Cantor Fitzgerald Forecasts Strong Price Appreciation for Evolv Technologies (NASDAQ:EVLV) Stock

Evolv Technologies (NASDAQ:EVLV) had its price objective raised by stock analysts at Cantor Fitzgerald from $7.00 to $9.00 in a report released on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 16.13% from the stock’s previous close.

EVLV has been the subject of a number of other reports. TD Cowen reissued a “buy” rating and set a $10.00 price target on shares of Evolv Technologies in a research note on Friday. Northland Capmk upgraded Evolv Technologies from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 20th. Lake Street Capital raised shares of Evolv Technologies from a “hold” rating to a “buy” rating and boosted their target price for the company from $5.50 to $9.00 in a research note on Friday. Northland Securities upgraded shares of Evolv Technologies from a “market perform” rating to an “outperform” rating and set a $7.50 price target on the stock in a report on Wednesday, May 21st. Finally, Wall Street Zen upgraded shares of Evolv Technologies from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Evolv Technologies presently has a consensus rating of “Buy” and a consensus target price of $8.88.

Evolv Technologies Trading Up 5.2%

Shares of EVLV opened at $7.75 on Friday. The company’s fifty day simple moving average is $6.22 and its 200-day simple moving average is $4.72. The company has a market cap of $1.27 billion, a P/E ratio of -14.09 and a beta of 1.70. Evolv Technologies has a twelve month low of $2.04 and a twelve month high of $8.91.

Evolv Technologies (NASDAQ:EVLV) last issued its quarterly earnings results on Thursday, August 14th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.16). The firm had revenue of $26.68 million for the quarter, compared to the consensus estimate of $30.95 million. Evolv Technologies had a negative net margin of 73.04% and a negative return on equity of 72.11%. Analysts predict that Evolv Technologies will post -0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Evolv Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the company. CW Advisors LLC purchased a new stake in Evolv Technologies in the first quarter worth about $33,000. B. Riley Wealth Advisors Inc. purchased a new position in Evolv Technologies during the fourth quarter valued at approximately $40,000. Teacher Retirement System of Texas bought a new position in Evolv Technologies in the first quarter worth approximately $50,000. PDT Partners LLC purchased a new stake in Evolv Technologies during the first quarter worth $57,000. Finally, SouthState Corp boosted its position in Evolv Technologies by 420.1% during the 1st quarter. SouthState Corp now owns 18,571 shares of the company’s stock valued at $58,000 after acquiring an additional 15,000 shares in the last quarter. Institutional investors own 66.65% of the company’s stock.

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.