4,827,173 Shares in Evolv Technologies Holdings, Inc. $EVLV Bought by SCS Capital Management LLC

Key Points

• SCS Capital Management LLC has acquired a new stake in Evolv Technologies Holdings, purchasing approximately 4.8 million shares valued at about $15 million, representing 2.95% of the company's stock.
• Analysts have mixed opinions on Evolv Technologies, with TD Cowen setting a $10.00 target price while Zacks Research downgraded it to a strong sell, reflecting differing confidence in the company's future performance.
• Evolv Technologies reported a quarterly earnings loss of ($0.25) EPS, missing estimates and reflecting ongoing financial challenges, including a negative return on equity of 76.80%.

SCS Capital Management LLC bought a new stake in Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 4,827,173 shares of the company's stock, valued at approximately $15,061,000. SCS Capital Management LLC owned about 2.95% of Evolv Technologies at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in EVLV. Vanguard Group Inc. grew its position in shares of Evolv Technologies by 5.3% in the first quarter. Vanguard Group Inc. now owns 9,402,716 shares of the company's stock valued at $29,336,000 after purchasing an additional 477,124 shares during the last quarter. Josh Arnold Investment Consultant LLC acquired a new position in shares of Evolv Technologies in the first quarter valued at approximately $1,248,000. Nuveen LLC acquired a new position in shares of Evolv Technologies in the first quarter valued at approximately $977,000. Dimensional Fund Advisors LP acquired a new position in shares of Evolv Technologies in the fourth quarter valued at approximately $899,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Evolv Technologies in the fourth quarter valued at approximately $777,000. Institutional investors and hedge funds own 66.65% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Northland Capmk raised Evolv Technologies from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 20th. TD Cowen reissued a "buy" rating and set a $10.00 price target on shares of Evolv Technologies in a research report on Friday, August 15th. Cantor Fitzgerald increased their price target on Evolv Technologies from $7.00 to $9.00 and gave the stock an "overweight" rating in a research report on Friday, August 15th. Wall Street Zen raised Evolv Technologies from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Lake Street Capital raised Evolv Technologies from a "hold" rating to a "buy" rating and increased their price target for the stock from $5.50 to $9.00 in a research report on Friday, August 15th. One investment 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. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $8.88.

Evolv Technologies Stock Performance

Shares of EVLV traded up $0.78 during trading hours on Friday, reaching $8.76. The stock had a trading volume of 3,919,485 shares, compared to its average volume of 2,484,359. Evolv Technologies Holdings, Inc. has a 12 month low of $2.04 and a 12 month high of $8.91. The stock has a market capitalization of $1.51 billion, a PE ratio of -15.93 and a beta of 1.71. The company's 50-day moving average is $7.14 and its two-hundred day moving average is $5.26.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last announced 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). Evolv Technologies had a negative net margin of 73.04% and a negative return on equity of 76.80%. The firm 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. Equities 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 stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $8.20, for a total value of $6,365,135.20. Following the completion of 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 11.30% 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.