EVE (NYSE:EVEX) Shares Up 6.5% – Here’s What Happened

Eve Holding, Inc. (NYSE:EVEX) shares were up 6.5% during mid-day trading on Friday. The stock traded as high as $2.12 and last traded at $2.2250. 401,678 shares changed hands during trading, a decline of 64% from the average session volume of 1,130,251 shares. The stock had previously closed at $2.09.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on EVEX shares. D. Boral Capital initiated coverage on EVE in a research note on Friday, August 21st. They issued a “buy” rating and a $6.00 price target for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of EVE in a report on Tuesday, July 21st. JPMorgan Chase & Co. raised their target price on shares of EVE from $6.00 to $6.50 and gave the company an “overweight” rating in a research note on Wednesday, August 12th. Wall Street Zen downgraded shares of EVE from a “sell” rating to a “strong sell” rating in a report on Saturday, September 5th. Finally, Jefferies Financial Group set a $5.00 price target on shares of EVE in a research report on Wednesday, August 5th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $5.93.

EVE Price Performance

The company has a current ratio of 3.48, a quick ratio of 3.48 and a debt-to-equity ratio of 13.65. The company has a market capitalization of $771.91 million, a P/E ratio of -3.58 and a beta of 1.14. The company has a 50 day moving average price of $2.39 and a 200 day moving average price of $2.64.

EVE (NYSE:EVEX) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.08. On average, equities analysts predict that Eve Holding, Inc. will post -0.69 EPS for the current fiscal year.

Institutional Trading of EVE

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Sequoia Financial Advisors LLC acquired a new position in EVE in the 2nd quarter valued at about $25,000. Arizona State Retirement System lifted its position in EVE by 37.7% during the second quarter. Arizona State Retirement System now owns 26,430 shares of the company’s stock worth $66,000 after acquiring an additional 7,235 shares during the last quarter. Corient Private Wealth LP acquired a new stake in EVE during the second quarter worth approximately $28,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of EVE during the second quarter worth approximately $354,000. Finally, SPX Gestao de Recursos Ltda acquired a new position in shares of EVE in the second quarter valued at approximately $1,041,000. Institutional investors own 1.27% of the company’s stock.

About EVE

Eve Air Mobility, Inc develops electric vertical takeoff and landing (eVTOL) aircraft and related solutions for the emerging urban air mobility market. The company is focused on enabling short-distance passenger and cargo transportation with electrically powered aircraft designed to operate from urban and regional vertiports.

In addition to its eVTOL aircraft, Eve is developing an ecosystem of services and technologies to support commercial operations. These include flight operations and fleet-management tools, maintenance and support services, and its Vector software platform, which is designed to help manage urban air mobility networks.