Evolv Technologies (NASDAQ:EVLV) Reaches New 1-Year High – Here’s Why

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $6.25 and last traded at $6.12, with a volume of 1282950 shares traded. The stock had previously closed at $6.06.

Analyst Upgrades and Downgrades

EVLV has been the subject of several recent research reports. Cantor Fitzgerald upgraded Evolv Technologies to a “strong-buy” rating in a report on Wednesday, May 21st. Lake Street Capital increased their price objective on shares of Evolv Technologies from $4.00 to $5.50 and gave the company a “hold” rating in a research note on Wednesday, May 21st. Wall Street Zen raised shares of Evolv Technologies from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. Northland Capmk upgraded Evolv Technologies from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 20th. Finally, Northland Securities upgraded Evolv Technologies from a “market perform” rating to an “outperform” rating and set a $7.50 price target on the stock in a report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, one has issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $6.50.

Evolv Technologies Trading Up 1.8%

The stock has a market cap of $1.01 billion, a PE ratio of -22.03 and a beta of 1.68. The business’s 50-day moving average price is $4.78 and its 200-day moving average price is $3.97.

Evolv Technologies (NASDAQ:EVLV) last released its quarterly earnings results on Tuesday, May 20th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.07. The business had revenue of $32.01 million for the quarter, compared to analyst estimates of $26.40 million. Evolv Technologies had a negative net margin of 38.97% and a negative return on equity of 34.13%. As a group, analysts predict that Evolv Technologies Holdings, Inc. will post -0.27 earnings per share for the current year.

Institutional Investors Weigh In On Evolv Technologies

A number of large investors have recently modified their holdings of the business. Militia Capital Partners LP increased its position in shares of Evolv Technologies by 108.0% in the 1st quarter. Militia Capital Partners LP now owns 260,000 shares of the company’s stock valued at $811,000 after acquiring an additional 135,000 shares during the period. Rhumbline Advisers increased its holdings in shares of Evolv Technologies by 5.3% in the first quarter. Rhumbline Advisers now owns 178,391 shares of the company’s stock valued at $557,000 after purchasing an additional 8,967 shares during the period. SCS Capital Management LLC purchased a new position in shares of Evolv Technologies in the first quarter worth about $15,061,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Evolv Technologies by 6.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 79,928 shares of the company’s stock worth $249,000 after purchasing an additional 5,050 shares during the last quarter. Finally, Josh Arnold Investment Consultant LLC acquired a new stake in shares of Evolv Technologies during the first quarter worth about $1,248,000. Hedge funds and other 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.