Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) Sees Significant Increase in Short Interest

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) was the recipient of a significant growth in short interest in July. As of July 15th, there was short interest totalling 12,210,000 shares, a growth of 9.6% from the June 30th total of 11,140,000 shares. Based on an average daily trading volume, of 1,600,000 shares, the days-to-cover ratio is presently 7.6 days. Currently, 11.5% of the company’s stock are sold short.

Evolv Technologies Price Performance

EVLV opened at $3.47 on Thursday. The business has a fifty day simple moving average of $2.75 and a 200-day simple moving average of $3.64. Evolv Technologies has a fifty-two week low of $2.01 and a fifty-two week high of $8.30.

Evolv Technologies (NASDAQ:EVLV) last released its earnings results on Thursday, May 9th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.06. The company had revenue of $21.67 million during the quarter, compared to analyst estimates of $23.17 million. Evolv Technologies had a negative return on equity of 45.57% and a negative net margin of 106.93%. During the same quarter in the prior year, the company earned ($0.15) earnings per share. As a group, equities analysts expect that Evolv Technologies will post -0.37 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on EVLV. Lake Street Capital cut Evolv Technologies from a “buy” rating to a “hold” rating and dropped their price target for the stock from $6.00 to $3.50 in a research report on Friday, May 10th. Craig Hallum began coverage on Evolv Technologies in a research report on Monday, May 20th. They set a “buy” rating and a $5.75 price target on the stock. Finally, TD Cowen dropped their price target on Evolv Technologies from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Friday, May 10th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $5.65.

Institutional Trading of Evolv Technologies

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Evolv Technologies by 6.0% in the first quarter. Vanguard Group Inc. now owns 7,193,962 shares of the company’s stock valued at $32,013,000 after purchasing an additional 407,396 shares in the last quarter. Glenview Capital Management LLC raised its holdings in shares of Evolv Technologies by 21.7% during the fourth quarter. Glenview Capital Management LLC now owns 5,599,039 shares of the company’s stock worth $26,427,000 after acquiring an additional 1,000,000 shares in the last quarter. Edge Capital Group LLC raised its holdings in shares of Evolv Technologies by 1.2% during the fourth quarter. Edge Capital Group LLC now owns 4,819,327 shares of the company’s stock worth $22,747,000 after acquiring an additional 56,500 shares in the last quarter. Key Colony Management LLC raised its holdings in shares of Evolv Technologies by 64.5% during the first quarter. Key Colony Management LLC now owns 4,577,027 shares of the company’s stock worth $20,368,000 after acquiring an additional 1,795,099 shares in the last quarter. Finally, Sapient Capital LLC raised its holdings in shares of Evolv Technologies by 7.3% during the second quarter. Sapient Capital LLC now owns 737,136 shares of the company’s stock worth $1,880,000 after acquiring an additional 50,400 shares in the last quarter. 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.