Evolv Technologies (NASDAQ:EVLV) Reaches New 12-Month High - What's Next?

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)'s stock price hit a new 52-week high during mid-day trading on Monday . The company 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.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on EVLV shares. Northland Securities upgraded shares of Evolv Technologies from a "market perform" rating to an "outperform" rating and set a $7.50 price objective for the company in a report on Wednesday, May 21st. Lake Street Capital raised shares of Evolv Technologies from a "hold" rating to a "buy" rating and boosted their target price for the stock from $5.50 to $9.00 in a research report on Friday. Northland Capmk raised shares of Evolv Technologies from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 20th. TD Cowen reissued a "buy" rating and set a $10.00 target price on shares of Evolv Technologies in a research report on Friday. Finally, Cantor Fitzgerald boosted their target price on shares of Evolv Technologies from $7.00 to $9.00 and gave the stock an "overweight" rating in a research report on Friday. One 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 stock. According to MarketBeat, Evolv Technologies has an average rating of "Buy" and a consensus price target of $8.88.

Evolv Technologies Price Performance

The firm has a market cap of $1.27 billion, a P/E ratio of -14.09 and a beta of 1.70. The stock's 50 day moving average is $6.22 and its two-hundred day moving average is $4.71.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to the consensus estimate 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, research analysts forecast that Evolv Technologies Holdings, Inc. will post -0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Evolv Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the company. CW Advisors LLC acquired a new stake in shares of Evolv Technologies during the first quarter worth $33,000. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Evolv Technologies during the fourth quarter worth $40,000. Teacher Retirement System of Texas acquired a new stake in shares of Evolv Technologies during the first quarter worth $50,000. PDT Partners LLC acquired a new stake in shares of Evolv Technologies during the first quarter worth $57,000. Finally, SouthState Corp raised its holdings in shares of Evolv Technologies by 420.1% during the first quarter. SouthState Corp now owns 18,571 shares of the company's stock worth $58,000 after acquiring an additional 15,000 shares during the period. 66.65% of the stock is owned by institutional investors.

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.