EVE (NYSE:EVEX) Stock Price Down 5.7% - Here's Why

Key Points

• EVE shares fell 5.7% to $1.5750 in Friday trading, with volume down 54% from the stock’s average daily level.
• Analyst sentiment remains mixed but leans positive: EVE has a “Moderate Buy” consensus rating and an average price target of $5.93, well above its current price, despite some sell and strong-sell ratings.
• EVE reported a quarterly loss of $0.10 per share, beating estimates for a $0.18 loss, while analysts expect a full-year loss of $0.69 per share. The company develops electric vertical takeoff and landing aircraft and urban air-mobility software.

Shares of Eve Holding, Inc. (NYSE:EVEX - Get Free Report) dropped 5.7% on Friday. The stock traded as low as $1.58 and last traded at $1.5750. 520,563 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 1,132,802 shares. The stock had previously closed at $1.67.

Analysts Set New Price Targets

A number of brokerages have weighed in on EVEX. JPMorgan Chase & Co. boosted their target price on EVE from $6.00 to $6.50 and gave the stock an "overweight" rating in a research report on Wednesday, August 12th. Jefferies Financial Group set a $5.00 price target on shares of EVE in a research note on Wednesday, August 5th. D. Boral Capital began 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. Weiss Ratings restated a "sell (e+)" rating on shares of EVE in a report on Tuesday, July 21st. Finally, Wall Street Zen lowered shares of EVE from a "sell" rating to a "strong sell" rating in a research note on Sunday, October 4th. Four 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, EVE presently has an average rating of "Moderate Buy" and an average target price of $5.93.

EVE Stock Performance

The business's 50-day moving average price is $2.28 and its 200-day moving average price is $2.58. The stock has a market cap of $552.36 million, a P/E ratio of -2.54 and a beta of 1.19. 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 issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.10) EPS for the quarter, topping analysts' consensus estimates of ($0.18) by $0.08. As a group, sell-side analysts expect that Eve Holding, Inc. will post -0.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On EVE

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

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.