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

Key Points

• Eve Holding shares hit a new 52-week low of $1.94 during Wednesday trading, below the prior close of $2.00. The stock’s 50-day and 200-day moving averages stood at $2.37 and $2.62, respectively.
• Despite the weak share performance, analysts maintain a generally positive outlook: EVEX has a consensus “Moderate Buy” rating and an average price target of $5.93, well above its trading price.
• Eve reported a quarterly loss of $0.10 per share, beating the consensus estimate of a $0.18 loss. Analysts expect the company to post a full-year loss of $0.69 per share as it develops electric vertical takeoff and landing aircraft and related urban-air-mobility services.

Eve Holding, Inc. (NYSE:EVEX - Get Free Report) reached a new 52-week low during mid-day trading on Wednesday. The stock traded as low as $1.94 and last traded at $1.9550, with a volume of 1018245 shares traded. The stock had previously closed at $2.00.

Analyst Ratings Changes

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

EVE Price Performance

The company has a current ratio of 3.48, a quick ratio of 3.48 and a debt-to-equity ratio of 13.65. The company has a fifty day moving average price of $2.37 and a two-hundred day moving average price of $2.62. The firm has a market cap of $681.30 million, a P/E ratio of -3.15 and a beta of 1.14.

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

Hedge Funds Weigh In On EVE

Hedge funds have recently modified their holdings of the stock. Sequoia Financial Advisors LLC acquired a new position in shares of EVE during the 2nd quarter worth approximately $25,000. Corient Private Wealth LP bought a new position in shares of EVE during the second quarter worth approximately $28,000. Themes Management Co LLC acquired a new stake in EVE during the 1st quarter worth approximately $30,000. R Squared Ltd acquired a new position in shares of EVE during the 1st quarter worth approximately $30,000. Finally, Pallas Capital Advisors LLC bought a new stake in EVE during the second quarter worth about $30,000. Institutional investors own 1.27% of the company's stock.

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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