Evolv Technologies (NASDAQ:EVLV) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Evolv Technologies (NASDAQ:EVLV - Get Free Report) released its earnings results on Thursday. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.06, Zacks reports. Evolv Technologies had a negative net margin of 132.13% and a negative return on equity of 47.56%. The firm had revenue of $21.67 million during the quarter, compared to analyst estimates of $23.17 million. During the same quarter last year, the business earned ($0.15) EPS. Evolv Technologies updated its FY 2024 guidance to EPS.

Evolv Technologies Stock Down 38.5 %

Shares of NASDAQ:EVLV traded down $1.48 during trading on Friday, hitting $2.36. 14,720,382 shares of the stock traded hands, compared to its average volume of 1,551,202. The company has a fifty day moving average price of $3.99 and a two-hundred day moving average price of $4.30. Evolv Technologies has a 52-week low of $2.01 and a 52-week high of $8.30. The company has a market cap of $367.17 million, a price-to-earnings ratio of -3.23 and a beta of 1.37.

Analysts Set New Price Targets

Several analysts have issued reports on EVLV shares. Cantor Fitzgerald reissued an "overweight" rating and issued a $8.00 price objective on shares of Evolv Technologies in a research note on Thursday, March 28th. Lake Street Capital lowered Evolv Technologies from a "buy" rating to a "hold" rating and decreased their price target for the stock from $6.00 to $3.50 in a research note on Friday. Finally, TD Cowen cut their price objective on Evolv Technologies from $7.00 to $6.00 and set a "buy" rating on the stock in a research report on Friday. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $6.50.

Insider Activity at Evolv Technologies

In other news, Director David Mounts Gonzales acquired 50,000 shares of the firm's stock in a transaction on Wednesday, March 6th. The stock was acquired at an average price of $3.86 per share, for a total transaction of $193,000.00. Following the completion of the transaction, the director now owns 50,000 shares in the company, valued at approximately $193,000. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 11.20% of the stock is owned by company insiders.

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.