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

Key Points

• Evolv Technologies (NASDAQ: EVLV) reached a new 52-week high of $7.10 during mid-day trading, with a recent last traded price of $7.00.
• Analysts remain bullish on the stock, with ratings ranging from "sell" to "strong-buy," and Northland Securities setting a price target of $7.50.
• The company reported a revenue of $32.01 million for the latest quarter, exceeding expectations of $26.40 million, and posted an earnings per share (EPS) of ($0.01), beating consensus estimates.

Shares of Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report) reached a new 52-week high during trading on Tuesday . The stock traded as high as $7.10 and last traded at $7.00, with a volume of 158178 shares. The stock had previously closed at $7.05.

Analyst Ratings Changes

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

Evolv Technologies Trading Down 2.9%

The stock has a market cap of $1.13 billion, a PE ratio of -24.62 and a beta of 1.70. The business has a 50-day moving average price of $5.95 and a 200-day moving average price of $4.53.

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

Institutional Investors Weigh In On Evolv Technologies

A number of hedge funds have recently modified their holdings of EVLV. CW Advisors LLC acquired a new position in shares of Evolv Technologies in the 1st quarter valued at $33,000. B. Riley Wealth Advisors Inc. acquired a new position in shares of Evolv Technologies during the 4th quarter worth $40,000. Teacher Retirement System of Texas acquired a new stake in Evolv Technologies during the first quarter worth approximately $50,000. PDT Partners LLC purchased a new stake in Evolv Technologies in the 1st quarter valued at about $57,000. Finally, SouthState Corp grew its stake in shares of Evolv Technologies by 420.1% during the first quarter. SouthState Corp now owns 18,571 shares of the company's stock valued at $58,000 after acquiring an additional 15,000 shares in the last quarter. Hedge funds and other institutional investors own 66.65% of the company's stock.

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.