Evolv Technologies (NASDAQ:EVLV) Trading Down 4.2% – Time to Sell?

Shares of Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) dropped 4.2% during trading on Thursday . The company traded as low as $5.25 and last traded at $5.29. Approximately 690,445 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 2,128,762 shares. The stock had previously closed at $5.52.

Wall Street Analysts Forecast Growth

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

Evolv Technologies Stock Down 2.5%

The business has a fifty day simple moving average of $4.51 and a 200-day simple moving average of $3.92. The firm has a market cap of $828.18 million, a P/E ratio of -36.07 and a beta of 1.68.

Evolv Technologies (NASDAQ:EVLV) last issued its quarterly earnings results on Tuesday, May 20th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.07. Evolv Technologies had a negative return on equity of 28.57% and a negative net margin of 21.42%. The firm had revenue of $32.01 million during the quarter, compared to the consensus estimate of $26.40 million. On average, sell-side analysts anticipate that Evolv Technologies Holdings, Inc. will post -0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Evolv Technologies

Several institutional investors and hedge funds have recently modified their holdings of the stock. Militia Capital Partners LP increased its holdings in shares of Evolv Technologies by 108.0% during the first 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 in the last quarter. Rhumbline Advisers increased its holdings in shares of Evolv Technologies by 5.3% during the first quarter. Rhumbline Advisers now owns 178,391 shares of the company’s stock valued at $557,000 after acquiring an additional 8,967 shares in the last quarter. SCS Capital Management LLC bought a new position in shares of Evolv Technologies during the first quarter valued at $15,061,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Evolv Technologies by 6.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 79,928 shares of the company’s stock valued at $249,000 after acquiring an additional 5,050 shares in the last quarter. Finally, Josh Arnold Investment Consultant LLC bought a new stake in Evolv Technologies in the 1st quarter worth about $1,248,000. 66.65% of the stock is currently owned by institutional investors.

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.