Evolv Technologies (NASDAQ:EVLV) Trading Down 3.2% on Insider Selling

Shares of Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) dropped 3.2% during mid-day trading on Monday following insider selling activity. The company traded as low as $8.45 and last traded at $8.48. Approximately 182,314 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 2,471,263 shares. The stock had previously closed at $8.76.

Specifically, major shareholder Gates Frontier, Llc sold 776,236 shares of the company’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $8.20, for a total transaction of $6,365,135.20. Following the completion of the transaction, the insider owned 17,189,096 shares in the company, valued at $140,950,587.20. This represents a 4.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Gates Frontier, Llc sold 694,464 shares of the company’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $8.03, for a total transaction of $5,576,545.92. Following the sale, the insider directly owned 17,965,332 shares of the company’s stock, valued at approximately $144,261,615.96. This represents a 3.72% decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Northland Securities raised shares of 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, May 21st. Zacks Research cut shares of Evolv Technologies from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 27th. TD Cowen reaffirmed a “buy” rating and set a $10.00 price objective on shares of Evolv Technologies in a research note on Friday, August 15th. Cantor Fitzgerald upped their price objective on shares of Evolv Technologies from $7.00 to $9.00 and gave the company an “overweight” rating in a research note on Friday, August 15th. Finally, Lake Street Capital raised shares of Evolv Technologies from a “hold” rating to a “buy” rating and upped their price objective for the company from $5.50 to $9.00 in a research note on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $8.88.

Evolv Technologies Stock Performance

The firm’s 50 day moving average price is $7.25 and its two-hundred day moving average price is $5.35. The firm has a market cap of $1.45 billion, a PE ratio of -15.33 and a beta of 1.71.

Evolv Technologies (NASDAQ:EVLV) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.16). Evolv Technologies had a negative net margin of 73.04% and a negative return on equity of 76.80%. The firm had revenue of $26.68 million during the quarter, compared to analysts’ expectations of $30.95 million. Evolv Technologies has set its FY 2025 guidance at EPS. On average, analysts forecast that Evolv Technologies Holdings, Inc. will post -0.27 earnings per share for the current year.

Institutional Trading of Evolv Technologies

Hedge funds have recently made changes to their positions in the company. CW Advisors LLC purchased a new stake in shares of Evolv Technologies in the 1st quarter valued at approximately $33,000. B. Riley Wealth Advisors Inc. purchased a new position in shares of Evolv Technologies during the 4th quarter worth approximately $40,000. Teacher Retirement System of Texas purchased a new position in shares of Evolv Technologies during the 1st quarter worth approximately $50,000. PDT Partners LLC purchased a new position in shares of Evolv Technologies during the 1st quarter worth approximately $57,000. Finally, SouthState Corp boosted its position in shares of Evolv Technologies by 420.1% during the 1st quarter. SouthState Corp now owns 18,571 shares of the company’s stock worth $58,000 after purchasing an additional 15,000 shares during the period. Hedge funds and other institutional investors own 66.65% of the company’s stock.

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.