Canaccord Genuity Group Has Lowered Expectations for EVE (NYSE:EVEX) Stock Price

Key Points

• Canaccord Genuity Group has lowered the price target for EVE (NYSE:EVEX) from $7.00 to $6.75, while maintaining a "buy" rating, suggesting a potential upside of 64.63% from the stock's previous close.
• Recent stock performance saw EVE shares trading down $0.16 to $4.10, reflecting volatility with a 1-year range between $2.40 and $7.70.
• Overall, EVE has a consensus rating of "Moderate Buy" based on evaluations from multiple analysts, with a consensus price target of $6.58.

EVE (NYSE:EVEX - Get Free Report) had its price target cut by research analysts at Canaccord Genuity Group from $7.00 to $6.75 in a report issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price target would suggest a potential upside of 63.83% from the stock's previous close.

Several other research analysts have also weighed in on EVEX. BTIG Research reaffirmed a "neutral" rating on shares of EVE in a research report on Tuesday, August 12th. HC Wainwright boosted their target price on EVE from $6.00 to $8.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $5.00 target price on shares of EVE in a report on Monday, June 23rd. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $6.58.

EVE Stock Up 2.2%

EVE stock traded up $0.09 during midday trading on Wednesday, reaching $4.12. The stock had a trading volume of 875,140 shares, compared to its average volume of 391,525. The firm's fifty day simple moving average is $6.18 and its 200-day simple moving average is $4.81. EVE has a 1-year low of $2.55 and a 1-year high of $7.70. The stock has a market capitalization of $1.24 billion, a P/E ratio of -6.55 and a beta of 0.85. The company has a debt-to-equity ratio of 11.46, a quick ratio of 2.77 and a current ratio of 2.77.

EVE (NYSE:EVEX - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.06). As a group, analysts expect that EVE will post -0.5 EPS for the current fiscal year.

Institutional Trading of EVE

Several institutional investors have recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. bought a new stake in EVE in the 2nd quarter valued at $69,000. BNP Paribas Financial Markets boosted its stake in EVE by 144.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,276 shares of the company's stock valued at $36,000 after purchasing an additional 3,121 shares during the period. Bank of America Corp DE boosted its stake in EVE by 18.2% in the 2nd quarter. Bank of America Corp DE now owns 38,299 shares of the company's stock valued at $263,000 after purchasing an additional 5,908 shares during the period. Amundi bought a new stake in EVE in the 2nd quarter valued at $204,000. Finally, Marshall Wace LLP bought a new stake in shares of EVE during the 2nd quarter valued at $326,000. 1.27% of the stock is currently owned by institutional investors.

About EVE

Eve Holding, Inc is a special purpose acquisition company focused on the aviation sector. The company was founded on 7th August, 2020 and is headquartered in Melbourne, FL.