Evolv Technologies (NASDAQ:EVLV) Shares Gap Up – Here’s Why

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) gapped up before the market opened on Wednesday . The stock had previously closed at $3.77, but opened at $3.90. Evolv Technologies shares last traded at $4.00, with a volume of 287,735 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on EVLV shares. Northland Securities cut Evolv Technologies from an “outperform” rating to a “market perform” rating in a report on Monday, October 28th. TD Cowen downgraded shares of Evolv Technologies from a “strong-buy” rating to a “strong sell” rating in a research note on Monday, October 28th. Lake Street Capital cut their target price on shares of Evolv Technologies from $3.50 to $2.75 and set a “hold” rating on the stock in a research note on Monday, October 28th. Finally, Northland Capmk cut shares of Evolv Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $5.60.

Evolv Technologies Price Performance

The company has a market capitalization of $548.27 million, a price-to-earnings ratio of -24.86 and a beta of 1.67. The business has a fifty day moving average price of $3.41 and a 200 day moving average price of $3.33.

Institutional Trading of Evolv Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its holdings in Evolv Technologies by 13.9% during the second quarter. Bank of New York Mellon Corp now owns 443,006 shares of the company’s stock worth $1,130,000 after purchasing an additional 54,010 shares in the last quarter. Worth Financial Advisory Group LLC boosted its stake in Evolv Technologies by 42.0% during the second quarter. Worth Financial Advisory Group LLC now owns 15,000 shares of the company’s stock valued at $38,000 after buying an additional 4,435 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Evolv Technologies by 30.5% during the second quarter. Principal Financial Group Inc. now owns 17,650 shares of the company’s stock worth $45,000 after acquiring an additional 4,127 shares during the period. Foundations Investment Advisors LLC bought a new stake in Evolv Technologies in the second quarter worth about $30,000. Finally, Arizona State Retirement System lifted its holdings in Evolv Technologies by 12.9% in the 2nd quarter. Arizona State Retirement System now owns 30,488 shares of the company’s stock valued at $78,000 after acquiring an additional 3,490 shares during the last quarter. 66.65% of the stock is currently owned by institutional investors.

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.