Evolv Technologies Sees Unusually Large Options Volume (NASDAQ:EVLV)

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) saw some unusual options trading activity on Tuesday. Investors bought 11,709 put options on the stock. This is an increase of 504% compared to the average volume of 1,938 put options.

Evolv Technologies Price Performance

Shares of NASDAQ EVLV traded down $0.40 during mid-day trading on Tuesday, reaching $2.96. The company’s stock had a trading volume of 1,704,243 shares, compared to its average volume of 1,737,704. The firm has a market capitalization of $466.35 million, a PE ratio of -21.14 and a beta of 1.34. The stock has a fifty day moving average of $3.43 and a two-hundred day moving average of $3.18. Evolv Technologies has a 52 week low of $2.01 and a 52 week high of $5.73.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Arizona State Retirement System raised its position in shares of Evolv Technologies by 12.9% during the 2nd quarter. Arizona State Retirement System now owns 30,488 shares of the company’s stock valued at $78,000 after buying an additional 3,490 shares in the last quarter. Principal Financial Group Inc. raised its position in Evolv Technologies by 30.5% in the 2nd quarter. Principal Financial Group Inc. now owns 17,650 shares of the company’s stock worth $45,000 after purchasing an additional 4,127 shares during the period. Worth Financial Advisory Group LLC grew its stake in shares of Evolv Technologies by 42.0% during the second quarter. Worth Financial Advisory Group LLC now owns 15,000 shares of the company’s stock valued at $38,000 after buying an additional 4,435 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Evolv Technologies by 18.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 32,813 shares of the company’s stock worth $147,000 after buying an additional 5,062 shares during the period. Finally, MetLife Investment Management LLC boosted its holdings in Evolv Technologies by 7.1% during the 3rd quarter. MetLife Investment Management LLC now owns 77,055 shares of the company’s stock valued at $312,000 after acquiring an additional 5,090 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.