Evolv Technologies (NASDAQ:EVLV) Reaches New 12-Month High - Should You Buy?

Key Points

• Evolv Technologies (NASDAQ:EVLV) shares reached a new 52-week high of $7.45, with analysts projecting a consensus price target of $6.50 following a recent string of upgrades.
• The company reported quarterly earnings of $0.01 EPS, exceeding expectations and showing a revenue of $32.01 million, which was significantly above the consensus estimate.
• Institutional investors own 66.65% of Evolv Technologies, with notable stakes purchased by firms like SCS Capital Management and JPMorgan Chase & Co.

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report) shares hit a new 52-week high on Monday . The stock traded as high as $7.45 and last traded at $7.30, with a volume of 420374 shares traded. The stock had previously closed at $7.29.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on EVLV shares. Cantor Fitzgerald raised Evolv Technologies to a "strong-buy" rating in a research note on Wednesday, May 21st. Northland Securities upgraded Evolv Technologies from a "market perform" rating to an "outperform" rating and set a $7.50 price target for the company in a research report on Wednesday, May 21st. Lake Street Capital boosted their price target on Evolv Technologies from $4.00 to $5.50 and gave the company a "hold" rating in a research report on Wednesday, May 21st. Wall Street Zen raised shares of Evolv Technologies from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Northland Capmk raised shares of Evolv Technologies from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $6.50.

Evolv Technologies Trading Down 0.2%

The firm has a market cap of $1.19 billion, a P/E ratio of -25.98 and a beta of 1.70. The stock's fifty day moving average is $6.01 and its two-hundred day moving average is $4.60.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last posted its quarterly earnings data on Tuesday, May 20th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.07. Evolv Technologies had a negative return on equity of 34.13% and a negative net margin of 38.97%. The firm had revenue of $32.01 million for the quarter, compared to the consensus estimate of $26.40 million. On average, analysts forecast that Evolv Technologies Holdings, Inc. will post -0.27 EPS for the current year.

Hedge Funds Weigh In On Evolv Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of EVLV. SCS Capital Management LLC purchased a new stake in shares of Evolv Technologies in the first quarter worth approximately $15,061,000. Marshall Wace LLP lifted its position in Evolv Technologies by 317.1% in the 4th quarter. Marshall Wace LLP now owns 3,275,025 shares of the company's stock valued at $12,936,000 after acquiring an additional 2,489,825 shares in the last quarter. JPMorgan Chase & Co. raised 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 valued at $6,036,000 after buying an additional 1,467,538 shares during the period. Vanguard Group Inc. increased its holdings in shares of Evolv Technologies by 5.3% during the first quarter. Vanguard Group Inc. now owns 9,402,716 shares of the company's stock worth $29,336,000 after purchasing an additional 477,124 shares during the period. Finally, Josh Arnold Investment Consultant LLC bought a new stake in Evolv Technologies during the 1st quarter worth $1,248,000. 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.

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