Evolv Technologies (NASDAQ:EVLV) Sets New 52-Week Low - What's Next?

Key Points

• Evolv Technologies shares fell to a new 52-week low of $4.69, below the 50-day and 200-day moving averages of $5.35 and $5.82, respectively.
• Despite the stock’s decline and ongoing losses, analysts maintain a “Moderate Buy” consensus with an average price target of $9.81; six analysts include four Buys, one Hold and one Sell.
• The company’s latest quarter beat revenue expectations with $43.75 million in sales but missed on earnings, reporting a loss of $0.05 per share versus the expected $0.03 loss. A director also bought 19,100 shares at an average price of $4.96.

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report) shares reached a new 52-week low on Monday. The stock traded as low as $4.69 and last traded at $4.6950, with a volume of 215895 shares. The stock had previously closed at $4.79.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on EVLV. Weiss Ratings upgraded Evolv Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, July 2nd. Wall Street Zen upgraded Evolv Technologies from a "sell" rating to a "hold" rating in a research report on Sunday, August 30th. TD Cowen reaffirmed a "buy" rating and set a $10.00 target price on shares of Evolv Technologies in a research note on Tuesday, June 9th. LADENBURG THALM/SH SH initiated coverage on Evolv Technologies in a research note on Tuesday, September 8th. They issued a "buy" rating and a $8.00 price target on the stock. Finally, Craig Hallum restated a "buy" rating and set a $11.25 price target on shares of Evolv Technologies in a report on Wednesday, August 12th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $9.81.

Evolv Technologies Stock Down 1.8%

The stock has a market cap of $852.22 million, a price-to-earnings ratio of -156.83 and a beta of 1.80. The stock has a 50 day simple moving average of $5.35 and a 200 day simple moving average of $5.82. The company has a quick ratio of 1.11, a current ratio of 1.18 and a debt-to-equity ratio of 0.24.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last announced its earnings results on Tuesday, August 11th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The company had revenue of $43.75 million for the quarter, compared to analysts' expectations of $41.80 million. Evolv Technologies had a negative net margin of 3.05% and a negative return on equity of 4.53%. As a group, analysts expect that Evolv Technologies Holdings, Inc. will post -0.2 earnings per share for the current fiscal year.

Insider Activity at Evolv Technologies

In other news, Director Richard Shapiro purchased 19,100 shares of the company's stock in a transaction that occurred on Friday, September 4th. The shares were bought at an average cost of $4.96 per share, with a total value of $94,736.00. Following the completion of the transaction, the director directly owned 39,000 shares of the company's stock, valued at approximately $193,440. This trade represents a 95.98% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Evolv Technologies

A number of institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd boosted its stake in shares of Evolv Technologies by 548.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 7,728 shares of the company's stock worth $55,000 after buying an additional 6,536 shares during the last quarter. FNY Investment Advisers LLC increased its position in shares of Evolv Technologies by 33.3% during the second quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company's stock valued at $58,000 after acquiring an additional 2,500 shares during the last quarter. Sequoia Financial Advisors LLC bought a new stake in Evolv Technologies during the second quarter worth $63,000. Alpine Global Management LLC bought a new stake in Evolv Technologies during the fourth quarter worth $83,000. Finally, Evelyn Partners Investment Management LLP purchased a new position in Evolv Technologies in the first quarter worth $115,000. 66.65% of the stock is owned by institutional investors.

Evolv Technologies Company Profile

Evolv Technologies Holdings, Inc develops artificial intelligence-enabled security screening systems designed to help organizations detect weapons and other threats. Its technology combines sensors, artificial intelligence and analytics to screen people as they enter facilities without requiring them to remove everyday items such as phones, keys or bags.

The company's primary products include Evolv Express, a system intended for high-throughput weapons screening, and Evolv Insights, a software platform that provides security teams with operational data and reporting.

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