EVE (NYSE:EVEX) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded EVE from “strong sell” to “sell,” while analyst sentiment remains mixed. MarketBeat reports a consensus “Moderate Buy” rating and an average price target of $5.93.
• EVE shares opened at $2.21, compared with a 12-month range of $1.99 to $5.16. The company reported a quarterly loss of $0.10 per share, beating estimates for a $0.18 loss.
• Several hedge funds initiated or increased positions in EVE during the second quarter, but institutional ownership remains limited at 1.27%. EVE develops electric vertical takeoff and landing aircraft and related urban air-mobility services.

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

Several other research firms have also weighed in on EVEX. Weiss Ratings reiterated a "sell (e+)" rating on shares of EVE in a report on Tuesday, July 21st. D. Boral Capital initiated coverage on EVE in a research note on Friday, August 21st. They set a "buy" rating and a $6.00 price objective on the stock. JPMorgan Chase & Co. lifted their target price on EVE from $6.00 to $6.50 and gave the stock an "overweight" rating in a report on Wednesday, August 12th. Finally, Jefferies Financial Group set a $5.00 price target on EVE in a report on Wednesday, August 5th. 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 MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $5.93.

EVE Stock Performance

EVEX stock opened at $2.21 on Friday. EVE has a twelve month low of $1.99 and a twelve month high of $5.16. 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 company has a market cap of $768.42 million, a P/E ratio of -3.56 and a beta of 1.14. The business's fifty day moving average is $2.39 and its 200-day moving average is $2.64.

EVE (NYSE:EVEX - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.10) EPS for the quarter, beating analysts' consensus estimates of ($0.18) by $0.08. Equities research analysts forecast that EVE will post -0.69 EPS for the current year.

Hedge Funds Weigh In On EVE

Several hedge funds have recently made changes to their positions in the business. Sequoia Financial Advisors LLC bought a new stake in shares of EVE in the second quarter worth $25,000. Arizona State Retirement System increased its stake in EVE by 37.7% in the 2nd quarter. Arizona State Retirement System now owns 26,430 shares of the company's stock valued at $66,000 after buying an additional 7,235 shares during the last quarter. Corient Private Wealth LP acquired a new stake in EVE in the 2nd quarter valued at $28,000. Susquehanna Fundamental Investments LLC bought a new stake in EVE during the 2nd quarter worth about $354,000. Finally, SPX Gestao de Recursos Ltda bought a new stake in EVE during the 2nd quarter worth about $1,041,000. 1.27% of the stock is owned by institutional investors.

EVE Company Profile

Eve Air Mobility, Inc develops electric vertical takeoff and landing (eVTOL) aircraft and related solutions for the emerging urban air mobility market. The company is focused on enabling short-distance passenger and cargo transportation with electrically powered aircraft designed to operate from urban and regional vertiports.

In addition to its eVTOL aircraft, Eve is developing an ecosystem of services and technologies to support commercial operations. These include flight operations and fleet-management tools, maintenance and support services, and its Vector software platform, which is designed to help manage urban air mobility networks.

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