Evolv Technologies (NASDAQ:EVLV) Shares Gap Up Following Analyst Upgrade

Key Points

• Evolv Technologies shares surged after Cantor Fitzgerald raised their price target from $7.00 to $9.00, with the stock opening at $8.06 compared to a previous close of $7.37.
• Multiple analysts have upgraded Evolv Technologies, with a current consensus rating of Buy and an average price target of $8.88, indicating positive market sentiment.
• Despite promising ratings, Evolv Technologies reported a loss of ($0.25) EPS for the last quarter, falling short of the consensus estimate of ($0.09) EPS.

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report)'s share price gapped up prior to trading on Friday after Cantor Fitzgerald raised their price target on the stock from $7.00 to $9.00. The stock had previously closed at $7.37, but opened at $8.06. Cantor Fitzgerald currently has an overweight rating on the stock. Evolv Technologies shares last traded at $8.46, with a volume of 2,952,850 shares.

Several other analysts have also recently issued reports on EVLV. Lake Street Capital raised Evolv Technologies from a "hold" rating to a "buy" rating and increased their target price for the company from $5.50 to $9.00 in a research report on Friday. Northland Capmk raised shares of Evolv Technologies from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 20th. Northland Securities upgraded 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. TD Cowen restated a "buy" rating and set a $10.00 price objective on shares of Evolv Technologies in a report on Friday. Finally, Wall Street Zen upgraded shares of Evolv Technologies from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $8.88.

Institutional Trading of Evolv Technologies

Hedge funds have recently bought and sold shares of the business. Tower Research Capital LLC TRC increased its holdings in shares of Evolv Technologies by 300.1% in the second quarter. Tower Research Capital LLC TRC now owns 20,577 shares of the company's stock valued at $128,000 after purchasing an additional 15,434 shares during the last quarter. Militia Capital Partners LP increased its stake in shares of Evolv Technologies by 26.9% in the 2nd quarter. Militia Capital Partners LP now owns 330,000 shares of the company's stock worth $2,059,000 after acquiring an additional 70,000 shares during the last quarter. Gilder Gagnon Howe & Co. LLC acquired a new position in shares of Evolv Technologies during the 2nd quarter valued at about $7,041,000. BNP Paribas Financial Markets increased its position in Evolv Technologies by 38.3% during the second quarter. BNP Paribas Financial Markets now owns 12,985 shares of the company's stock worth $81,000 after purchasing an additional 3,596 shares during the last quarter. Finally, Brevan Howard Capital Management LP increased its position in Evolv Technologies by 371.4% during the second quarter. Brevan Howard Capital Management LP now owns 130,591 shares of the company's stock worth $815,000 after purchasing an additional 102,891 shares during the last quarter. Institutional investors and hedge funds own 66.65% of the company's stock.

Evolv Technologies Price Performance

The company has a market capitalization of $1.33 billion, a PE ratio of -14.75 and a beta of 1.70. The business's 50 day simple moving average is $6.22 and its 200 day simple moving average is $4.72.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.16). Evolv Technologies had a negative return on equity of 72.11% and a negative net margin of 73.04%. The business had revenue of $26.68 million during the quarter, compared to analysts' expectations of $30.95 million. As a group, analysts anticipate that Evolv Technologies Holdings, Inc. will post -0.27 EPS for the current year.

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.