Evolv Technologies (NASDAQ:EVLV) Shares Gap Up - Here's What Happened

Key Points

• Evolv Technologies stock price increased from a prior close of $8.26 to an opening of $8.69, with last traded shares at $8.53 and a volume of 984,730 shares.
• The firm received mixed ratings from analysts, with a consensus of "Moderate Buy" and an average target price of $8.88, while Zacks downgraded the stock to a "strong sell."
• In its last quarterly earnings report, Evolv Technologies missed the consensus earnings estimate, reporting ($0.25) earnings per share versus an expected ($0.09), alongside a revenue of $26.68 million against an estimate of $30.95 million.

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $8.26, but opened at $8.69. Evolv Technologies shares last traded at $8.53, with a volume of 984,730 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. TD Cowen reiterated a "buy" rating and set a $10.00 price target on shares of Evolv Technologies in a report on Friday, August 15th. Lake Street Capital upgraded shares of Evolv Technologies from a "hold" rating to a "buy" rating and raised their target price for the company from $5.50 to $9.00 in a research note on Friday, August 15th. Cantor Fitzgerald lifted their price objective on shares of Evolv Technologies from $7.00 to $9.00 and gave the company an "overweight" rating in a research note on Friday, August 15th. Zacks Research cut shares of Evolv Technologies from a "hold" rating to a "strong sell" rating in a research note on Wednesday, August 27th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Evolv Technologies in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $8.88.

Evolv Technologies Stock Up 2.0%

The firm's fifty day moving average price is $7.97 and its 200 day moving average price is $6.06. The stock has a market cap of $1.45 billion, a PE ratio of -15.34 and a beta of 1.69.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last announced its quarterly earnings results 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 76.80% and a negative net margin of 73.04%.The business had revenue of $26.68 million during the quarter, compared to the consensus estimate of $30.95 million. Evolv Technologies has set its FY 2025 guidance at EPS. As a group, analysts anticipate that Evolv Technologies Holdings, Inc. will post -0.27 earnings per share for the current fiscal year.

Insider Activity at Evolv Technologies

In other news, major shareholder Gates Frontier, Llc sold 776,236 shares of the company's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $8.20, for a total value of $6,365,135.20. Following the transaction, the insider directly owned 17,189,096 shares in the company, valued at approximately $140,950,587.20. This represents a 4.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 11.30% of the company's stock.

Institutional Trading of Evolv Technologies

A number of hedge funds have recently added to or reduced their stakes in EVLV. CW Advisors LLC purchased a new stake in shares of Evolv Technologies during the first quarter valued at about $33,000. Farther Finance Advisors LLC increased its holdings in shares of Evolv Technologies by 214.8% during the third quarter. Farther Finance Advisors LLC now owns 12,304 shares of the company's stock valued at $93,000 after acquiring an additional 8,396 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Evolv Technologies by 38.3% during the second quarter. BNP Paribas Financial Markets now owns 12,985 shares of the company's stock valued at $81,000 after acquiring an additional 3,596 shares in the last quarter. Prudential Financial Inc. acquired a new position in shares of Evolv Technologies during the second quarter valued at about $94,000. Finally, Teacher Retirement System of Texas acquired a new position in shares of Evolv Technologies during the first quarter valued at about $50,000. 66.65% of the stock is owned by hedge funds and other institutional investors.

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.

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