Evolv Technologies (NASDAQ:EVLV) Shares Up 6% – Here’s Why

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV)’s share price shot up 6% during mid-day trading on Wednesday . The stock traded as high as $4.31 and last traded at $4.24. 316,159 shares changed hands during trading, a decline of 79% from the average session volume of 1,507,090 shares. The stock had previously closed at $4.00.

Analysts Set New Price Targets

Separately, Northland Securities decreased their price target on Evolv Technologies from $6.50 to $5.50 and set an “outperform” rating for the company in a report on Monday, August 12th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $5.75.

Evolv Technologies Stock Performance

The stock has a market cap of $674.30 million, a P/E ratio of -6.98 and a beta of 1.25. The business has a 50 day simple moving average of $3.86 and a 200-day simple moving average of $3.44.

Evolv Technologies (NASDAQ:EVLV) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.15. The firm had revenue of $25.54 million during the quarter, compared to the consensus estimate of $23.57 million. Evolv Technologies had a negative return on equity of 28.57% and a negative net margin of 21.42%. On average, sell-side analysts predict that Evolv Technologies Holdings, Inc. will post -0.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. MCF Advisors LLC grew its stake in shares of Evolv Technologies by 84.5% during the 1st quarter. MCF Advisors LLC now owns 6,549 shares of the company’s stock worth $29,000 after acquiring an additional 3,000 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in Evolv Technologies during the 1st quarter worth about $45,000. SG Americas Securities LLC purchased a new stake in Evolv Technologies during the 3rd quarter worth about $44,000. Foundations Investment Advisors LLC purchased a new stake in Evolv Technologies during the 2nd quarter worth about $30,000. Finally, Worth Financial Advisory Group LLC lifted its holdings in Evolv Technologies by 42.0% during the 2nd quarter. Worth Financial Advisory Group LLC now owns 15,000 shares of the company’s stock worth $38,000 after purchasing an additional 4,435 shares in the last quarter. 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.