,000. Pallas Capital Advisors LLC bought a new stake in EVE during the second quarter worth $30,000. Finally, R Squared Ltd bought a new stake in EVE during the first quarter worth $30,000. Institutional investors and hedge funds own 1.27% of the company's stock.

EVE Company Profile

Eve Holding, Inc, doing business through its subsidiary Eve Air Mobility, develops electric vertical takeoff and landing (eVTOL) aircraft and related solutions for urban air mobility. Its aircraft are designed to support short, low-emission passenger flights, including air-taxi services, airport transfers and other point-to-point transportation applications.

In addition to its eVTOL aircraft, Eve is developing an urban air traffic management software platform intended to help coordinate and manage advanced air mobility operations.

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