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

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report)'s stock price gapped up prior to trading on Wednesday following a stronger than expected earnings report. 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.

The company reported ($0.01) earnings per share 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 company had revenue of $32.01 million during the quarter, compared to the consensus estimate of $26.40 million.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on EVLV. 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 note on Wednesday. Lake Street Capital raised their price target on Evolv Technologies from $2.75 to $4.00 and gave the stock a "hold" rating in a research note on Wednesday, April 30th.

Institutional Investors Weigh In On Evolv Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in EVLV. SCS Capital Management LLC purchased a new position in shares of Evolv Technologies in the 1st quarter valued at approximately $15,061,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Evolv Technologies by 6.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 79,928 shares of the company's stock valued at $249,000 after purchasing an additional 5,050 shares during the last quarter. Josh Arnold Investment Consultant LLC purchased a new stake in shares of Evolv Technologies in the first quarter valued at approximately $1,248,000. PDT Partners LLC acquired a new position in Evolv Technologies during the first quarter worth $57,000. Finally, MetLife Investment Management LLC raised its holdings in shares of Evolv Technologies by 5.1% in the first quarter. MetLife Investment Management LLC now owns 91,042 shares of the company's stock worth $284,000 after acquiring an additional 4,412 shares during the last quarter. Institutional investors and hedge funds own 66.65% of the company's stock.

Evolv Technologies Stock Up 3.5%

The stock has a market capitalization of $937.50 million, a price-to-earnings ratio of -41.03 and a beta of 1.61. The company has a 50 day moving average of $3.63 and a 200 day moving average of $3.57.

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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