Evolv Technologies (NASDAQ:EVLV) Shares Gap Up After 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) gapped up before the market opened 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 trading hands.

EVLV has been the topic of several other reports. Northland Capmk raised Evolv Technologies from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 20th. Lake Street Capital raised 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 report on Friday, August 15th. TD Cowen reaffirmed a "buy" rating and issued a $10.00 price target on shares of Evolv Technologies in a research report on Friday, August 15th. Wall Street Zen raised Evolv Technologies from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, 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 report on Wednesday, May 21st. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $8.88.

Institutional Investors Weigh In On Evolv Technologies

A number of institutional investors have recently added to or reduced their stakes in EVLV. Tower Research Capital LLC TRC lifted its stake in Evolv Technologies by 300.1% during the second quarter. Tower Research Capital LLC TRC now owns 20,577 shares of the company's stock worth $128,000 after purchasing an additional 15,434 shares during the period. Militia Capital Partners LP lifted its stake in Evolv Technologies by 26.9% during the second quarter. Militia Capital Partners LP now owns 330,000 shares of the company's stock worth $2,059,000 after purchasing an additional 70,000 shares during the period. Gilder Gagnon Howe & Co. LLC bought a new position in Evolv Technologies during the second quarter worth about $7,041,000. BNP Paribas Financial Markets lifted its stake 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 period. Finally, Brevan Howard Capital Management LP lifted its stake 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 period. 66.65% of the stock is owned by institutional investors and hedge funds.

Evolv Technologies Price Performance

The stock has a market cap of $1.37 billion, a P/E ratio of -14.51 and a beta of 1.70. The business's 50 day simple moving average is $6.32 and its 200 day simple moving average is $4.77.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.25) EPS 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 return on equity of 76.80% and a negative net margin of 73.04%. Evolv Technologies has set its FY 2025 guidance at EPS. Research analysts predict that Evolv Technologies Holdings, Inc. will post -0.27 earnings per share 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.