Evolv Technologies (NASDAQ:EVLV) Trading Down 3.7% - Should You Sell?

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report)'s share price was down 3.7% on Wednesday . The company traded as low as $5.28 and last traded at $5.29. Approximately 531,394 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 1,980,997 shares. The stock had previously closed at $5.49.

Analyst Upgrades and Downgrades

Several research firms have commented on EVLV. Northland Securities raised Evolv Technologies from a "market perform" rating to an "outperform" rating and set a $7.50 price objective on the stock in a research report on Wednesday, May 21st. Cantor Fitzgerald upgraded 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 research note on Tuesday, May 20th. Wall Street Zen raised Evolv Technologies from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Lake Street Capital boosted their price objective on Evolv Technologies from $4.00 to $5.50 and gave the stock a "hold" rating in a research report on Wednesday, May 21st. One analyst has rated the stock with a sell rating, two have given a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $6.50.

Evolv Technologies Price Performance

The company has a fifty day moving average of $4.28 and a 200 day moving average of $3.85. The stock has a market cap of $905.26 million, a P/E ratio of -39.43 and a beta of 1.68.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last posted its quarterly earnings results on Tuesday, May 20th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.07. Evolv Technologies had a negative net margin of 21.42% and a negative return on equity of 28.57%. The business had revenue of $32.01 million for the quarter, compared to analysts' expectations of $26.40 million. 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

Institutional investors and hedge funds have recently modified their holdings of the stock. SCS Capital Management LLC bought a new stake in Evolv Technologies in the first quarter worth $15,061,000. Marshall Wace LLP raised its position in shares of Evolv Technologies by 317.1% during the fourth quarter. Marshall Wace LLP now owns 3,275,025 shares of the company's stock valued at $12,936,000 after buying an additional 2,489,825 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Evolv Technologies by 2,428.1% during the fourth quarter. JPMorgan Chase & Co. now owns 1,527,979 shares of the company's stock valued at $6,036,000 after buying an additional 1,467,538 shares during the last quarter. Vanguard Group Inc. raised its position in Evolv Technologies by 5.3% in the first quarter. Vanguard Group Inc. now owns 9,402,716 shares of the company's stock worth $29,336,000 after purchasing an additional 477,124 shares in the last quarter. Finally, Josh Arnold Investment Consultant LLC acquired a new position in Evolv Technologies in the first quarter worth about $1,248,000. 66.65% of the stock is currently 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.