TD Cowen Reiterates Buy Rating for Evolv Technologies (NASDAQ:EVLV)

Key Points

• TD Cowen has reaffirmed a buy rating for Evolv Technologies (NASDAQ:EVLV) with a target price of $10.00, indicating a potential upside of 35.69% from its current stock price.
• Recent upgrades from multiple firms have improved Evolv's consensus rating to "Buy" with an average target price of $8.83, suggesting growing confidence in the company's prospects.
• Evolv Technologies reported a loss of $0.25 EPS in its recent earnings, missing analysts' estimates, which contributes to a negative net margin of 38.97% and a projected earnings per share of -0.27 for the current year.

Evolv Technologies (NASDAQ:EVLV - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at TD Cowen in a research note issued on Friday, MarketBeat reports. They presently have a $10.00 target price on the stock. TD Cowen's price objective would suggest a potential upside of 35.69% from the company's current price.

Several other research firms have also recently commented on EVLV. Lake Street Capital upped their target price on shares of Evolv Technologies from $4.00 to $5.50 and gave the stock a "hold" rating in a research report on Wednesday, May 21st. Northland Capmk raised Evolv Technologies from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 20th. Northland Securities upgraded Evolv Technologies from a "market perform" rating to an "outperform" rating and set a $7.50 target price on the stock in a research report on Wednesday, May 21st. Wall Street Zen upgraded Evolv Technologies from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Cantor Fitzgerald raised Evolv Technologies to a "strong-buy" rating in a research note on Wednesday, May 21st. One research analyst has rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Evolv Technologies currently has a consensus rating of "Buy" and an average target price of $8.83.

Evolv Technologies Stock Performance

NASDAQ EVLV opened at $7.37 on Friday. Evolv Technologies has a one year low of $2.04 and a one year high of $7.57. The company has a 50-day simple moving average of $6.18 and a 200-day simple moving average of $4.68. The firm has a market capitalization of $1.21 billion, a PE ratio of -26.32 and a beta of 1.70.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last issued its earnings results on Thursday, August 14th. The company reported ($0.25) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.16). Evolv Technologies had a negative net margin of 38.97% and a negative return on equity of 34.13%. The company had revenue of $26.68 million during the quarter, compared to analyst estimates of $30.95 million. Equities analysts forecast that Evolv Technologies will post -0.27 earnings per share for the current year.

Institutional Investors Weigh In On Evolv Technologies

Institutional investors have recently added to or reduced their stakes in the company. SCS Capital Management LLC bought a new stake in shares of Evolv Technologies in the 1st quarter worth $15,061,000. Marshall Wace LLP raised its position in Evolv Technologies by 317.1% in the fourth quarter. Marshall Wace LLP now owns 3,275,025 shares of the company's stock worth $12,936,000 after acquiring an additional 2,489,825 shares in the last quarter. JPMorgan Chase & Co. raised its position in Evolv Technologies by 2,428.1% in the fourth quarter. JPMorgan Chase & Co. now owns 1,527,979 shares of the company's stock worth $6,036,000 after acquiring an additional 1,467,538 shares in the last quarter. Metavasi Capital LP acquired a new stake in Evolv Technologies in the 2nd quarter valued at about $4,874,000. Finally, Vanguard Group Inc. boosted its position in shares of Evolv Technologies by 5.3% during the 1st quarter. Vanguard Group Inc. now owns 9,402,716 shares of the company's stock valued at $29,336,000 after purchasing an additional 477,124 shares in the last quarter. 66.65% of the stock is currently owned by institutional investors and hedge funds.

About Evolv Technologies

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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