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

Key Points

• Eve Holding shares fell 4.6% to a new 52-week low of $1.55, well below their 50-day and 200-day moving averages, amid a market capitalization of approximately $545 million.
• Analyst sentiment remains mixed: while some firms rate EVE a “buy” or “overweight,” others have issued “sell” or “strong sell” ratings. The consensus rating is “Moderate Buy,” with an average price target of $5.93.
• Eve reported a quarterly loss of $0.10 per share, beating the expected $0.18 loss, but analysts still forecast a full-year loss of $0.69 per share. Institutional ownership remains limited at 1.27%.

Eve Holding, Inc. (NYSE:EVEX - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Tuesday. The company traded as low as $1.55 and last traded at $1.5650, with a volume of 902,413 shares traded. The stock had previously closed at $1.64.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Weiss Ratings restated a "sell (e+)" rating on shares of EVE in a report on Tuesday, July 21st. Wall Street Zen downgraded EVE from a "sell" rating to a "strong sell" rating in a research note on Sunday, October 4th. JPMorgan Chase & Co. upped their price target on EVE from $6.00 to $6.50 and gave the stock an "overweight" rating in a research note on Wednesday, August 12th. Jefferies Financial Group set a $5.00 price objective on EVE in a report on Wednesday, August 5th. Finally, D. Boral Capital started coverage on EVE in a research note on Friday, August 21st. They issued a "buy" rating and a $6.00 price objective on the stock. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $5.93.

EVE Trading Down 4.6%

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's fifty day moving average is $2.25 and its 200-day moving average is $2.57. The firm has a market capitalization of $545.39 million, a P/E ratio of -2.52 and a beta of 1.19.

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

Hedge Funds Weigh In On EVE

A number of institutional investors have recently made changes to their positions in the business. Sequoia Financial Advisors LLC acquired a new position in shares of EVE during the 2nd quarter worth about $25,000. Arizona State Retirement System grew its holdings in EVE by 37.7% in the 2nd quarter. Arizona State Retirement System now owns 26,430 shares of the company's stock valued at $66,000 after buying an additional 7,235 shares during the last quarter. Corient Private Wealth LP acquired a new stake in EVE in the 2nd quarter valued at approximately $28,000. Susquehanna Fundamental Investments LLC bought a new position in EVE in the 2nd quarter worth approximately $354,000. Finally, SPX Gestao de Recursos Ltda bought a new position in EVE in the 2nd quarter worth approximately $1,041,000. 1.27% of the stock is currently owned by institutional investors.

About EVE

Eve Holding, Inc, doing business through its subsidiary Eve Air Mobility, develops electric vertical takeoff and landing (eVTOL) aircraft and related solutions for urban air mobility. Its aircraft are designed to support short, low-emission passenger flights, including air-taxi services, airport transfers and other point-to-point transportation applications.

In addition to its eVTOL aircraft, Eve is developing an urban air traffic management software platform intended to help coordinate and manage advanced air mobility operations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.