EVE (NYSE:EVEX) Price Target Cut to $7.00 by Analysts at Canaccord Genuity Group

EVE (NYSE:EVEX) had its price target decreased by analysts at Canaccord Genuity Group from $7.50 to $7.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group‘s price target would indicate a potential upside of 279.40% from the stock’s current price.

A number of other research firms have also recently issued reports on EVEX. JPMorgan Chase & Co. raised their target price on shares of EVE from $6.00 to $6.50 and gave the stock an “overweight” rating in a research note on Wednesday, August 12th. Wall Street Zen lowered shares of EVE from a “sell” rating to a “strong sell” rating in a research note on Sunday, October 4th. D. Boral Capital started coverage on shares of EVE in a report on Friday, August 21st. They issued a “buy” rating and a $6.00 price target on the stock. Jefferies Financial Group set a $5.00 price target on shares of EVE in a report on Wednesday, August 5th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of EVE in a research report on Monday, October 19th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, EVE has an average rating of “Moderate Buy” and an average price target of $5.89.

EVE Stock Performance

Shares of EVEX stock traded up $0.28 during trading on Friday, reaching $1.84. 1,090,980 shares of the company’s stock were exchanged, compared to its average volume of 1,146,079. EVE has a twelve month low of $1.41 and a twelve month high of $5.16. The firm’s fifty day moving average price is $1.88 and its 200-day moving average price is $2.63. The company has a quick ratio of 3.48, a current ratio of 3.48 and a debt-to-equity ratio of 13.65. The stock has a market capitalization of $642.96 million, a PE ratio of -2.98 and a beta of 1.25.

EVE (NYSE:EVEX) last announced its quarterly earnings results on Thursday, November 5th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.02. As a group, sell-side analysts anticipate that EVE will post -0.69 EPS for the current year.

Institutional Trading of EVE

Several hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in EVE during the second quarter worth approximately $17,742,000. Kapitalo Investimentos Ltda bought a new position in EVE during the 2nd quarter worth $2,761,000. SPX Gestao de Recursos Ltda acquired a new position in EVE in the 2nd quarter valued at $1,041,000. Renaissance Technologies LLC acquired a new position in EVE in the 1st quarter valued at $854,000. Finally, Ieq Capital LLC acquired a new position in EVE in the 2nd quarter valued at $685,000. Institutional investors and hedge funds own 1.27% of the company’s stock.

About EVE

Eve Air Mobility, formerly known as Eve Holding, Inc, develops electric vertical takeoff and landing (eVTOL) aircraft and related urban air mobility solutions. The company is focused on creating quieter, lower-emission transportation options for short urban and regional trips, including passenger flights, airport transfers and other specialized missions.

Its primary product is an eVTOL aircraft designed to operate using electric propulsion and vertical takeoff and landing capabilities.