Evolv Technologies (NASDAQ:EVLV) Raised to Buy at Lake Street Capital

Key Points

• Evolv Technologies has been upgraded to a "buy" rating by Lake Street Capital with a target price of $9.00, indicating a possible 22.12% upside from the previous close.
• Analysts have varying ratings for Evolv, with three issuing a "buy" and two a "strong buy," leading to a consensus rating of "Buy" and an average price target of $8.83.
• Despite the positive analyst ratings, Evolv reported a negative earnings per share of ($0.25) for the latest quarter, falling short of expectations.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) was upgraded by Lake Street Capital from a "hold" rating to a "buy" rating in a report released on Friday, MarketBeat.com reports. The brokerage presently has a $9.00 price objective on the stock. Lake Street Capital's price target would suggest a potential upside of 22.12% from the company's previous close.

Several other analysts have also recently issued reports on the company. TD Cowen reissued a "buy" rating and issued a $10.00 target price on shares of Evolv Technologies in a research note on Friday. Cantor Fitzgerald upgraded Evolv Technologies to a "strong-buy" rating in a research report on Wednesday, May 21st. Northland Securities upgraded Evolv Technologies from a "market perform" rating to an "outperform" rating and set a $7.50 target price for the company in a report on Wednesday, May 21st. Wall Street Zen raised Evolv Technologies from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Northland Capmk upgraded shares of Evolv Technologies from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 20th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $8.83.

Evolv Technologies Stock Performance

Shares of EVLV stock opened at $7.37 on Friday. The company has a market capitalization of $1.21 billion, a P/E ratio of -26.32 and a beta of 1.70. Evolv Technologies has a fifty-two week low of $2.04 and a fifty-two week high of $7.57. The stock has a 50 day moving average price of $6.18 and a two-hundred day moving average price of $4.68.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last issued its earnings results on Thursday, August 14th. The company reported ($0.25) EPS 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 34.13% and a negative net margin of 38.97%. As a group, equities analysts predict that Evolv Technologies will post -0.27 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in Evolv Technologies by 2,428.1% in the fourth quarter. JPMorgan Chase & Co. now owns 1,527,979 shares of the company's stock worth $6,036,000 after purchasing an additional 1,467,538 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Evolv Technologies by 21.1% during the 4th quarter. Franklin Resources Inc. now owns 74,295 shares of the company's stock valued at $293,000 after buying an additional 12,929 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Evolv Technologies by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 2,856,173 shares of the company's stock worth $11,284,000 after buying an additional 35,426 shares during the period. Wells Fargo & Company MN increased its stake in shares of Evolv Technologies by 43.7% in the 4th quarter. Wells Fargo & Company MN now owns 89,767 shares of the company's stock worth $355,000 after acquiring an additional 27,299 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in Evolv Technologies by 21.8% during the 4th quarter. Legal & General Group Plc now owns 125,398 shares of the company's stock valued at $495,000 after acquiring an additional 22,442 shares during the period. Hedge funds and other institutional investors own 66.65% of the company's stock.

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.

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