EVE (NYSE:EVEX) Share Price Crosses Above 50-Day Moving Average on Analyst Downgrade

Key Points

• EVE shares rose 4.6% and moved above their 50-day moving average of $1.86, reaching $1.98 before last trading at $1.935. The move came as Wall Street Zen upgraded its rating from “strong sell” to “sell.”
• Analyst views are mixed, but MarketBeat reports a “Moderate Buy” consensus from six analysts and an average price target of $5.89; individual targets in the article range from $5.00 to $6.50.
• EVE reported a quarterly loss of $0.16 per share, beating analysts’ estimate of a $0.18 loss. Institutional investors and hedge funds own 1.27% of the stock, with several firms recently initiating or adding positions.

Eve Holding, Inc. (NYSE:EVEX - Get Free Report)'s stock price passed above its 50-day moving average during trading on Monday after Wall Street Zen upgraded the stock from a strong sell rating to a sell rating. The stock has a 50-day moving average of $1.86 and traded as high as $1.98. EVE shares last traded at $1.9350, with a volume of 1,448,600 shares.

A number of other brokerages have also commented on EVEX. Jefferies Financial Group set a $5.00 target price on EVE in a research report on Wednesday, August 5th. Weiss Ratings reissued a "sell (e+)" rating on shares of EVE in a research report on Tuesday, July 21st. D. Boral Capital initiated coverage on shares of EVE in a research note on Friday, August 21st. They issued a "buy" rating and a $6.00 price objective on the stock. Finally, JPMorgan Chase & Co. boosted their target price on shares of EVE from $6.00 to $6.50 and gave the company an "overweight" rating in a research report on Wednesday, August 12th. Four investment 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's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $5.89.

Hedge Funds Weigh In On EVE

Large investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in EVE during the second quarter worth $17,742,000. Kapitalo Investimentos Ltda purchased a new position in EVE during the second quarter worth approximately $2,761,000. SPX Gestao de Recursos Ltda acquired a new stake in EVE in the second quarter valued at approximately $1,041,000. Renaissance Technologies LLC purchased a new stake in shares of EVE in the first quarter valued at approximately $854,000. Finally, J. Derek Lewis & Associates Inc. increased its position in shares of EVE by 129.5% in the third quarter. J. Derek Lewis & Associates Inc. now owns 280,000 shares of the company's stock valued at $540,000 after buying an additional 158,000 shares in the last quarter. 1.27% of the stock is currently owned by institutional investors and hedge funds.

EVE Trading Up 4.6%

The company has a debt-to-equity ratio of 13.65, a quick ratio of 3.48 and a current ratio of 3.48. The firm has a market capitalization of $674.33 million, a price-to-earnings ratio of -3.02 and a beta of 1.25. The company has a 50 day moving average price of $1.86 and a two-hundred day moving average price of $2.61.

EVE (NYSE:EVEX - Get Free Report) last released its quarterly earnings results on Thursday, November 5th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.18) by $0.02. On average, research analysts forecast that Eve Holding, Inc. will post -0.69 EPS for the current year.

EVE Company Profile

Eve Air Mobility, formerly known as Eve Holding, Inc, develops electric vertical takeoff and landing (eVTOL) aircraft and related urban air mobility solutions. The company is focused on creating quieter, lower-emission transportation options for short urban and regional trips, including passenger flights, airport transfers and other specialized missions.

Its primary product is an eVTOL aircraft designed to operate using electric propulsion and vertical takeoff and landing capabilities.

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