Evolv Technologies (NASDAQ:EVLV) Shares Down 2.9%

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) dropped 2.9% during mid-day trading on Tuesday . The stock traded as low as $4.27 and last traded at $4.29. Approximately 127,927 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 1,543,272 shares. The stock had previously closed at $4.42.

Wall Street Analyst Weigh In

Separately, Northland Securities decreased their price objective on shares of 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 investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $5.75.

Evolv Technologies Price Performance

The firm has a market capitalization of $668.05 million, a P/E ratio of -7.25 and a beta of 1.25. The company has a fifty day moving average of $3.61 and a 200 day moving average of $3.39.

Evolv Technologies (NASDAQ:EVLV) last posted its earnings results on Thursday, August 8th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $25.54 million during the quarter, compared to the consensus estimate of $23.57 million. On average, sell-side analysts forecast that Evolv Technologies Holdings, Inc. will post -0.26 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. lifted its stake in Evolv Technologies by 26.2% during the 4th quarter. Victory Capital Management Inc. now owns 12,682 shares of the company’s stock valued at $60,000 after acquiring an additional 2,629 shares during the period. Swiss National Bank lifted its stake in shares of Evolv Technologies by 7.1% in the 4th quarter. Swiss National Bank now owns 192,200 shares of the company’s stock worth $907,000 after purchasing an additional 12,700 shares during the period. Aigen Investment Management LP lifted its stake in shares of Evolv Technologies by 25.7% in the 4th quarter. Aigen Investment Management LP now owns 41,480 shares of the company’s stock worth $196,000 after purchasing an additional 8,473 shares during the period. Millrace Asset Group Inc. lifted its stake in shares of Evolv Technologies by 65.6% in the 4th quarter. Millrace Asset Group Inc. now owns 413,440 shares of the company’s stock worth $1,951,000 after purchasing an additional 163,773 shares during the period. Finally, Axiom Investors LLC DE increased its holdings in Evolv Technologies by 92.0% in the 4th quarter. Axiom Investors LLC DE now owns 365,155 shares of the company’s stock worth $1,724,000 after acquiring an additional 175,000 shares in the last quarter. 66.65% of the stock is owned by hedge funds and other institutional investors.

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.