Northland Securities Upgrades Evolv Technologies (NASDAQ:EVLV) to Outperform

Evolv Technologies (NASDAQ:EVLV) was upgraded by stock analysts at Northland Securities from a “market perform” rating to an “outperform” rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage currently has a $7.50 price objective on the stock. Northland Securities’ price target indicates a potential upside of 24.79% from the stock’s current price.

Separately, Lake Street Capital raised their price target on shares of Evolv Technologies from $2.75 to $4.00 and gave the stock a “hold” rating in a research note on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, one has issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $6.50.

Evolv Technologies Trading Up 1.0%

Shares of NASDAQ EVLV opened at $6.01 on Wednesday. The stock has a market cap of $982.45 million, a price-to-earnings ratio of -42.93 and a beta of 1.61. Evolv Technologies has a 52 week low of $2.04 and a 52 week high of $6.16. The company’s 50-day moving average price is $3.74 and its 200 day moving average price is $3.62.

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

Institutional Investors Weigh In On Evolv Technologies

Hedge funds have recently modified their holdings of the stock. SCS Capital Management LLC acquired a new stake in shares of Evolv Technologies in the first quarter worth approximately $15,061,000. Marshall Wace LLP boosted its position in shares of Evolv Technologies by 317.1% in the fourth quarter. Marshall Wace LLP now owns 3,275,025 shares of the company’s stock worth $12,936,000 after acquiring an additional 2,489,825 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Evolv Technologies by 2,428.1% in the fourth quarter. JPMorgan Chase & Co. now owns 1,527,979 shares of the company’s stock worth $6,036,000 after acquiring an additional 1,467,538 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Evolv Technologies by 5.3% in the first quarter. Vanguard Group Inc. now owns 9,402,716 shares of the company’s stock worth $29,336,000 after acquiring an additional 477,124 shares during the last quarter. Finally, Josh Arnold Investment Consultant LLC acquired a new stake in shares of Evolv Technologies in the first quarter worth approximately $1,248,000. 66.65% of the stock is 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.