Evolv Technologies (NASDAQ:EVLV) Trading Up 5.8% – Should You Buy?

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) shares were up 5.8% during mid-day trading on Friday . The company traded as high as $4.20 and last traded at $4.18. Approximately 690,994 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 1,738,284 shares. The stock had previously closed at $3.95.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on EVLV. Northland Securities cut shares of Evolv Technologies from an “outperform” rating to a “market perform” rating in a research report on Monday, October 28th. TD Cowen lowered shares of Evolv Technologies from a “strong-buy” rating to a “strong sell” rating in a research report on Monday, October 28th. Northland Capmk lowered Evolv Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. Finally, Lake Street Capital cut their target price on Evolv Technologies from $3.50 to $2.75 and set a “hold” rating on the stock in a research note on Monday, October 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $5.60.

Evolv Technologies Stock Performance

The firm has a market capitalization of $655.41 million, a P/E ratio of -29.71 and a beta of 1.66. The stock’s 50 day simple moving average is $3.65 and its 200 day simple moving average is $3.54.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Key Colony Management LLC lifted its holdings in shares of Evolv Technologies by 12.1% in the 3rd quarter. Key Colony Management LLC now owns 5,061,463 shares of the company’s stock worth $20,499,000 after buying an additional 545,492 shares during the period. GSA Capital Partners LLP grew its holdings in Evolv Technologies by 159.4% during the 3rd quarter. GSA Capital Partners LLP now owns 884,224 shares of the company’s stock worth $3,581,000 after acquiring an additional 543,322 shares in the last quarter. Essex Investment Management Co. LLC purchased a new position in Evolv Technologies during the 3rd quarter valued at about $1,614,000. Geode Capital Management LLC raised its holdings in shares of Evolv Technologies by 14.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,820,747 shares of the company’s stock valued at $11,426,000 after purchasing an additional 355,611 shares in the last quarter. Finally, Ironwood Investment Management LLC purchased a new stake in shares of Evolv Technologies in the 2nd quarter worth approximately $724,000. 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.