Stock Traders Buy Large Volume of Evolv Technologies Call Options (NASDAQ:EVLV)

Key Points

• Traders exhibited significant interest in Evolv Technologies (NASDAQ: EVLV) by acquiring 5,513 call options, reflecting an increase of approximately 1,690% compared to its usual daily volume.
• Major shareholder Gates Frontier, LLC sold 776,236 shares of Evolv Technologies stock, resulting in a 4.32% reduction of their position.
• Several institutional investors have increased their holdings in Evolv Technologies, with 66.65% of the stock currently owned by these institutional investors.

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report) was the recipient of some unusual options trading on Tuesday. Stock traders acquired 5,513 call options on the stock. This is an increase of approximately 1,690% compared to the typical daily volume of 308 call options.

Insider Buying and Selling at Evolv Technologies

In other Evolv Technologies news, major shareholder Gates Frontier, Llc sold 776,236 shares of the firm's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $8.20, for a total value of $6,365,135.20. Following the sale, the insider owned 17,189,096 shares of the company's stock, valued at $140,950,587.20. This trade represents a 4.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 11.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Evolv Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the stock. CW Advisors LLC lifted its holdings in Evolv Technologies by 19.0% in the 2nd quarter. CW Advisors LLC now owns 12,614 shares of the company's stock worth $79,000 after buying an additional 2,014 shares during the period. BNP Paribas Financial Markets lifted its holdings in Evolv Technologies by 38.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 12,985 shares of the company's stock worth $81,000 after buying an additional 3,596 shares during the period. American Century Companies Inc. lifted its holdings in Evolv Technologies by 6.1% in the 1st quarter. American Century Companies Inc. now owns 63,315 shares of the company's stock worth $198,000 after buying an additional 3,633 shares during the period. MetLife Investment Management LLC lifted its holdings in Evolv Technologies by 5.1% in the 1st quarter. MetLife Investment Management LLC now owns 91,042 shares of the company's stock worth $284,000 after buying an additional 4,412 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Evolv Technologies by 6.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 79,928 shares of the company's stock valued at $249,000 after purchasing an additional 5,050 shares during the period. 66.65% of the stock is currently owned by institutional investors.

Evolv Technologies Price Performance

EVLV opened at $8.30 on Wednesday. The stock's 50 day simple moving average is $7.95 and its 200 day simple moving average is $6.04. Evolv Technologies has a 1 year low of $2.04 and a 1 year high of $8.91. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of -15.09 and a beta of 1.69.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.16). Evolv Technologies had a negative return on equity of 76.80% and a negative net margin of 73.04%.The company had revenue of $26.68 million for the quarter, compared to the consensus estimate of $30.95 million. Evolv Technologies has set its FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that Evolv Technologies will post -0.27 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Evolv Technologies in a report on Wednesday, October 8th. TD Cowen reiterated a "buy" rating and set a $10.00 price objective on shares of Evolv Technologies in a research report on Friday, August 15th. Lake Street Capital upgraded Evolv Technologies from a "hold" rating to a "buy" rating and increased their price objective for the company from $5.50 to $9.00 in a research report on Friday, August 15th. Cantor Fitzgerald increased their price objective on Evolv Technologies from $7.00 to $9.00 and gave the company an "overweight" rating in a research report on Friday, August 15th. Finally, Zacks Research lowered Evolv Technologies from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 27th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have 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 $8.88.

Evolv Technologies Company Profile

Evolv Technologies Holdings, Inc provides artificial intelligence (AI)-based weapons detection for security screening in the United States and internationally. Its products include Evolv Express, a touchless security screening system designed to detect firearms, improvised explosive devices, and tactical knives; and Evolv Insights that provides self-serve access, insights regarding visitor flow and arrival curves, location specific performance, system detection performance, and alarm statistics.

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