Evolv Technologies Target of Unusually Large Options Trading (NASDAQ:EVLV)

Key Points

• Evolv Technologies experienced a significant surge in options trading, with a 1,690% increase in call options on Tuesday, totaling 5,513 contracts compared to a typical daily volume of 308.
• Several analysts have upgraded Evolv Technologies, with Northland Securities setting a price target of $7.50 and maintaining an "outperform" rating, while the consensus target price now stands at $6.50.
• The company reported better-than-expected quarterly results, with earnings per share of ($0.01), beating estimates by $0.07, and revenues of $32.01 million compared to expectations of $26.40 million.

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report) was the target of unusually large options trading on Tuesday. Stock investors bought 5,513 call options on the stock. Thisisanincreaseofapproximately1,690% compared to the typical daily volume of 308 call options.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on EVLV. Northland Securities raised Evolv Technologies from a "market perform" rating to an "outperform" rating and set a $7.50 price target on the stock in a research note on Wednesday, May 21st. Cantor Fitzgerald raised Evolv Technologies to a "strong-buy" rating in a research note on Wednesday, May 21st. Northland Capmk raised Evolv Technologies from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 20th. Wall Street Zen raised Evolv Technologies from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Lake Street Capital lifted their price target on Evolv Technologies from $4.00 to $5.50 and gave the company a "hold" rating in a research note on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating, one has issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Evolv Technologies currently has an average rating of "Moderate Buy" and a consensus target price of $6.50.

Evolv Technologies Price Performance

Shares of NASDAQ EVLV opened at $7.15 on Wednesday. The stock has a market capitalization of $1.17 billion, a price-to-earnings ratio of -25.53 and a beta of 1.70. The business has a 50-day moving average of $5.92 and a 200-day moving average of $4.51. Evolv Technologies has a fifty-two week low of $2.04 and a fifty-two week high of $7.17.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last announced its quarterly earnings data on Tuesday, May 20th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.07. The company had revenue of $32.01 million during the quarter, compared to analysts' expectations of $26.40 million. Evolv Technologies had a negative return on equity of 34.13% and a negative net margin of 38.97%. On average, sell-side analysts expect that Evolv Technologies will post -0.27 EPS for the current year.

Hedge Funds Weigh In On Evolv Technologies

Hedge funds have recently modified their holdings of the stock. CW Advisors LLC bought a new position in shares of Evolv Technologies in the 1st quarter valued at about $33,000. B. Riley Wealth Advisors Inc. bought a new position in Evolv Technologies during the fourth quarter worth about $40,000. Teacher Retirement System of Texas bought a new position in Evolv Technologies during the first quarter worth about $50,000. PDT Partners LLC bought a new position in Evolv Technologies during the first quarter worth about $57,000. Finally, SouthState Corp grew its holdings in Evolv Technologies by 420.1% during the first quarter. SouthState Corp now owns 18,571 shares of the company's stock worth $58,000 after purchasing an additional 15,000 shares during the period. Institutional investors own 66.65% of the company's stock.

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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