Canaccord Genuity Group Lowers EVE (NYSE:EVEX) Price Target to $6.75

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 dropped by analysts at Canaccord Genuity Group from $7.00 to $6.75 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's target price would suggest a potential upside of 64.63% from the stock's previous close.

EVEX has been the topic of several other reports. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $5.00 target price on shares of EVE in a research report on Monday, June 23rd. BTIG Research reaffirmed a "neutral" rating on shares of EVE in a report on Tuesday, August 12th. Finally, HC Wainwright lifted their price objective on shares of EVE from $6.00 to $8.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, EVE presently has a consensus rating of "Moderate Buy" and a consensus price target of $6.58.

EVE Stock Performance

Shares of NYSE EVEX traded down $0.16 during midday trading on Wednesday, hitting $4.10. The company's stock had a trading volume of 122,603 shares, compared to its average volume of 367,402. 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 has a 1-year low of $2.40 and a 1-year high of $7.70. The firm's fifty day moving average price is $6.26 and its 200-day moving average price is $4.82. The firm has a market cap of $1.23 billion, a P/E ratio of -6.50 and a beta of 0.85.

EVE (NYSE:EVEX - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.21) EPS for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.06). On average, sell-side analysts forecast that EVE will post -0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On EVE

Several hedge funds have recently modified their holdings of the company. Summit Investment Advisors Inc. lifted its holdings in shares of EVE by 257.5% in the fourth quarter. Summit Investment Advisors Inc. now owns 5,345 shares of the company's stock valued at $29,000 after buying an additional 3,850 shares during the period. Legal & General Group Plc boosted its position in shares of EVE by 118.0% during the 4th quarter. Legal & General Group Plc now owns 5,545 shares of the company's stock valued at $30,000 after purchasing an additional 3,001 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in shares of EVE in the 4th quarter worth approximately $34,000. KLP Kapitalforvaltning AS bought a new stake in shares of EVE in the 1st quarter worth approximately $39,000. Finally, Arizona State Retirement System acquired a new stake in EVE during the first quarter valued at approximately $57,000. 1.27% of the stock is currently owned by institutional investors and hedge funds.

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.

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