Insider Selling: Evolv Technologies (NASDAQ:EVLV) Major Shareholder Sells $6,365,135.20 in Stock

Key Points

• Major shareholder Gates Frontier, LLC sold 776,236 shares of Evolv Technologies at an average price of $8.20, reducing their ownership by 4.32%.
• Evolv Technologies reported a Q2 earnings loss of ($0.25) per share, missing analyst expectations, with revenues of $26.68 million compared to estimates of $30.95 million.
• EVLV stock increased by 9.8% on Friday, reaching $8.76, with a current market cap of $1.51 billion and an average rating of "Moderate Buy" from analysts.

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report) major shareholder Gates Frontier, Llc sold 776,236 shares of the business's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $8.20, for a total value of $6,365,135.20. Following the sale, the insider owned 17,189,096 shares in the company, valued at approximately $140,950,587.20. The trade was a 4.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Large shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

Gates Frontier, Llc also recently made the following trade(s):

• On Wednesday, September 10th, Gates Frontier, Llc sold 694,464 shares of Evolv Technologies stock. The stock was sold at an average price of $8.03, for a total transaction of $5,576,545.92.

Evolv Technologies Stock Down 2.6%

Shares of EVLV stock traded down $0.22 during trading hours on Wednesday, reaching $8.15. 4,817,801 shares of the stock traded hands, compared to its average volume of 2,940,693. The firm has a market capitalization of $1.40 billion, a PE ratio of -14.82 and a beta of 1.71. Evolv Technologies Holdings, Inc. has a 1-year low of $2.04 and a 1-year high of $8.91. The business has a fifty day moving average price of $7.35 and a 200 day moving average price of $5.39.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last announced its earnings results on Thursday, August 14th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.16). The firm had revenue of $26.68 million for the quarter, compared to analyst estimates of $30.95 million. Evolv Technologies had a negative net margin of 73.04% and a negative return on equity of 76.80%. Evolv Technologies has set its FY 2025 guidance at EPS. Research analysts expect that Evolv Technologies Holdings, Inc. will post -0.27 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Zacks Research cut Evolv Technologies from a "hold" rating to a "strong sell" rating in a research note on Wednesday, August 27th. Cantor Fitzgerald boosted their price objective on shares of Evolv Technologies from $7.00 to $9.00 and gave the company an "overweight" rating in a research report on Friday, August 15th. Northland Capmk upgraded shares of Evolv Technologies from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 20th. Wall Street Zen upgraded shares of Evolv Technologies from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, TD Cowen reaffirmed a "buy" rating and issued a $10.00 price target on shares of Evolv Technologies in a research note on Friday, August 15th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $8.88.

Hedge Funds Weigh In On Evolv Technologies

Institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP acquired a new stake in shares of Evolv Technologies in the fourth quarter worth $899,000. Price T Rowe Associates Inc. MD increased its position in shares of Evolv Technologies by 25.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 53,225 shares of the company's stock valued at $211,000 after purchasing an additional 10,748 shares during the period. Northern Trust Corp lifted its position in Evolv Technologies by 6.3% during the 4th quarter. Northern Trust Corp now owns 1,136,210 shares of the company's stock valued at $4,488,000 after purchasing an additional 67,146 shares during the period. Ameriprise Financial Inc. bought a new position in shares of Evolv Technologies in the 4th quarter valued at about $74,000. Finally, BNP Paribas Financial Markets acquired a new stake in shares of Evolv Technologies during the 4th quarter worth approximately $75,000. 66.65% of the stock is currently owned by institutional investors.

Evolv Technologies Company Profile

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.