Evolv Technologies (NASDAQ:EVLV) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Evolv Technologies (NASDAQ:EVLV) issued its quarterly earnings data on Thursday. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.06, Zacks reports. Evolv Technologies had a negative return on equity of 47.56% and a negative net margin of 132.13%. The firm had revenue of $21.67 million during the quarter, compared to analyst estimates of $23.17 million. During the same quarter in the prior year, the business posted ($0.15) EPS. Evolv Technologies updated its FY 2024 guidance to EPS.

Evolv Technologies Price Performance

Evolv Technologies stock traded down $1.58 during midday trading on Friday, reaching $2.26. The company had a trading volume of 10,087,977 shares, compared to its average volume of 1,495,547. The company has a market capitalization of $351.61 million, a P/E ratio of -3.33 and a beta of 1.37. Evolv Technologies has a 12-month low of $2.01 and a 12-month high of $8.30. The firm’s fifty day simple moving average is $3.99 and its 200-day simple moving average is $4.30.

Insider Activity at Evolv Technologies

In related news, Director David Mounts Gonzales purchased 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were purchased at an average cost of $3.86 per share, with a total value of $193,000.00. Following the purchase, the director now owns 50,000 shares of the company’s stock, valued at approximately $193,000. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 11.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently commented on EVLV. Cantor Fitzgerald reiterated an “overweight” rating and set a $8.00 price objective on shares of Evolv Technologies in a report on Thursday, March 28th. Lake Street Capital lowered Evolv Technologies from a “buy” rating to a “hold” rating and reduced their target price for the stock from $6.00 to $3.50 in a research note on Friday.

Evolv Technologies Company Profile

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.