Evolv Technologies (NASDAQ:EVLV) Sets New 52-Week High on Analyst Upgrade

Posted by on Aug 12th, 2023

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV – Get Free Report)’s share price hit a new 52-week high on Friday after Cantor Fitzgerald raised their price target on the stock from $7.10 to $8.60. Cantor Fitzgerald currently has an overweight rating on the stock. Evolv Technologies traded as high as $7.22 and last traded at $7.17, with a volume of 2087055 shares. The stock had previously closed at $5.83.

EVLV has been the topic of several other reports. Stifel Nicolaus increased their price target on shares of Evolv Technologies from $2.00 to $5.00 and gave the company a “hold” rating in a research note on Friday. Craig Hallum increased their price target on shares of Evolv Technologies from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Friday.

Check Out Our Latest Research Report on EVLV

Insider Transactions at Evolv Technologies

In other news, CFO Mark Donohue sold 158,991 shares of Evolv Technologies stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $5.84, for a total transaction of $928,507.44. Following the transaction, the chief financial officer now owns 208,556 shares in the company, valued at approximately $1,217,967.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Evolv Technologies news, insider Michael Ellenbogen sold 83,332 shares of the business’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $6.14, for a total value of $511,658.48. Following the sale, the insider now owns 2,557,226 shares in the company, valued at approximately $15,701,367.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Donohue sold 158,991 shares of the stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $5.84, for a total value of $928,507.44. Following the transaction, the chief financial officer now directly owns 208,556 shares of the company’s stock, valued at $1,217,967.04. The disclosure for this sale can be found here. Insiders have sold a total of 252,323 shares of company stock valued at $1,501,866 over the last three months. 12.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. lifted its position in Evolv Technologies by 35.3% during the second quarter. BlackRock Inc. now owns 7,068,731 shares of the company’s stock worth $42,412,000 after acquiring an additional 1,844,116 shares during the last quarter. Geode Capital Management LLC boosted its stake in Evolv Technologies by 22.6% in the 2nd quarter. Geode Capital Management LLC now owns 1,907,731 shares of the company’s stock valued at $11,446,000 after purchasing an additional 351,452 shares during the period. Northern Trust Corp grew its holdings in Evolv Technologies by 31.6% in the 2nd quarter. Northern Trust Corp now owns 914,492 shares of the company’s stock valued at $5,487,000 after buying an additional 219,654 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Evolv Technologies by 16.5% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 638,969 shares of the company’s stock worth $3,834,000 after buying an additional 90,652 shares during the period. Finally, Russell Investments Group Ltd. acquired a new stake in shares of Evolv Technologies during the second quarter worth $3,378,000. 50.42% of the stock is currently owned by institutional investors.

Evolv Technologies Stock Up 31.2 %

The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of -10.93 and a beta of 1.31. The company’s 50 day moving average is $1.69 and its 200 day moving average is $0.98.

Evolv Technologies (NASDAQ:EVLV – Get Free Report) last announced its earnings results on Wednesday, May 10th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.05. Evolv Technologies had a negative net margin of 155.21% and a negative return on equity of 40.24%. The firm had revenue of $18.58 million for the quarter, compared to analyst estimates of $15.25 million. On average, analysts expect that Evolv Technologies Holdings, Inc. will post -0.57 EPS for the current year.

Evolv Technologies Company Profile

(Get Free Report)

Evolv Technologies Holdings, Inc provides artificial intelligence (AI)-based weapons detection for security screening. 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.

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