Evolv Technologies (NASDAQ:EVLV) Shares Down 4.5% - Time to Sell?

Shares of Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report) dropped 4.5% on Wednesday . The stock traded as low as $5.77 and last traded at $5.80. Approximately 1,516,286 shares were traded during mid-day trading, a decline of 28% from the average daily volume of 2,104,300 shares. The stock had previously closed at $6.07.

Wall Street Analysts Forecast Growth

EVLV has been the subject of several research analyst reports. Wall Street Zen raised Evolv Technologies from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Lake Street Capital upped their price objective on shares of Evolv Technologies from $4.00 to $5.50 and gave the stock a "hold" rating in a research 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 for the company in a research report on Wednesday, May 21st. Cantor Fitzgerald upgraded shares of Evolv Technologies to a "strong-buy" rating in a research report on Wednesday, May 21st. Finally, Northland Capmk upgraded shares of Evolv Technologies from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 20th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, one has assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Evolv Technologies presently has an average rating of "Moderate Buy" and an average price target of $6.50.

Evolv Technologies Trading Up 2.0%

The firm has a market capitalization of $968.42 million, a price-to-earnings ratio of -21.09 and a beta of 1.70. The stock's 50 day moving average price is $5.27 and its two-hundred day moving average price is $4.11.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last posted its quarterly earnings results on Tuesday, May 20th. 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 net margin of 38.97% and a negative return on equity of 34.13%. The business had revenue of $32.01 million for the quarter, compared to analysts' expectations of $26.40 million. On average, sell-side analysts forecast that Evolv Technologies Holdings, Inc. will post -0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Evolv Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in EVLV. SCS Capital Management LLC acquired a new position in shares of Evolv Technologies during the 1st quarter worth $15,061,000. Marshall Wace LLP grew its stake in shares of Evolv Technologies by 317.1% during the 4th quarter. Marshall Wace LLP now owns 3,275,025 shares of the company's stock worth $12,936,000 after purchasing an additional 2,489,825 shares during the period. JPMorgan Chase & Co. grew its stake in shares of 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 purchasing an additional 1,467,538 shares during the period. Vanguard Group Inc. grew its stake in shares of Evolv Technologies by 5.3% during the 1st 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 during the period. Finally, Josh Arnold Investment Consultant LLC acquired a new stake in Evolv Technologies in the 1st quarter valued at about $1,248,000. 66.65% of the stock is owned by institutional investors and hedge funds.

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.