Lake Street Capital Forecasts Strong Price Appreciation for Evolv Technologies (NASDAQ:EVLV) Stock

Evolv Technologies (NASDAQ:EVLV - Get Free Report) had its target price increased by equities research analysts at Lake Street Capital from $4.00 to $5.50 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a "hold" rating on the stock. Lake Street Capital's target price would indicate a potential downside of 5.73% from the stock's previous close.

Separately, Northland Securities raised Evolv Technologies from a "market perform" rating to an "outperform" rating and set a $7.50 target price for the company in a research note on Wednesday.

Evolv Technologies Price Performance

Shares of EVLV stock traded up $0.29 during midday trading on Wednesday, hitting $5.83. The company had a trading volume of 2,980,456 shares, compared to its average volume of 1,871,639. The stock has a market cap of $953.68 million, a price-to-earnings ratio of -41.53 and a beta of 1.61. The company's 50 day simple moving average is $3.63 and its 200 day simple moving average is $3.57. Evolv Technologies has a 52-week low of $2.04 and a 52-week high of $6.07.

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 (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.07. The company had revenue of $32.01 million for the quarter, compared to analysts' expectations of $26.40 million. Evolv Technologies had a negative net margin of 21.42% and a negative return on equity of 28.57%. Analysts anticipate that Evolv Technologies will post -0.27 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SCS Capital Management LLC purchased a new position in Evolv Technologies in the 1st quarter valued at approximately $15,061,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Evolv Technologies by 6.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 79,928 shares of the company's stock worth $249,000 after acquiring an additional 5,050 shares during the last quarter. Josh Arnold Investment Consultant LLC acquired a new stake in shares of Evolv Technologies in the first quarter valued at approximately $1,248,000. PDT Partners LLC acquired a new position in shares of Evolv Technologies during the 1st quarter worth approximately $57,000. Finally, MetLife Investment Management LLC grew its holdings in Evolv Technologies by 5.1% during the 1st quarter. MetLife Investment Management LLC now owns 91,042 shares of the company's stock valued at $284,000 after buying an additional 4,412 shares during the last quarter. 66.65% of the stock is currently 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.

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