EVE (NYSE:EVEX) Hits New 52-Week Low - Here's What Happened

Key Points

• EVE shares hit a new 52-week low, falling to $1.99 during Thursday trading before recovering slightly to around $2.04.
• Analyst sentiment is mixed: ratings range from “strong sell” to “buy,” but the overall consensus is “Moderate Buy” with an average price target of $5.93.
• The company beat quarterly EPS expectations, reporting a loss of $0.10 versus the projected $0.18 loss, while institutional ownership remains limited at 1.27%.

Eve Holding, Inc. (NYSE:EVEX - Get Free Report) reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $1.99 and last traded at $2.0350, with a volume of 76141 shares. The stock had previously closed at $2.08.

Wall Street Analysts Forecast Growth

Several research firms have commented on EVEX. Wall Street Zen downgraded EVE from a "sell" rating to a "strong sell" rating in a research note on Saturday, September 5th. Jefferies Financial Group set a $5.00 target price on EVE in a report on Wednesday, August 5th. Weiss Ratings restated a "sell (e+)" rating on shares of EVE in a research note on Tuesday, July 21st. D. Boral Capital assumed coverage on EVE in a report on Friday, August 21st. They set a "buy" rating and a $6.00 price target for the company. Finally, JPMorgan Chase & Co. boosted their price objective on shares of EVE from $6.00 to $6.50 and gave the company an "overweight" rating in a research note on Wednesday, August 12th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $5.93.

EVE Price Performance

The company has a market cap of $730.08 million, a price-to-earnings ratio of -3.36 and a beta of 1.14. The company has a 50-day simple moving average of $2.39 and a 200-day simple moving average of $2.65. The company has a debt-to-equity ratio of 13.65, a quick ratio of 3.48 and a current ratio of 3.48.

EVE (NYSE:EVEX - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.08. As a group, research analysts predict that Eve Holding, Inc. will post -0.69 earnings per share for the current year.

Institutional Investors Weigh In On EVE

Several institutional investors have recently made changes to their positions in EVEX. SG Americas Securities LLC increased its holdings in EVE by 52.3% during the 1st quarter. SG Americas Securities LLC now owns 17,001 shares of the company's stock valued at $42,000 after acquiring an additional 5,840 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of EVE by 37.7% in the second quarter. Arizona State Retirement System now owns 26,430 shares of the company's stock valued at $66,000 after purchasing an additional 7,235 shares in the last quarter. AXQ Capital LP grew its position in shares of EVE by 60.4% in the fourth quarter. AXQ Capital LP now owns 22,791 shares of the company's stock valued at $91,000 after purchasing an additional 8,580 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new stake in shares of EVE in the second quarter valued at approximately $25,000. Finally, Corient Private Wealth LP purchased a new position in shares of EVE during the 2nd quarter worth approximately $28,000. 1.27% of the stock is currently owned by hedge funds and other institutional investors.

EVE Company Profile

Eve Air Mobility, Inc develops electric vertical takeoff and landing (eVTOL) aircraft and related solutions for the emerging urban air mobility market. The company is focused on enabling short-distance passenger and cargo transportation with electrically powered aircraft designed to operate from urban and regional vertiports.

In addition to its eVTOL aircraft, Eve is developing an ecosystem of services and technologies to support commercial operations. These include flight operations and fleet-management tools, maintenance and support services, and its Vector software platform, which is designed to help manage urban air mobility networks.

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