EVE (NYSE:EVEX) Price Target Cut to $6.00 by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase cut its price target on EVE from $7.00 to $6.00 while maintaining an "overweight" rating, which implies a potential upside of about 141.45% from the current share price.
• Analysts' consensus is a "Hold" with an average price target of $6.47, based on four Buy, two Hold and one Sell ratings.
• EVE shares trade around $2.49 with a market cap near $865.5M; the company reported an EPS miss for the quarter (−$0.18 vs. −$0.14) and remains unprofitable.

EVE (NYSE:EVEX - Get Free Report) had its price objective lowered by equities research analysts at JPMorgan Chase & Co. from $7.00 to $6.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 141.45% from the company's current price.

A number of other equities research analysts have also commented on the company. Cantor Fitzgerald dropped their target price on EVE from $7.00 to $6.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 18th. The Goldman Sachs Group assumed coverage on shares of EVE in a research note on Monday, December 1st. They set a "neutral" rating and a $4.84 price objective for the company. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and issued a $7.50 price objective on shares of EVE in a report on Wednesday, March 18th. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $6.47.

EVE Stock Performance

Shares of NYSE EVEX traded down $0.01 during mid-day trading on Tuesday, hitting $2.49. The stock had a trading volume of 538,701 shares, compared to its average volume of 1,159,526. The firm has a market cap of $865.54 million, a PE ratio of -3.60 and a beta of 0.88. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.29 and a current ratio of 3.29. The company has a 50 day moving average of $3.39 and a two-hundred day moving average of $3.97. EVE has a twelve month low of $2.34 and a twelve month high of $7.70.

EVE (NYSE:EVEX - Get Free Report) last issued its quarterly earnings results on Monday, March 16th. The company reported ($0.18) EPS for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.04). Research analysts predict that EVE will post -0.5 EPS for the current fiscal year.

Institutional Investors Weigh In On EVE

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of EVE by 117.6% in the 3rd quarter. Vanguard Group Inc. now owns 5,226,742 shares of the company's stock valued at $19,914,000 after purchasing an additional 2,824,536 shares during the period. United Airlines Holdings Inc. acquired a new stake in EVE during the fourth quarter valued at $10,589,000. Cooper Creek Partners Management LLC purchased a new position in EVE in the third quarter valued at $9,608,000. BW Gestao de Investimentos Ltda. purchased a new position in EVE in the third quarter valued at $9,382,000. Finally, SPX Gestao de Recursos Ltda raised its position in shares of EVE by 383.1% in the fourth quarter. SPX Gestao de Recursos Ltda now owns 2,845,692 shares of the company's stock worth $11,354,000 after acquiring an additional 2,256,701 shares during the period. Hedge funds and other institutional investors own 1.27% of the company's stock.

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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