Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) Sees Significant Decline in Short Interest

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) saw a large drop in short interest in the month of October. As of October 15th, there was short interest totalling 14,320,000 shares, a drop of 6.0% from the September 30th total of 15,230,000 shares. Approximately 13.3% of the company’s stock are sold short. Based on an average daily trading volume, of 1,390,000 shares, the short-interest ratio is presently 10.3 days.

Evolv Technologies Trading Down 9.4 %

NASDAQ:EVLV traded down $0.22 during midday trading on Thursday, hitting $2.12. 4,459,758 shares of the company were exchanged, compared to its average volume of 1,671,968. The company has a fifty day simple moving average of $3.90 and a 200 day simple moving average of $3.35. Evolv Technologies has a fifty-two week low of $2.01 and a fifty-two week high of $5.73. The company has a market capitalization of $334.01 million, a PE ratio of -15.50 and a beta of 1.25.

Evolv Technologies (NASDAQ:EVLV) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.13) by $0.15. Evolv Technologies had a negative net margin of 21.42% and a negative return on equity of 28.57%. The firm had revenue of $25.54 million for the quarter, compared to analyst estimates of $23.57 million. As a group, equities research analysts expect that Evolv Technologies will post -0.26 EPS for the current year.

Institutional Investors Weigh In On Evolv Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of EVLV. Foundations Investment Advisors LLC acquired a new position in Evolv Technologies in the second quarter valued at $30,000. Worth Financial Advisory Group LLC increased its stake in Evolv Technologies by 42.0% in the second quarter. Worth Financial Advisory Group LLC now owns 15,000 shares of the company’s stock valued at $38,000 after purchasing an additional 4,435 shares during the period. SG Americas Securities LLC acquired a new position in Evolv Technologies in the third quarter valued at $44,000. Principal Financial Group Inc. increased its stake in Evolv Technologies by 30.5% in the second quarter. Principal Financial Group Inc. now owns 17,650 shares of the company’s stock valued at $45,000 after purchasing an additional 4,127 shares during the period. Finally, Sequoia Financial Advisors LLC acquired a new position in Evolv Technologies in the first quarter valued at $45,000. 66.65% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

EVLV has been the subject of several recent analyst reports. TD Cowen cut shares of Evolv Technologies from a “strong-buy” rating to a “strong sell” rating in a research report on Monday. Northland Capmk cut shares of Evolv Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday. Lake Street Capital decreased their price objective on shares of Evolv Technologies from $3.50 to $2.75 and set a “hold” rating for the company in a research report on Monday. Finally, Northland Securities cut shares of Evolv Technologies from an “outperform” rating to a “market perform” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $5.60.

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.