Evolv Technologies (NASDAQ:EVLV) Downgraded by Lake Street Capital

Evolv Technologies (NASDAQ:EVLV) was downgraded by Lake Street Capital from a “buy” rating to a “hold” rating in a report released on Friday, Marketbeat Ratings reports. They presently have a $3.50 target price on the stock, down from their previous target price of $6.00. Lake Street Capital’s price target points to a potential downside of 8.85% from the stock’s current price.

Separately, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $8.00 price target on shares of Evolv Technologies in a research note on Thursday, March 28th.

Evolv Technologies Trading Down 0.5 %

EVLV stock opened at $3.84 on Friday. The firm has a 50-day moving average price of $3.99 and a 200-day moving average price of $4.30. Evolv Technologies has a 12 month low of $3.28 and a 12 month high of $8.30. The stock has a market capitalization of $597.43 million, a P/E ratio of -5.26 and a beta of 1.37.

Evolv Technologies (NASDAQ:EVLV) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.03. The business had revenue of $21.82 million during the quarter, compared to the consensus estimate of $18.81 million. Evolv Technologies had a negative net margin of 132.13% and a negative return on equity of 47.56%. As a group, equities analysts predict that Evolv Technologies will post -0.48 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Anil Chitkara sold 50,000 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $5.00, for a total transaction of $250,000.00. Following the completion of the sale, the insider now directly owns 1,200,157 shares of the company’s stock, valued at $6,000,785. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Evolv Technologies

Several institutional investors have recently added to or reduced their stakes in the stock. Key Colony Management LLC grew its position in shares of Evolv Technologies by 64.5% during the 1st quarter. Key Colony Management LLC now owns 4,577,027 shares of the company’s stock valued at $20,368,000 after acquiring an additional 1,795,099 shares during the period. Glenview Capital Management LLC grew its holdings in Evolv Technologies by 21.7% during the fourth quarter. Glenview Capital Management LLC now owns 5,599,039 shares of the company’s stock valued at $26,427,000 after purchasing an additional 1,000,000 shares during the period. Sapient Capital LLC purchased a new stake in Evolv Technologies in the fourth quarter worth $3,188,000. Nomura Holdings Inc. bought a new stake in shares of Evolv Technologies in the third quarter valued at $2,138,000. Finally, Axiom Investors LLC DE lifted its position in shares of Evolv Technologies by 92.0% during the 4th quarter. Axiom Investors LLC DE now owns 365,155 shares of the company’s stock valued at $1,724,000 after buying an additional 175,000 shares during the last quarter. 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.