Evolv Technologies Target of Unusually Large Options Trading (NASDAQ:EVLV)

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) was the recipient of unusually large options trading on Tuesday. Stock investors purchased 5,513 call options on the company. This is an increase of 1,690% compared to the typical volume of 308 call options.

Hedge Funds Weigh In On Evolv Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the company. Resolute Capital Asset Partners LLC acquired a new stake in shares of Evolv Technologies in the 2nd quarter worth $510,000. Ironwood Investment Management LLC purchased a new stake in shares of Evolv Technologies during the second quarter worth about $724,000. Wealthspire Advisors LLC increased its holdings in shares of Evolv Technologies by 49.2% during the first quarter. Wealthspire Advisors LLC now owns 18,194 shares of the company’s stock valued at $81,000 after acquiring an additional 6,003 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Evolv Technologies by 6.0% in the 1st quarter. Vanguard Group Inc. now owns 7,193,962 shares of the company’s stock valued at $32,013,000 after purchasing an additional 407,396 shares during the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new stake in Evolv Technologies in the 1st quarter worth approximately $45,000. 66.65% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

EVLV has been the topic of several recent analyst reports. Northland Securities downgraded shares of Evolv Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday. Lake Street Capital reduced their price objective on Evolv Technologies from $3.50 to $2.75 and set a “hold” rating on the stock in a report on Monday. TD Cowen downgraded Evolv Technologies from a “strong-buy” rating to a “strong sell” rating in a research report on Monday. Finally, Northland Capmk cut shares of Evolv Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $5.60.

Evolv Technologies Stock Performance

EVLV stock traded down $0.05 during trading on Wednesday, reaching $2.31. 3,991,784 shares of the company traded hands, compared to its average volume of 1,651,720. The business has a 50 day simple moving average of $3.92 and a 200 day simple moving average of $3.36. Evolv Technologies has a 12 month low of $2.01 and a 12 month high of $5.73. The company has a market capitalization of $363.94 million, a price-to-earnings ratio of -15.64 and a beta of 1.25.

Evolv Technologies (NASDAQ:EVLV) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.15. Evolv Technologies had a negative net margin of 21.42% and a negative return on equity of 28.57%. The business had revenue of $25.54 million for the quarter, compared to analysts’ expectations of $23.57 million. As a group, research analysts forecast that Evolv Technologies will post -0.26 EPS for the current year.

Evolv Technologies Company Profile

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.