Evolv Technologies (NASDAQ:EVLV) Trading Up 5%

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) shot up 5% during mid-day trading on Wednesday . The company traded as high as $3.78 and last traded at $3.78. 142,599 shares traded hands during trading, a decline of 91% from the average session volume of 1,538,063 shares. The stock had previously closed at $3.60.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Craig Hallum began coverage on shares of Evolv Technologies in a research report on Monday, May 20th. They issued a “buy” rating and a $5.75 price objective on the stock. Lake Street Capital downgraded Evolv Technologies from a “buy” rating to a “hold” rating and dropped their price objective for the company from $6.00 to $3.50 in a research note on Friday, May 10th. TD Cowen decreased their target price on Evolv Technologies from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Friday, May 10th. Finally, Northland Securities dropped their price target on Evolv Technologies from $6.50 to $5.50 and set an “outperform” rating on the stock in a research report on Monday, August 12th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Evolv Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $5.75.

Evolv Technologies Trading Down 3.1 %

The company’s fifty day moving average is $3.26 and its 200 day moving average is $3.43. The company has a market capitalization of $583.77 million, a P/E ratio of -6.13 and a beta of 1.24.

Evolv Technologies (NASDAQ:EVLV) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.15. Evolv Technologies had a negative return on equity of 28.57% and a negative net margin of 21.42%. The firm had revenue of $25.54 million during the quarter, compared to analyst estimates of $23.57 million. Equities research analysts predict that Evolv Technologies Holdings, Inc. will post -0.26 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Ironwood Investment Management LLC bought a new position in shares of Evolv Technologies in the second quarter valued at approximately $724,000. The Manufacturers Life Insurance Company lifted its stake in Evolv Technologies by 15.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 52,399 shares of the company’s stock worth $134,000 after purchasing an additional 7,119 shares in the last quarter. Marathon Capital Management boosted its holdings in Evolv Technologies by 6.5% in the 2nd quarter. Marathon Capital Management now owns 527,450 shares of the company’s stock valued at $1,345,000 after purchasing an additional 32,000 shares during the period. Resolute Capital Asset Partners LLC purchased a new position in shares of Evolv Technologies during the 2nd quarter valued at $510,000. Finally, Arizona State Retirement System increased its holdings in shares of Evolv Technologies by 12.9% in the second quarter. Arizona State Retirement System now owns 30,488 shares of the company’s stock worth $78,000 after purchasing an additional 3,490 shares during the period. Hedge funds and other institutional investors own 66.65% of the company’s stock.

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.