EVE (NYSE:EVEX) Trading Down 8.6% After Earnings Miss

Key Points

• Earnings miss: Eve Holding shares dropped about 8.6% to $2.605 after the company reported EPS of ($0.20) versus the consensus ($0.15), with roughly 1.13 million shares trading on the session.
• Analyst outlook mixed: The consensus rating is a "Hold" with a $6.47 target after several firms cut price objectives to $6 while Canaccord reiterated a $7.50 buy; overall there are four Buy, two Hold and one Sell ratings.
• Company profile and metrics: Eve is an eVTOL urban air mobility developer with a market cap of about $903.8 million, a negative P/E (-3.77), debt/equity of 1.49 and strong liquidity ratios (current and quick ratio 3.29).

Eve Holding, Inc. (NYSE:EVEX - Get Free Report) was down 8.6% on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $2.64 and last traded at $2.6050. Approximately 1,125,227 shares were traded during trading, a decline of 8% from the average daily volume of 1,226,995 shares. The stock had previously closed at $2.85.

The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.05).

Analyst Ratings Changes

EVEX has been the subject of several recent analyst reports. Canaccord Genuity Group reissued a "buy" rating and set a $7.50 price objective on shares of EVE in a report on Wednesday, March 18th. Weiss Ratings reissued a "sell (e+)" rating on shares of EVE in a report on Friday, April 24th. JPMorgan Chase & Co. decreased their price objective on shares of EVE from $7.00 to $6.00 and set an "overweight" rating for the company in a report on Tuesday, March 24th. Finally, Cantor Fitzgerald decreased their price objective on shares of EVE from $7.00 to $6.00 and set an "overweight" rating for the company in a report on Wednesday, March 18th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $6.47.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in EVE by 117.6% during 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. BW Gestao de Investimentos Ltda. lifted its stake in shares of EVE by 49.7% in the 4th quarter. BW Gestao de Investimentos Ltda. now owns 3,686,140 shares of the company's stock worth $14,708,000 after acquiring an additional 1,223,719 shares during the period. Masters Capital Management LLC lifted its stake in shares of EVE by 52.5% in the 3rd quarter. Masters Capital Management LLC now owns 3,050,000 shares of the company's stock worth $11,620,000 after acquiring an additional 1,050,000 shares during the period. SPX Gestao de Recursos Ltda lifted its stake in shares of EVE by 383.1% in the 4th 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. Finally, United Airlines Holdings Inc. acquired a new stake in shares of EVE in the 4th quarter worth approximately $10,589,000. 1.27% of the stock is owned by institutional investors and hedge funds.

EVE Trading Down 8.9%

The business's 50 day moving average price is $2.78 and its two-hundred day moving average price is $3.69. The company has a market capitalization of $903.84 million, a price-to-earnings ratio of -3.77 and a beta of 1.04. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.29 and a current ratio of 3.29.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.