Evolv Technologies (NASDAQ:EVLV) Shares Up 6.2% - Still a Buy?

Key Points

• Evolv Technologies' stock price increased by 6.2% to $8.48, despite a trading volume decrease of 25% from its average session volume.
• Analysts have a consensus rating of "Moderate Buy" for Evolv Technologies, with a target price averaging $8.88 and several upgrades from various equity research firms.
• The company reported a quarterly earnings miss with an EPS of ($0.25), below the expected ($0.09), while generating $26.68 million in revenue against an estimate of $30.95 million.

Shares of Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report) shot up 6.2% during mid-day trading on Friday . The stock traded as high as $8.45 and last traded at $8.48. 1,857,601 shares traded hands during mid-day trading, a decline of 25% from the average session volume of 2,471,842 shares. The stock had previously closed at $7.98.

Analyst Upgrades and Downgrades

EVLV has been the subject of a number of research analyst reports. TD Cowen reissued a "buy" rating and set a $10.00 target price on shares of Evolv Technologies in a research report on Friday, August 15th. Northland Securities raised shares of Evolv Technologies from a "market perform" rating to an "outperform" rating and set a $7.50 target price for the company in a research report on Wednesday, May 21st. Lake Street Capital raised shares of Evolv Technologies from a "hold" rating to a "buy" rating and boosted their target price for the stock from $5.50 to $9.00 in a research report on Friday, August 15th. Northland Capmk raised 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 raised shares of Evolv Technologies from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Evolv Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $8.88.

Evolv Technologies Stock Up 8.6%

The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of -15.72 and a beta of 1.71. The stock's 50-day simple moving average is $7.14 and its 200 day simple moving average is $5.26.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last released 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 firm had revenue of $26.68 million during the quarter, compared to analyst estimates of $30.95 million. Evolv Technologies had a negative net margin of 73.04% and a negative return on equity of 76.80%. Evolv Technologies has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that Evolv Technologies Holdings, Inc. will post -0.27 earnings per share for the current year.

Hedge Funds Weigh In On Evolv Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EVLV. SCS Capital Management LLC acquired a new position in Evolv Technologies in the first quarter valued at about $15,061,000. Marshall Wace LLP lifted its position in shares of Evolv Technologies by 74.4% during the second quarter. Marshall Wace LLP now owns 3,899,155 shares of the company's stock worth $24,331,000 after purchasing an additional 1,662,797 shares in the last quarter. Gilder Gagnon Howe & Co. LLC acquired a new position in shares of Evolv Technologies during the second quarter worth approximately $7,041,000. Metavasi Capital LP acquired a new position in shares of Evolv Technologies during the second quarter worth approximately $4,874,000. Finally, Vanguard Group Inc. lifted its position in shares of Evolv Technologies by 5.3% during the first quarter. Vanguard Group Inc. now owns 9,402,716 shares of the company's stock worth $29,336,000 after purchasing an additional 477,124 shares in the last quarter. 66.65% of the stock is currently owned by institutional investors and hedge funds.

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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