Stock Traders Purchase Large Volume of Call Options on Evolv Technologies (NASDAQ:EVLV)

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) saw unusually large options trading activity on Tuesday. Traders acquired 5,513 call options on the company. This is an increase of approximately 1,690% compared to the average volume of 308 call options.

Evolv Technologies Price Performance

Shares of EVLV opened at $4.23 on Wednesday. Evolv Technologies has a 12 month low of $2.01 and a 12 month high of $5.73. The stock’s 50-day moving average is $3.80 and its two-hundred day moving average is $3.60. The stock has a market cap of $666.44 million, a PE ratio of -30.21 and a beta of 1.66.

Hedge Funds Weigh In On Evolv Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Autumn Glory Partners LLC purchased a new stake in shares of Evolv Technologies during the fourth quarter valued at approximately $40,000. SG Americas Securities LLC purchased a new stake in Evolv Technologies during the 3rd quarter worth $44,000. First Bank & Trust acquired a new position in Evolv Technologies in the 3rd quarter worth $52,000. Sequoia Financial Advisors LLC lifted its holdings in Evolv Technologies by 50.5% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 15,190 shares of the company’s stock worth $62,000 after buying an additional 5,100 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in Evolv Technologies in the 3rd quarter valued at about $63,000. 66.65% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

EVLV has been the subject of a number of research analyst reports. Northland Capmk downgraded Evolv Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Northland Securities lowered Evolv Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, October 28th. TD Cowen downgraded Evolv Technologies from a “strong-buy” rating to a “strong sell” rating in a report on Monday, October 28th. Finally, Lake Street Capital decreased their target price on Evolv Technologies from $3.50 to $2.75 and set a “hold” rating for the company in a report on Monday, October 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $5.60.

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.