Evolv Technologies (NASDAQ:EVLV) Shares Down 4.4% - Here's What Happened

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report) dropped 4.4% during mid-day trading on Wednesday . The company traded as low as $5.57 and last traded at $5.60. Approximately 328,056 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 1,937,916 shares. The stock had previously closed at $5.85.

Analyst Ratings Changes

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

Evolv Technologies Price Performance

The company's 50 day simple moving average is $3.90 and its 200 day simple moving average is $3.69. The firm has a market cap of $924.12 million, a price-to-earnings ratio of -40.18 and a beta of 1.61.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last issued its earnings results on Tuesday, May 20th. The company reported ($0.01) EPS for the quarter, topping analysts' consensus estimates of ($0.08) by $0.07. The firm had revenue of $32.01 million during the quarter, compared to the consensus estimate of $26.40 million. Evolv Technologies had a negative net margin of 21.42% and a negative return on equity of 28.57%. As a group, analysts forecast that Evolv Technologies Holdings, Inc. will post -0.27 earnings per share for the current year.

Hedge Funds Weigh In On Evolv Technologies

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

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