EVE (NYSE:EVEX) Trading 14.7% Higher - Should You Buy?

Key Points

• Shares jumped 14.7% intraday to $3.0850 on Wednesday with about 708,206 shares traded, though that volume was roughly 43% below the stock's average daily volume.
• Analyst coverage is mixed: the consensus rating is "Hold" with a consensus target of $6.42, while four analysts rate the stock Buy, two Hold and one Sell and recent price targets range from $6.00 to $7.25.
• Fundamentals show weakness—EVE reported an earnings miss (EPS -$0.20 vs. -$0.15 expected), has a market cap of $1.12 billion and a negative P/E (-4.66)—and the company is focused on developing eVTOL urban air mobility solutions.

Eve Holding, Inc. (NYSE:EVEX - Get Free Report) rose 14.7% during mid-day trading on Wednesday . The company traded as high as $3.04 and last traded at $3.0850. Approximately 708,206 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 1,232,829 shares. The stock had previously closed at $2.69.

Analysts Set New Price Targets

Several research analysts have commented on the company. Canaccord Genuity Group set a $7.25 price target on EVE in a research report on Wednesday. Weiss Ratings reissued a "sell (e+)" rating on shares of EVE in a report on Friday, April 24th. Cantor Fitzgerald cut their target price on shares of EVE from $7.00 to $6.00 and set an "overweight" rating on the stock in a report on Wednesday, March 18th. Finally, JPMorgan Chase & Co. reduced their price target on shares of EVE from $7.00 to $6.00 and set an "overweight" rating for the company in a research report on Tuesday, March 24th. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $6.42.

EVE Price Performance

The company has a 50-day moving average of $2.77 and a 200-day moving average of $3.67. 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 stock has a market cap of $1.12 billion, a price-to-earnings ratio of -4.66 and a beta of 1.04.

EVE (NYSE:EVEX - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.20) earnings per share for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.05). As a group, equities research analysts predict that Eve Holding, Inc. will post -0.66 earnings per share for the current year.

Hedge Funds Weigh In On EVE

Institutional investors have recently bought and sold shares of the company. 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 worth $19,914,000 after acquiring an additional 2,824,536 shares during the period. United Airlines Holdings Inc. purchased a new position in EVE during the fourth quarter worth about $10,589,000. Cooper Creek Partners Management LLC acquired a new stake in EVE in the third quarter valued at about $9,608,000. BW Gestao de Investimentos Ltda. acquired a new stake in EVE in the third quarter valued at about $9,382,000. Finally, SPX Gestao de Recursos Ltda boosted its holdings in EVE by 383.1% in the 4th quarter. SPX Gestao de Recursos Ltda now owns 2,845,692 shares of the company's stock valued at $11,354,000 after purchasing an additional 2,256,701 shares in the last quarter. 1.27% of the stock is owned by institutional investors and hedge funds.

EVE Company Profile

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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