Cantor Fitzgerald Upgrades Evolv Technologies (NASDAQ:EVLV) to “Strong-Buy”

Evolv Technologies (NASDAQ:EVLV) was upgraded by investment analysts at Cantor Fitzgerald to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other research analysts have also issued reports on EVLV. Lake Street Capital increased their price objective on Evolv Technologies from $4.00 to $5.50 and gave the stock a “hold” rating in a research note on Wednesday. Northland Securities upgraded Evolv Technologies from a “market perform” rating to an “outperform” rating and set a $7.50 price objective for the company in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, one has given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Evolv Technologies presently has an average rating of “Moderate Buy” and an average target price of $6.50.

Evolv Technologies Stock Up 1.0%

EVLV stock opened at $6.01 on Wednesday. Evolv Technologies has a fifty-two week low of $2.04 and a fifty-two week high of $6.16. The company has a market capitalization of $982.45 million, a P/E ratio of -42.93 and a beta of 1.61. The company has a 50-day simple moving average of $3.74 and a 200 day simple moving average of $3.62.

Evolv Technologies (NASDAQ:EVLV) last issued its earnings results on Tuesday, May 20th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.07. The company had revenue of $32.01 million for the quarter, compared to the consensus estimate of $26.40 million. Evolv Technologies had a negative return on equity of 28.57% and a negative net margin of 21.42%. Equities analysts anticipate that Evolv Technologies will post -0.27 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Autumn Glory Partners LLC acquired a new position in Evolv Technologies during the fourth quarter worth $40,000. B. Riley Wealth Advisors Inc. bought a new stake in shares of Evolv Technologies during the fourth quarter worth $40,000. CW Advisors LLC bought a new stake in shares of Evolv Technologies during the first quarter worth $33,000. Cibc World Markets Corp bought a new position in shares of Evolv Technologies in the fourth quarter valued at about $49,000. Finally, Teacher Retirement System of Texas bought a new position in shares of Evolv Technologies in the first quarter valued at about $50,000. 66.65% of the stock is currently owned by institutional investors and hedge funds.

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.