Evolv Technologies (NASDAQ:EVLV) Posts Earnings Results, Beats Expectations By $0.06 EPS

Evolv Technologies (NASDAQ:EVLV) issued its quarterly earnings results on Thursday. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.06, Zacks reports. Evolv Technologies had a negative net margin of 43.76% and a negative return on equity of 54.09%. The business had revenue of $42.85 million during the quarter, compared to the consensus estimate of $33.73 million. Evolv Technologies updated its FY 2025 guidance to EPS.

Evolv Technologies Trading Down 8.8%

NASDAQ EVLV traded down $0.58 on Friday, reaching $6.00. The stock had a trading volume of 7,535,532 shares, compared to its average volume of 2,377,491. Evolv Technologies has a 1 year low of $2.49 and a 1 year high of $8.91. The business has a 50 day moving average price of $7.80 and a 200 day moving average price of $6.72. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -16.22 and a beta of 1.70.

Insider Activity at Evolv Technologies

In related news, major shareholder Gates Frontier, Llc sold 776,236 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider owned 17,189,096 shares of the company’s stock, valued at approximately $140,950,587.20. This trade represents a 4.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anil Chitkara sold 120,000 shares of the business’s stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $8.20, for a total transaction of $984,000.00. Following the completion of the sale, the insider directly owned 1,275,100 shares of the company’s stock, valued at $10,455,820. This represents a 8.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 1,911,445 shares of company stock valued at $15,560,635. 11.30% of the stock is owned by corporate insiders.

Institutional Trading of Evolv Technologies

Institutional investors and hedge funds have recently made changes to their positions in the stock. Two Sigma Investments LP increased its holdings in shares of Evolv Technologies by 88.3% during the 3rd quarter. Two Sigma Investments LP now owns 2,788,704 shares of the company’s stock valued at $21,055,000 after acquiring an additional 1,307,955 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in Evolv Technologies during the third quarter worth approximately $9,347,000. Gilder Gagnon Howe & Co. LLC acquired a new position in Evolv Technologies during the second quarter valued at approximately $7,041,000. Invesco Ltd. raised its position in shares of Evolv Technologies by 134.0% in the third quarter. Invesco Ltd. now owns 1,211,896 shares of the company’s stock valued at $9,150,000 after purchasing an additional 694,010 shares during the period. Finally, UBS Group AG lifted its stake in shares of Evolv Technologies by 250.9% in the third quarter. UBS Group AG now owns 903,269 shares of the company’s stock worth $6,820,000 after buying an additional 645,848 shares during the last quarter. Institutional investors and hedge funds own 66.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on EVLV. Weiss Ratings reiterated a “sell (d-)” rating on shares of Evolv Technologies in a research report on Wednesday, October 8th. Lake Street Capital lifted their price target on Evolv Technologies from $9.00 to $10.00 and gave the company a “buy” rating in a report on Friday. Zacks Research raised Evolv Technologies from a “strong sell” rating to a “hold” rating in a research note on Friday, October 17th. Cantor Fitzgerald lifted their target price on Evolv Technologies from $7.00 to $9.00 and gave the company an “overweight” rating in a research note on Friday, August 15th. Finally, TD Cowen reiterated a “buy” rating and issued a $10.00 target price on shares of Evolv Technologies in a report on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.13.

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.