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

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

Analysts Set New Price Targets

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

Evolv Technologies Stock Performance

The business has a 50 day simple moving average of $4.05 and a 200-day simple moving average of $3.75. The firm has a market capitalization of $892.14 million, a price-to-earnings ratio of -38.85 and a beta of 1.61.

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 analysts' consensus estimates of ($0.08) by $0.07. The firm had revenue of $32.01 million during the quarter, compared to analyst estimates of $26.40 million. Evolv Technologies had a negative net margin of 21.42% and a negative return on equity of 28.57%. Equities analysts predict that Evolv Technologies Holdings, Inc. will post -0.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Evolv Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EVLV. Vanguard Group Inc. lifted its stake in shares of Evolv Technologies by 5.3% in the 1st quarter. Vanguard Group Inc. now owns 9,402,716 shares of the company's stock valued at $29,336,000 after purchasing an additional 477,124 shares during the last quarter. Edge Capital Group LLC lifted its position in Evolv Technologies by 0.8% in the fourth quarter. Edge Capital Group LLC now owns 4,835,206 shares of the company's stock valued at $19,099,000 after buying an additional 36,400 shares during the last quarter. SCS Capital Management LLC purchased a new position in Evolv Technologies during the first quarter worth about $15,061,000. Marshall Wace LLP boosted its stake in Evolv Technologies by 317.1% during the fourth quarter. Marshall Wace LLP now owns 3,275,025 shares of the company's stock worth $12,936,000 after buying an additional 2,489,825 shares during the period. Finally, Key Colony Management LLC increased its position in shares of Evolv Technologies by 1.4% during the first quarter. Key Colony Management LLC now owns 3,043,000 shares of the company's stock valued at $9,494,000 after acquiring an additional 43,000 shares during the last quarter. 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.