Evolv Technologies (NASDAQ:EVLV) Shares Gap Up After Earnings Beat

Shares of Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $5.54, but opened at $6.00. Evolv Technologies shares last traded at $5.74, with a volume of 2,171,817 shares traded.

The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.08) by $0.07. Evolv Technologies had a negative return on equity of 28.57% and a negative net margin of 21.42%. The business had revenue of $32.01 million for the quarter, compared to analysts' expectations of $26.40 million.

Analysts Set New Price Targets

Several research analysts have commented on EVLV shares. Cantor Fitzgerald raised shares of Evolv Technologies to a "strong-buy" rating in a report on Wednesday, May 21st. Northland Securities upgraded shares of 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. Lake Street Capital lifted their price objective 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 upgraded shares of Evolv Technologies from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 20th. Finally, Wall Street Zen upgraded Evolv Technologies from a "sell" rating to a "hold" rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, one has given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Evolv Technologies currently has an average rating of "Moderate Buy" and an average price target of $6.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its position in Evolv Technologies by 2,428.1% during the 4th quarter. JPMorgan Chase & Co. now owns 1,527,979 shares of the company's stock worth $6,036,000 after acquiring an additional 1,467,538 shares during the last quarter. Dimensional Fund Advisors LP purchased a new stake in shares of Evolv Technologies during the fourth quarter valued at approximately $899,000. Vanguard Group Inc. increased its stake in shares of Evolv Technologies by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 8,925,592 shares of the company's stock worth $35,256,000 after buying an additional 238,963 shares during the period. MIG Capital LLC bought a new stake in Evolv Technologies during the 4th quarter valued at $375,000. Finally, Brevan Howard Capital Management LP purchased a new stake in Evolv Technologies during the 4th quarter valued at $304,000. 66.65% of the stock is owned by institutional investors.

Evolv Technologies Stock Down 5.0%

The stock has a market cap of $936.42 million, a PE ratio of -40.78 and a beta of 1.61. The business's 50-day simple moving average is $3.80 and its 200-day simple moving average is $3.66.

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.