Evolv Technologies (NASDAQ:EVLV) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

Key Points

• Cantor Fitzgerald raised its price target for Evolv Technologies from $7.00 to $9.00, indicating a potential upside of 22.12% from the current stock price.
• Other analysts have upgraded Evolv Technologies' stock, with Lake Street Capital also setting a $9.00 price target, contributing to an average consensus price target of $8.88.
• Evolv Technologies reported a disappointing earnings result, missing the expected EPS by ($0.16) and revealing a revenue of $26.68 million, below estimates of $30.95 million.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) had its price target boosted by investment analysts at Cantor Fitzgerald from $7.00 to $9.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Cantor Fitzgerald's price objective points to a potential upside of 16.13% from the stock's current price.

Other analysts have also recently issued reports about the stock. TD Cowen restated a "buy" rating and set a $10.00 price target on shares of Evolv Technologies in a report on Friday. Northland Securities upgraded shares of Evolv Technologies from a "market perform" rating to an "outperform" rating and set a $7.50 price target for the company in a report on Wednesday, May 21st. Northland Capmk upgraded shares of Evolv Technologies from a "hold" rating to a "strong-buy" rating in a 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, Lake Street Capital upgraded shares of Evolv Technologies from a "hold" rating to a "buy" rating and raised their price target for the stock from $5.50 to $9.00 in a report on Friday. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $8.88.

Evolv Technologies Stock Up 5.2%

Shares of Evolv Technologies stock traded up $0.38 during trading on Friday, hitting $7.75. The stock had a trading volume of 12,508,053 shares, compared to its average volume of 3,447,171. The stock has a 50 day simple moving average of $6.22 and a 200 day simple moving average of $4.72. The company has a market capitalization of $1.27 billion, a PE 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.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last released its earnings results on Thursday, August 14th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.16). The firm had revenue of $26.68 million during the quarter, compared to analysts' expectations of $30.95 million. Evolv Technologies had a negative return on equity of 72.11% and a negative net margin of 73.04%. As a group, equities analysts expect that Evolv Technologies will post -0.27 earnings per share for the current fiscal year.

Institutional Trading of Evolv Technologies

Institutional investors have recently added to or reduced their stakes in the business. CW Advisors LLC acquired a new stake in Evolv Technologies in the first quarter valued at approximately $33,000. B. Riley Wealth Advisors Inc. bought a new position in shares of Evolv Technologies in the fourth quarter valued at approximately $40,000. Teacher Retirement System of Texas bought a new position in shares of Evolv Technologies in the first quarter valued at approximately $50,000. PDT Partners LLC bought a new position in shares of Evolv Technologies in the first quarter valued at approximately $57,000. Finally, SouthState Corp raised its position in shares of Evolv Technologies by 420.1% in the first quarter. SouthState Corp now owns 18,571 shares of the company's stock valued at $58,000 after purchasing an additional 15,000 shares during the period. 66.65% of the stock is currently owned by institutional investors and hedge funds.

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.