Evolv Technologies (NASDAQ:EVLV) Trading Up 6% – Here’s What Happened

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) 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 traded 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.

Analyst Ratings Changes

Separately, Northland Securities reduced their price objective on Evolv Technologies from $6.50 to $5.50 and set an “outperform” rating for the company in a research note on Monday, August 12th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Evolv Technologies has a consensus rating of “Moderate Buy” and an average target price of $5.75.

Evolv Technologies Price Performance

The company has a 50-day moving average price of $3.81 and a 200 day moving average price of $3.42. The firm has a market capitalization of $639.96 million, a PE ratio of -6.95 and a beta of 1.25.

Evolv Technologies (NASDAQ:EVLV) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.13) by $0.15. The business had revenue of $25.54 million for the quarter, compared to analysts’ expectations 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, research analysts anticipate that Evolv Technologies Holdings, Inc. will post -0.26 earnings per share for the current year.

Institutional Investors Weigh In On Evolv Technologies

Several large investors have recently bought and sold shares of the business. Resolute Capital Asset Partners LLC purchased a new position in shares of Evolv Technologies in the 2nd quarter worth $510,000. Key Colony Management LLC raised its position in Evolv Technologies by 64.5% during the first quarter. Key Colony Management LLC now owns 4,577,027 shares of the company’s stock valued at $20,368,000 after purchasing an additional 1,795,099 shares during the period. Ironwood Investment Management LLC bought a new stake in shares of Evolv Technologies in the 2nd quarter valued at approximately $724,000. Wealthspire Advisors LLC boosted its holdings in shares of Evolv Technologies by 49.2% in the 1st quarter. Wealthspire Advisors LLC now owns 18,194 shares of the company’s stock worth $81,000 after purchasing an additional 6,003 shares during the period. Finally, Vanguard Group Inc. raised its holdings in Evolv Technologies by 6.0% during the 1st quarter. Vanguard Group Inc. now owns 7,193,962 shares of the company’s stock valued at $32,013,000 after buying an additional 407,396 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.