EVE (NYSE:EVEX) Trading Down 13.3% After Earnings Miss

Key Points

• Eve Holding, Inc. (NYSE: EVEX) shares dropped 13.3% after announcing weaker-than-expected quarterly earnings, with a loss of ($0.21) per share against the expected ($0.15).
• Despite the earnings miss, analysts from HC Wainwright raised their price target to $8.00, while Cantor Fitzgerald maintained a price objective of $5.00.
• Institutional investors showed increased interest in EVE, with Summit Investment Advisors significantly boosting their stake by 257.5% in the fourth quarter.

Shares of Eve Holding, Inc. (NYSE:EVEX - Get Free Report) fell 13.3% during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $5.80 and last traded at $5.81. 118,545 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 297,803 shares. The stock had previously closed at $6.70.

The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.06).

Wall Street Analyst Weigh In

A number of analysts recently issued reports on EVEX shares. HC Wainwright boosted their price target on EVE from $6.00 to $8.00 and gave the company a "buy" rating in a report on Monday, June 9th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $5.00 price objective on shares of EVE in a report on Monday, June 23rd.

Institutional Trading of EVE

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

EVE Stock Performance

The company's 50-day simple moving average is $6.27 and its 200-day simple moving average is $4.79. The stock has a market cap of $1.76 billion, a price-to-earnings ratio of -10.75 and a beta of 0.85. The company has a quick ratio of 3.60, a current ratio of 3.60 and a debt-to-equity ratio of 1.87.

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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