Evolv Technologies (NASDAQ:EVLV) Trading Down 3.2% on Insider Selling

Key Points

• Evolv Technologies shares fell by 3.2% following significant insider selling, with major shareholder Gates Frontier, LLC selling a total of 1.47 million shares in September at prices between $8.03 and $8.20.
• Analysts have varied opinions on the stock, with ratings ranging from a "Strong Buy" to a "Strong Sell," while the consensus target price is approximately $8.88.
• The company reported a net loss of ($0.25) EPS for the previous quarter, missing estimates, and had revenues of $26.68 million, below expectations of $30.95 million.

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report)'s stock price fell 3.2% during mid-day trading on Monday following insider selling activity. The company traded as low as $8.45 and last traded at $8.48. 182,314 shares traded hands during trading, a decline of 93% from the average session volume of 2,471,263 shares. The stock had previously closed at $8.76.

Specifically, major shareholder Gates Frontier, Llc sold 776,236 shares of the firm's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $8.20, for a total value of $6,365,135.20. Following the transaction, the insider owned 17,189,096 shares of the company's stock, valued at $140,950,587.20. This trade represents a 4.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Gates Frontier, Llc sold 694,464 shares of the firm's stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $8.03, for a total transaction of $5,576,545.92. Following the completion of the transaction, the insider directly owned 17,965,332 shares in the company, valued at $144,261,615.96. This represents a 3.72% decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of brokerages have issued reports on EVLV. Zacks Research cut shares of Evolv Technologies from a "hold" rating to a "strong sell" rating in a report on Wednesday, August 27th. TD Cowen restated a "buy" rating and issued a $10.00 price target on shares of Evolv Technologies in a research note on Friday, August 15th. Lake Street Capital upgraded shares of Evolv Technologies from a "hold" rating to a "buy" rating and raised their price target for the company from $5.50 to $9.00 in a research note on Friday, August 15th. Wall Street Zen upgraded shares of Evolv Technologies from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Cantor Fitzgerald raised their price target on shares of Evolv Technologies from $7.00 to $9.00 and gave the company an "overweight" rating in a research note on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Evolv Technologies currently has a consensus rating of "Moderate Buy" and a consensus target price of $8.88.

Evolv Technologies Trading Down 1.8%

The firm has a market cap of $1.38 billion, a P/E ratio of -14.69 and a beta of 1.71. The business's fifty day moving average price is $7.39 and its two-hundred day moving average price is $5.43.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last released its quarterly 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). The business had revenue of $26.68 million for the quarter, compared to the consensus estimate of $30.95 million. Evolv Technologies had a negative net margin of 73.04% and a negative return on equity of 76.80%. Evolv Technologies has set its FY 2025 guidance at EPS. Research analysts predict that Evolv Technologies Holdings, Inc. will post -0.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. CW Advisors LLC bought a new position in Evolv Technologies in the 1st quarter worth $33,000. B. Riley Wealth Advisors Inc. bought a new position in Evolv Technologies in the 4th quarter worth $40,000. Teacher Retirement System of Texas bought a new position in shares of Evolv Technologies during the 1st quarter worth about $50,000. PDT Partners LLC bought a new position in shares of Evolv Technologies during the 1st quarter worth about $57,000. Finally, SouthState Corp boosted its position in shares of Evolv Technologies by 420.1% during the 1st 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. 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.