Evolv Technologies (NASDAQ:EVLV) Announces Earnings Results

Key Points

• Evolv Technologies reported earnings of ($0.25) per share, missing analysts' expectations and generating a revenue of $26.68 million, below the anticipated $30.95 million.
• The company's stock has seen upgrades from multiple firms, with Cantor Fitzgerald raising its price target from $7.00 to $9.00 and a consensus target price of $8.88 among analysts.
• Institutional investors own 66.65% of Evolv Technologies' stock, with notable increases in stakes from firms like CW Advisors and BNP Paribas Financial Markets during the recent quarter.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) posted its quarterly earnings results on Thursday. The company reported ($0.25) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.16), Zacks reports. Evolv Technologies had a negative return on equity of 72.11% and a negative net margin of 73.04%. The business had revenue of $26.68 million for the quarter, compared to analyst estimates of $30.95 million. Evolv Technologies updated its FY 2025 guidance to EPS.

Evolv Technologies Trading Up 5.2%

NASDAQ EVLV traded up $0.38 on Friday, hitting $7.75. 12,508,053 shares of the company were exchanged, compared to its average volume of 2,931,176. The firm has a 50 day moving average of $6.22 and a two-hundred day moving average of $4.71. The company has a market cap of $1.27 billion, a P/E ratio of -14.09 and a beta of 1.70. Evolv Technologies has a 1-year low of $2.04 and a 1-year high of $8.91.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on EVLV. Cantor Fitzgerald lifted their price target on shares of Evolv Technologies from $7.00 to $9.00 and gave the stock an "overweight" rating in a research note on Friday. Northland Capmk upgraded shares of Evolv Technologies from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 20th. Lake Street Capital upgraded shares of Evolv Technologies from a "hold" rating to a "buy" rating and boosted their target price for the company from $5.50 to $9.00 in a research note on Friday. TD Cowen restated a "buy" rating and issued a $10.00 target price on shares of Evolv Technologies in a research note on Friday. Finally, Wall Street Zen upgraded shares of Evolv Technologies from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $8.88.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CW Advisors LLC lifted its position in Evolv Technologies by 19.0% during the 2nd quarter. CW Advisors LLC now owns 12,614 shares of the company's stock worth $79,000 after buying an additional 2,014 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Evolv Technologies by 38.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 12,985 shares of the company's stock worth $81,000 after buying an additional 3,596 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Evolv Technologies by 6.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 79,928 shares of the company's stock worth $249,000 after purchasing an additional 5,050 shares during the last quarter. Prudential Financial Inc. bought a new stake in Evolv Technologies during the 2nd quarter worth about $94,000. Finally, Tower Research Capital LLC TRC raised its holdings in Evolv Technologies by 300.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 20,577 shares of the company's stock worth $128,000 after purchasing an additional 15,434 shares during the last quarter. Institutional investors and hedge funds own 66.65% of the company's stock.

About Evolv Technologies

Evolv Technologies Holdings, Inc provides artificial intelligence (AI)-based weapons detection for security screening in the United States and internationally. Its products include Evolv Express, a touchless security screening system designed to detect firearms, improvised explosive devices, and tactical knives; and Evolv Insights that provides self-serve access, insights regarding visitor flow and arrival curves, location specific performance, system detection performance, and alarm statistics.

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