Evolv Technologies (NASDAQ:EVLV) Announces Earnings Results, Beats Estimates By $0.06 EPS

Evolv Technologies (NASDAQ:EVLV) announced its earnings results on Thursday, November 13th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.06, Zacks reports. The business had revenue of $42.85 million during the quarter, compared to analysts’ expectations of $33.73 million. Evolv Technologies had a negative return on equity of 55.11% and a negative net margin of 43.76%.

Evolv Technologies Stock Up 4.1%

Shares of EVLV traded up $0.27 during mid-day trading on Thursday, reaching $6.80. The company’s stock had a trading volume of 1,243,743 shares, compared to its average volume of 2,667,322. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.27 and a quick ratio of 1.20. Evolv Technologies has a 12-month low of $2.64 and a 12-month high of $8.91. The stock has a market cap of $1.19 billion, a PE ratio of -18.39 and a beta of 1.85. The company’s 50 day moving average is $7.24 and its 200 day moving average is $6.90.

Analysts Set New Price Targets

A number of research analysts have commented on EVLV shares. TD Cowen restated a “buy” rating and set a $10.00 price target on shares of Evolv Technologies in a research note on Friday, August 15th. Zacks Research upgraded Evolv Technologies from a “strong sell” rating to a “hold” rating in a report on Friday, October 17th. Lake Street Capital raised their target price on Evolv Technologies from $9.00 to $10.00 and gave the company a “buy” rating in a report on Friday, November 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Evolv Technologies in a research report on Wednesday, October 8th. Finally, Cantor Fitzgerald increased their price target on shares of Evolv Technologies from $7.00 to $9.00 and gave the stock an “overweight” rating in a research report on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $9.12.

Insider Activity at Evolv Technologies

In other news, Director Richard A. Shapiro bought 16,300 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The stock was purchased at an average cost of $6.02 per share, with a total value of $98,126.00. Following the transaction, the director directly owned 22,500 shares in the company, valued at $135,450. This trade represents a 262.90% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kevin M. Charlton acquired 15,000 shares of the firm’s stock in a transaction dated Friday, November 21st. The stock was purchased at an average cost of $5.68 per share, with a total value of $85,200.00. Following the completion of the acquisition, the director directly owned 44,081 shares of the company’s stock, valued at approximately $250,380.08. This trade represents a 51.58% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders have acquired 61,300 shares of company stock valued at $363,326 and have sold 1,911,445 shares valued at $15,560,635. Company insiders own 11.30% of the company’s stock.

Institutional Investors Weigh In On Evolv Technologies

A number of institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC grew its stake in shares of Evolv Technologies by 194.6% during the 3rd quarter. Millennium Management LLC now owns 4,187,604 shares of the company’s stock valued at $31,616,000 after buying an additional 2,766,335 shares during the period. Two Sigma Investments LP boosted its stake in shares of Evolv Technologies by 88.3% in the third quarter. Two Sigma Investments LP now owns 2,788,704 shares of the company’s stock valued at $21,055,000 after purchasing an additional 1,307,955 shares during the period. Mittelman Wealth Management acquired a new stake in Evolv Technologies during the 3rd quarter valued at $11,415,000. Arrowstreet Capital Limited Partnership purchased a new stake in Evolv Technologies during the 3rd quarter worth $9,347,000. Finally, Invesco Ltd. increased its stake in Evolv Technologies by 134.0% during the 3rd quarter. Invesco Ltd. now owns 1,211,896 shares of the company’s stock worth $9,150,000 after buying an additional 694,010 shares during the period. Hedge funds and other 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.