Evolv Technologies (NASDAQ:EVLV) Sees Strong Trading Volume - Here's Why

Key Points

• Evolv Technologies experienced a significant increase in trading volume, with approximately 4.9 million shares traded, a 96% spike from the previous session.
• Analysts have recently upgraded their ratings on Evolv, with Northland Securities increasing its recommendation to "outperform" and setting a price target of $7.50.
• The company's latest earnings report showed a miss on EPS estimates, reporting ($0.25) per share against expectations of ($0.09), with revenues falling short of consensus estimates as well.

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report) saw unusually-strong trading volume on Thursday . Approximately 4,919,923 shares traded hands during mid-day trading, an increase of 96% from the previous session's volume of 2,504,847 shares.The stock last traded at $8.15 and had previously closed at $8.16.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on EVLV shares. Lake Street Capital upgraded Evolv Technologies from a "hold" rating to a "buy" rating and lifted their price target for the company from $5.50 to $9.00 in a research report on Friday, August 15th. Zacks Research cut Evolv Technologies from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 27th. Cantor Fitzgerald lifted their price target on Evolv Technologies from $7.00 to $9.00 and gave the company an "overweight" rating in a research report on Friday, August 15th. Finally, TD Cowen reiterated a "buy" rating and issued a $10.00 price target 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, four have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $8.88.

Evolv Technologies Stock Performance

The business has a 50 day moving average price of $7.44 and a two-hundred day moving average price of $5.49. The company has a market cap of $1.45 billion, a P/E ratio of -15.35 and a beta of 1.71.

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 analysts' consensus estimates 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 company had revenue of $26.68 million during the quarter, compared to the consensus estimate of $30.95 million. Evolv Technologies has set its FY 2025 guidance at EPS. As a group, research analysts expect that Evolv Technologies Holdings, Inc. will post -0.27 EPS for the current year.

Insider Buying and Selling

In other Evolv Technologies news, major shareholder Gates Frontier, Llc sold 776,236 shares of the company's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $8.20, for a total transaction of $6,365,135.20. Following the completion of the transaction, the insider owned 17,189,096 shares of the company's stock, valued at $140,950,587.20. This represents a 4.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 11.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. CW Advisors LLC raised its holdings in Evolv Technologies by 19.0% in the 2nd quarter. CW Advisors LLC now owns 12,614 shares of the company's stock worth $79,000 after purchasing an additional 2,014 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Evolv Technologies by 4.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,878 shares of the company's stock worth $296,000 after purchasing an additional 3,276 shares during the period. BNP Paribas Financial Markets raised its holdings in Evolv Technologies by 38.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 12,985 shares of the company's stock worth $81,000 after purchasing an additional 3,596 shares during the period. American Century Companies Inc. raised its holdings in Evolv Technologies by 6.1% in the 1st quarter. American Century Companies Inc. now owns 63,315 shares of the company's stock worth $198,000 after purchasing an additional 3,633 shares during the period. Finally, MetLife Investment Management LLC raised its holdings in Evolv Technologies by 5.1% during the first quarter. MetLife Investment Management LLC now owns 91,042 shares of the company's stock valued at $284,000 after acquiring an additional 4,412 shares during the period. 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.