Investors Buy High Volume of Evolv Technologies Call Options (NASDAQ:EVLV)

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) saw some unusual options trading activity on Tuesday. Stock traders bought 5,513 call options on the company. This represents an increase of approximately 1,690% compared to the typical volume of 308 call options.

Insider Buying and Selling at Evolv Technologies

In related news, insider Michael Ellenbogen sold 83,334 shares of the business’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $7.26, for a total value of $605,004.84. Following the sale, the insider now owns 2,390,558 shares in the company, valued at approximately $17,355,451.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Michael Ellenbogen sold 83,334 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $7.26, for a total value of $605,004.84. Following the sale, the insider now owns 2,390,558 shares in the company, valued at approximately $17,355,451.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CRO Anthony John Derosa sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $7.72, for a total value of $77,200.00. Following the completion of the transaction, the executive now owns 38,832 shares in the company, valued at approximately $299,783.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 196,666 shares of company stock worth $1,325,463. Insiders own 10.70% of the company’s stock.

Institutional Trading of Evolv Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. State of Wyoming boosted its stake in shares of Evolv Technologies by 100.1% in the 2nd quarter. State of Wyoming now owns 5,558 shares of the company’s stock valued at $33,000 after buying an additional 2,780 shares during the period. Metropolitan Life Insurance Co NY boosted its stake in shares of Evolv Technologies by 126.6% in the second quarter. Metropolitan Life Insurance Co NY now owns 6,257 shares of the company’s stock valued at $38,000 after buying an additional 3,496 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in Evolv Technologies by 117.1% during the second quarter. Tower Research Capital LLC TRC now owns 8,642 shares of the company’s stock worth $52,000 after purchasing an additional 4,661 shares in the last quarter. Ameritas Investment Partners Inc. raised its holdings in shares of Evolv Technologies by 47.6% in the second quarter. Ameritas Investment Partners Inc. now owns 9,305 shares of the company’s stock worth $56,000 after acquiring an additional 3,001 shares during the last quarter. Finally, Bleakley Financial Group LLC acquired a new position in Evolv Technologies in the second quarter valued at $64,000. 52.15% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on EVLV shares. Stifel Nicolaus upped their price target on shares of Evolv Technologies from $2.00 to $5.00 and gave the company a “hold” rating in a report on Friday, August 11th. Craig Hallum boosted their price objective on shares of Evolv Technologies from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, August 11th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $8.60 price objective on shares of Evolv Technologies in a research report on Wednesday, August 23rd.

Evolv Technologies Trading Down 1.0 %

EVLV opened at $6.87 on Wednesday. The company has a market cap of $1.03 billion, a price-to-earnings ratio of -7.08 and a beta of 1.28. Evolv Technologies has a 12-month low of $1.98 and a 12-month high of $8.30. The company’s 50 day moving average is $3.41 and its 200 day moving average is $1.69.

Evolv Technologies (NASDAQ:EVLV) last posted its quarterly earnings data on Thursday, August 10th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.01). Evolv Technologies had a negative net margin of 187.36% and a negative return on equity of 45.24%. The company had revenue of $19.83 million for the quarter, compared to analyst estimates of $14.19 million. As a group, analysts predict that Evolv Technologies will post -0.59 EPS for the current fiscal year.

About Evolv Technologies

Evolv Technologies Holdings, Inc provides artificial intelligence (AI)-based weapons detection for security screening. 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.