Evolv Technologies Sees Unusually High Options Volume (NASDAQ:EVLV)

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) was the target of unusually large options trading activity on Tuesday. Investors purchased 5,513 call options on the company. This represents an increase of approximately 1,690% compared to the average daily volume of 308 call options.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Lake Street Capital cut their target price on shares of Evolv Technologies from $3.50 to $2.75 and set a “hold” rating for the company in a research note on Monday, October 28th. Northland Securities downgraded Evolv Technologies from an “outperform” rating to a “market perform” rating in a research report on Monday, October 28th. TD Cowen cut Evolv Technologies from a “strong-buy” rating to a “strong sell” rating in a report on Monday, October 28th. Finally, Northland Capmk cut Evolv Technologies from a “strong-buy” rating to a “hold” rating 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 data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $5.60.

Evolv Technologies Stock Performance

Shares of EVLV opened at $3.51 on Wednesday. The firm has a market capitalization of $553.00 million, a price-to-earnings ratio of -25.07 and a beta of 1.66. Evolv Technologies has a 52 week low of $2.01 and a 52 week high of $5.73. The business’s fifty day moving average price is $3.43 and its two-hundred day moving average price is $3.48.

Hedge Funds Weigh In On Evolv Technologies

Several hedge funds have recently added to or reduced their stakes in the company. Key Colony Management LLC lifted its holdings in Evolv Technologies by 12.1% in the third quarter. Key Colony Management LLC now owns 5,061,463 shares of the company’s stock valued at $20,499,000 after buying an additional 545,492 shares during the period. GSA Capital Partners LLP lifted its stake in shares of Evolv Technologies by 159.4% in the 3rd quarter. GSA Capital Partners LLP now owns 884,224 shares of the company’s stock valued at $3,581,000 after purchasing an additional 543,322 shares during the period. Essex Investment Management Co. LLC bought a new position in shares of Evolv Technologies in the 3rd quarter worth $1,614,000. Geode Capital Management LLC grew its stake in shares of Evolv Technologies by 14.4% during the third quarter. Geode Capital Management LLC now owns 2,820,747 shares of the company’s stock worth $11,426,000 after purchasing an additional 355,611 shares during the period. Finally, Ironwood Investment Management LLC bought a new stake in Evolv Technologies in the second quarter valued at about $724,000. 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.