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

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

Hedge Funds Weigh In On Evolv Technologies

A number of institutional investors have recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in Evolv Technologies during the third quarter worth about $44,000. First Bank & Trust acquired a new stake in Evolv Technologies in the third quarter valued at approximately $52,000. Sequoia Financial Advisors LLC raised its stake in shares of Evolv Technologies by 50.5% during the third quarter. Sequoia Financial Advisors LLC now owns 15,190 shares of the company’s stock valued at $62,000 after purchasing an additional 5,100 shares during the period. Virtu Financial LLC acquired a new position in shares of Evolv Technologies during the third quarter worth $63,000. Finally, Phillips Financial Management LLC purchased a new position in shares of Evolv Technologies in the third quarter valued at $99,000. Institutional investors and hedge funds own 66.65% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented 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 on the stock in a report on Monday, October 28th. Northland Capmk lowered shares of Evolv Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Northland Securities lowered shares of Evolv Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, October 28th. Finally, TD Cowen lowered shares of Evolv Technologies from a “strong-buy” rating to a “strong sell” rating in a research note on Monday, October 28th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $5.60.

Evolv Technologies Price Performance

NASDAQ:EVLV opened at $3.25 on Wednesday. The firm has a 50 day simple moving average of $3.58 and a 200-day simple moving average of $3.53. The firm has a market cap of $512.04 million, a PE ratio of -23.21 and a beta of 1.66. Evolv Technologies has a 1-year low of $2.01 and a 1-year high of $5.73.

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.