Bank of America Corp DE Buys 516,523 Shares of Evolv Technologies Holdings, Inc. $EVLV

Key Points

• Bank of America increased its Evolv Technologies position by 320% in the first quarter, buying 516,523 additional shares for a total of 677,944 shares valued at approximately $4.1 million.
• Institutional investors and hedge funds own 66.65% of EVLV, with Vanguard holding the largest reported position at nearly 13.8 million shares.
• EVLV shares opened at $5.24, near the lower end of their 52-week range, while the company reported a quarterly loss of $0.05 per share despite revenue exceeding estimates. Analysts maintain a consensus “Hold” rating with a $10.42 target price.

Bank of America Corp DE grew its position in Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Free Report) by 320.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 677,944 shares of the company's stock after purchasing an additional 516,523 shares during the quarter. Bank of America Corp DE owned about 0.38% of Evolv Technologies worth $4,102,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in EVLV. Vanguard Group Inc. boosted its position in shares of Evolv Technologies by 15.0% in the fourth quarter. Vanguard Group Inc. now owns 13,784,926 shares of the company's stock valued at $98,700,000 after acquiring an additional 1,802,928 shares during the period. Stoic Point Capital Management LLC raised its stake in Evolv Technologies by 1.4% in the 1st quarter. Stoic Point Capital Management LLC now owns 5,765,507 shares of the company's stock worth $34,881,000 after purchasing an additional 77,751 shares in the last quarter. Emerald Advisers LLC boosted its holdings in Evolv Technologies by 3.9% in the 1st quarter. Emerald Advisers LLC now owns 4,333,055 shares of the company's stock valued at $26,215,000 after purchasing an additional 161,812 shares during the period. Millennium Management LLC boosted its holdings in Evolv Technologies by 194.6% in the 3rd quarter. Millennium Management LLC now owns 4,187,604 shares of the company's stock valued at $31,616,000 after purchasing an additional 2,766,335 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Evolv Technologies by 17.9% during the 4th quarter. Geode Capital Management LLC now owns 3,680,421 shares of the company's stock worth $26,357,000 after purchasing an additional 557,703 shares in the last quarter. 66.65% of the stock is owned by institutional investors and hedge funds.

Evolv Technologies Stock Down 1.5%

NASDAQ:EVLV opened at $5.24 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.18 and a quick ratio of 1.11. Evolv Technologies Holdings, Inc. has a one year low of $4.86 and a one year high of $8.81. The firm's 50 day simple moving average is $5.69 and its 200 day simple moving average is $5.87. The company has a market cap of $949.12 million, a PE ratio of -174.67 and a beta of 1.80.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.05) EPS for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.02). The company had revenue of $43.75 million during the quarter, compared to the consensus estimate of $41.80 million. Evolv Technologies had a negative net margin of 3.05% and a negative return on equity of 4.53%. On average, research analysts anticipate that Evolv Technologies Holdings, Inc. will post -0.2 earnings per share for the current year.

Analysts Set New Price Targets

EVLV has been the topic of several recent research reports. Weiss Ratings raised shares of Evolv Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, July 2nd. Zacks Research cut Evolv Technologies from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 26th. TD Cowen reissued a "buy" rating and set a $10.00 price target on shares of Evolv Technologies in a research report on Tuesday, June 9th. Craig Hallum reaffirmed a "buy" rating and issued a $11.25 price objective on shares of Evolv Technologies in a report on Wednesday, August 12th. Finally, Wall Street Zen raised Evolv Technologies from a "sell" rating to a "hold" rating in a report on Sunday. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $10.42.

Evolv Technologies Company Profile

Evolv Technologies, Inc is a publicly traded American security technology company that develops and markets AI-driven weapons detection and screening solutions. The company’s proprietary platform combines advanced sensors, computer vision software and machine learning algorithms to identify potential threats—such as firearms and knives—while minimizing false positives and preserving high throughput. Evolv’s systems are designed to replace or supplement traditional metal detectors and manual bag checks in high-traffic venues.

The company’s flagship product, Evolv Express, integrates seamlessly into existing security checkpoints, allowing guests to pass through without stopping or emptying their pockets.

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