Traders Buy Large Volume of Call Options on Evolv Technologies (NASDAQ:EVLV)

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) was the target of unusually large options trading on Tuesday. Stock investors purchased 5,513 call options on the company. This is an increase of 1,690% compared to the typical volume of 308 call options.

Wall Street Analysts Forecast Growth

EVLV has been the subject of a number of analyst reports. Northland Capmk raised Evolv Technologies from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 20th. Wall Street Zen raised Evolv Technologies from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. TD Cowen reaffirmed a “buy” rating and issued a $10.00 price target on shares of Evolv Technologies in a report on Friday, August 15th. Lake Street Capital upgraded Evolv Technologies from a “hold” rating to a “buy” rating and boosted their price objective for the company from $5.50 to $9.00 in a research note on Friday, August 15th. Finally, Cantor Fitzgerald boosted their price objective on Evolv Technologies from $7.00 to $9.00 and gave the company an “overweight” rating in a research note on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Evolv Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.88.

Evolv Technologies Stock Down 0.7%

Shares of NASDAQ EVLV opened at $8.37 on Wednesday. Evolv Technologies has a fifty-two week low of $2.04 and a fifty-two week high of $8.91. The business has a 50 day moving average price of $7.30 and a two-hundred day moving average price of $5.38. The firm has a market cap of $1.44 billion, a PE ratio of -15.22 and a beta of 1.71.

Evolv Technologies (NASDAQ:EVLV) last issued its 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 during the quarter, compared to analyst estimates of $30.95 million. Evolv Technologies had a negative return on equity of 76.80% and a negative net margin of 73.04%. Evolv Technologies has set its FY 2025 guidance at EPS. On average, analysts anticipate that Evolv Technologies will post -0.27 earnings per share for the current year.

Insider Activity

In related news, major shareholder Gates Frontier, Llc sold 776,236 shares of the firm’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $8.20, for a total transaction of $6,365,135.20. Following the completion of the sale, the insider directly 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 11.30% of the company’s stock.

Hedge Funds Weigh In On Evolv Technologies

A number of hedge funds have recently modified their holdings of EVLV. B. Riley Wealth Advisors Inc. purchased a new position in shares of Evolv Technologies during the fourth quarter valued at $40,000. CW Advisors LLC purchased a new position in shares of Evolv Technologies during the first quarter valued at $33,000. BNP Paribas Financial Markets grew its holdings in shares of Evolv Technologies by 38.3% during the second quarter. BNP Paribas Financial Markets now owns 12,985 shares of the company’s stock valued at $81,000 after buying an additional 3,596 shares in the last quarter. Prudential Financial Inc. purchased a new position in shares of Evolv Technologies during the second quarter valued at $94,000. Finally, Teacher Retirement System of Texas purchased a new position in shares of Evolv Technologies during the first quarter valued at $50,000. 66.65% of the stock is currently 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.