Evolv Technologies (NASDAQ:EVLV) Shares Down 6.5% – Here’s Why

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) traded down 6.5% during trading on Wednesday . The company traded as low as $4.17 and last traded at $4.17. 393,989 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 1,491,860 shares. The stock had previously closed at $4.46.

Analysts Set New Price Targets

Separately, Northland Securities reduced their target price on shares of Evolv Technologies from $6.50 to $5.50 and set an “outperform” rating on the stock in a 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. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.75.

Evolv Technologies Stock Down 5.4 %

The stock has a market cap of $658.69 million, a P/E ratio of -6.93 and a beta of 1.25. The firm’s 50 day simple moving average is $3.95 and its two-hundred day simple moving average is $3.40.

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

Hedge Funds Weigh In On Evolv Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of EVLV. MCF Advisors LLC raised its position in Evolv Technologies by 84.5% in the 1st quarter. MCF Advisors LLC now owns 6,549 shares of the company’s stock valued at $29,000 after purchasing an additional 3,000 shares during the last quarter. HB Wealth Management LLC boosted its stake in shares of Evolv Technologies by 49.0% in the 1st quarter. HB Wealth Management LLC now owns 35,582 shares of the company’s stock valued at $158,000 after purchasing an additional 11,697 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new stake in shares of Evolv Technologies during the 1st quarter worth approximately $45,000. Hamilton Lane Advisors LLC raised its stake in shares of Evolv Technologies by 47.6% during the first quarter. Hamilton Lane Advisors LLC now owns 145,039 shares of the company’s stock worth $645,000 after buying an additional 46,790 shares during the last quarter. Finally, Wealthspire Advisors LLC lifted its holdings in Evolv Technologies by 49.2% in the first quarter. Wealthspire Advisors LLC now owns 18,194 shares of the company’s stock valued at $81,000 after buying an additional 6,003 shares during the period. 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.