Evolv Technologies (NASDAQ:EVLV) Upgraded 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 research report issued to clients and investors on Friday, MarketBeat.com reports. The brokerage presently has a $9.00 target price on the stock, up from their prior target price of $5.50. Lake Street Capital's price objective would suggest a potential upside of 14.00% from the stock's current price.

A number of other analysts have also recently commented on EVLV. Wall Street Zen upgraded Evolv Technologies from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Cantor Fitzgerald raised Evolv Technologies to a "strong-buy" rating in a research report on Wednesday, May 21st. Northland Securities raised shares of Evolv Technologies from a "market perform" rating to an "outperform" rating and set a $7.50 price target on the stock in a research report on Wednesday, May 21st. Northland Capmk raised Evolv Technologies from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 20th. Finally, TD Cowen reaffirmed a "buy" rating and set a $10.00 target price on shares of Evolv Technologies in a research report on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $8.88.

Evolv Technologies Stock Performance

EVLV traded up $0.0150 during trading on Friday, hitting $7.8950. The stock had a trading volume of 1,184,557 shares, compared to its average volume of 2,399,381. The firm has a market capitalization of $1.36 billion, a P/E ratio of -14.37 and a beta of 1.70. Evolv Technologies has a twelve month low of $2.04 and a twelve month high of $8.91. The company's 50-day moving average price is $6.32 and its 200 day moving average price is $4.77.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last issued 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). Evolv Technologies had a negative net margin of 73.04% and a negative return on equity of 76.80%. The firm had revenue of $26.68 million during the quarter, compared to analysts' expectations of $30.95 million. Evolv Technologies has set its FY 2025 guidance at EPS. As a group, equities analysts expect that Evolv Technologies will post -0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Evolv Technologies

Hedge funds have recently bought and sold shares of the business. CW Advisors LLC bought a new stake in shares of Evolv Technologies during the 1st quarter worth $33,000. B. Riley Wealth Advisors Inc. bought a new position in Evolv Technologies during the 4th quarter valued at about $40,000. Teacher Retirement System of Texas acquired a new position in Evolv Technologies in the first quarter worth $50,000. PDT Partners LLC bought a new stake in shares of Evolv Technologies during the first quarter valued at approximately $57,000. Finally, SouthState Corp increased its position in Evolv Technologies by 420.1% in the first quarter. SouthState Corp now owns 18,571 shares of the company's stock worth $58,000 after purchasing an additional 15,000 shares during the period. 66.65% of the stock is 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.