Evolv Technologies (NASDAQ:EVLV) Sets New 1-Year Low - Here's Why

Key Points

• Evolv Technologies shares hit a new 52-week low of $4.45, trading below both their 50-day ($5.18) and 200-day ($5.77) moving averages.
• The company’s latest quarterly results showed a larger-than-expected EPS loss of $0.05 versus the $0.03 estimate, along with negative net margin and return on equity. Analysts expect the company to remain unprofitable this year.
• Despite the weakness, analysts maintain a consensus “Moderate Buy” rating with a $9.81 price target, while a company director purchased 19,100 shares; institutional investors own 66.65% of the stock.

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report) shares reached a new 52-week low during mid-day trading on Monday. The company traded as low as $4.45 and last traded at $4.4840, with a volume of 194,699 shares. The stock had previously closed at $4.53.

Wall Street Analysts Forecast Growth

A number of analysts have commented on EVLV shares. Craig Hallum reaffirmed a "buy" rating and set a $11.25 target price on shares of Evolv Technologies in a report on Wednesday, August 12th. Wall Street Zen upgraded shares of Evolv Technologies from a "sell" rating to a "hold" rating in a research report on Sunday, August 30th. LADENBURG THALM/SH SH began coverage on shares of Evolv Technologies in a research note on Tuesday, September 8th. They set a "buy" rating and a $8.00 price target on the stock. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Evolv Technologies in a research note on Tuesday, September 29th. Four research 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's stock. According to MarketBeat.com, Evolv Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $9.81.

Evolv Technologies Stock Performance

The company has a debt-to-equity ratio of 0.24, a current ratio of 1.18 and a quick ratio of 1.11. The business has a 50-day simple moving average of $5.18 and a 200 day simple moving average of $5.77. The firm has a market cap of $794.26 million, a PE ratio of -146.17 and a beta of 1.75.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The company had revenue of $43.75 million during the quarter, compared to the consensus estimate of $41.80 million. Evolv Technologies had a negative return on equity of 4.53% and a negative net margin of 3.05%. Equities research analysts forecast that Evolv Technologies Holdings, Inc. will post -0.20 EPS for the current year.

Insider Buying and Selling

In other news, Director Richard Shapiro bought 19,100 shares of the firm's stock in a transaction on Friday, September 4th. The shares were bought at an average price of $4.96 per share, for a total transaction of $94,736.00. Following the purchase, the director owned 39,000 shares in the company, valued at approximately $193,440. The trade was a 95.98% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.20% of the company's stock.

Hedge Funds Weigh In On Evolv Technologies

A number of hedge funds have recently modified their holdings of the company. Moody National Bank Trust Division boosted its stake in shares of Evolv Technologies by 14.5% in the third quarter. Moody National Bank Trust Division now owns 97,025 shares of the company's stock worth $451,000 after acquiring an additional 12,292 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in shares of Evolv Technologies during the second quarter worth about $63,000. Allianz Asset Management GmbH purchased a new stake in shares of Evolv Technologies during the second quarter worth about $267,000. Corient Private Wealth LP raised its stake in Evolv Technologies by 100.6% during the 2nd quarter. Corient Private Wealth LP now owns 208,837 shares of the company's stock valued at $1,211,000 after purchasing an additional 104,708 shares during the period. Finally, Wedmont Private Capital bought a new stake in Evolv Technologies during the 2nd quarter valued at approximately $1,640,000. 66.65% of the stock is currently owned by institutional investors.

About Evolv Technologies

Evolv Technologies develops artificial intelligence-powered security screening systems designed to detect weapons and other threats while allowing people to move through checkpoints without routinely removing personal belongings. Its technology is intended to help security teams improve protection and reduce congestion compared with traditional screening methods.

The company's primary products include Evolv Express, a touchless weapons-detection system, and Evolv Insights, a software platform that provides operational data and analytics to help organizations manage screening programs.

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