Evolv Technologies (NASDAQ:EVLV) Sets New 52-Week High - Here's What Happened

Key Points

• Evolv Technologies' stock reached a new 52-week high of $6.87 during trading, signaling strong market performance with a last trading price of $6.81.
• Several research firms upgraded Evolv's rating, with Northland Securities setting a price target of $7.50 and multiple firms upgrading the stock to "strong buy."
• The company reported better-than-expected quarterly earnings, with an EPS of ($0.01) and revenue of $32.01 million, surpassing analyst expectations significantly.

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report)'s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $6.87 and last traded at $6.81, with a volume of 62769 shares trading hands. The stock had previously closed at $6.82.

Analyst Upgrades and Downgrades

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

Evolv Technologies Trading Down 0.5%

The business's 50 day moving average is $5.77 and its 200 day moving average is $4.34. The stock has a market capitalization of $1.11 billion, a PE ratio of -24.23 and a beta of 1.70.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last issued its quarterly earnings results on Tuesday, May 20th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.08) by $0.07. The business had revenue of $32.01 million for the quarter, compared to analyst estimates of $26.40 million. Evolv Technologies had a negative net margin of 38.97% and a negative return on equity of 34.13%. As a group, analysts anticipate 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 added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Evolv Technologies by 4.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,878 shares of the company's stock worth $296,000 after buying an additional 3,276 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Evolv Technologies by 6.1% in the first quarter. American Century Companies Inc. now owns 63,315 shares of the company's stock worth $198,000 after buying an additional 3,633 shares in the last quarter. Mariner LLC lifted its stake in shares of Evolv Technologies by 15.9% in the fourth quarter. Mariner LLC now owns 26,532 shares of the company's stock worth $105,000 after buying an additional 3,639 shares in the last quarter. MetLife Investment Management LLC lifted its stake in shares of Evolv Technologies by 5.1% in the first quarter. MetLife Investment Management LLC now owns 91,042 shares of the company's stock worth $284,000 after buying an additional 4,412 shares in the last quarter. Finally, Sapient Capital LLC increased its position in Evolv Technologies by 0.7% during the first quarter. Sapient Capital LLC now owns 735,049 shares of the company's stock worth $2,293,000 after purchasing an additional 5,000 shares during the last quarter. 66.65% of the stock is owned by hedge funds and other institutional investors.

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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