Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) witnessed a gap up in its share price before the market opened on Friday. The stock, which closed at $3.74 the previous day, opened at $3.84. However, it later settled at $3.76, with a trading volume of 96,769 shares.
Several research analyst reports have been published on Evolv Technologies. Craig Hallum initiated coverage on the company on May 20th, giving it a “buy” rating and setting a price target of $5.75. Northland Securities also issued an “outperform” rating for the company, lowering their price target from $6.50 to $5.50 on August 12th. Overall, the consensus rating for Evolv Technologies is a “Moderate Buy,” with a consensus price target of $5.75, according to MarketBeat.com.
In its latest quarterly earnings report released on August 8th, Evolv Technologies reported earnings per share (EPS) of $0.02, surpassing analysts’ consensus estimate of ($0.13) by $0.15. The company had a negative return on equity of 28.57% and a negative net margin of 21.42%. Its revenue for the quarter was $25.54 million, exceeding analyst estimates of $23.57 million. Analysts predict that Evolv Technologies Holdings, Inc. will post an EPS of -0.26 for the current year.
Institutional investors have also made changes to their positions in Evolv Technologies. Victory Capital Management Inc. increased its stake by 26.2% during the fourth quarter, now owning 12,682 shares valued at $60,000. MCF Advisors LLC raised its stake by 84.5% during the first quarter, owning 6,549 shares worth $29,000. Arizona State Retirement System increased its stake by 12.9% during the second quarter, now owning 30,488 shares worth $78,000. Principal Financial Group Inc. raised its stake by 30.5% during the second quarter, owning 17,650 shares worth $45,000. Lastly, Worth Financial Advisory Group LLC raised its stake by 42.0% during the second quarter, owning 15,000 shares worth $38,000. Institutional investors currently hold 66.65% of the company’s stock.
Evolv Technologies Holdings, Inc. provides AI-based weapons detection for security screening globally. Its flagship product, Evolv Express, is a touchless security screening system designed to detect firearms, improvised explosive devices, and tactical knives. Additionally, the company offers Evolv Insights, which provides self-serve access and insights regarding visitor flow, arrival curves, system detection performance, and alarm statistics.