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

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) saw some unusual options trading on Tuesday. Stock traders bought 5,513 call options on the stock. This is an increase of 1,690% compared to the typical daily volume of 308 call options.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Foundations Investment Advisors LLC purchased a new position in Evolv Technologies during the second quarter worth approximately $30,000. Worth Financial Advisory Group LLC boosted its position 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 worth $38,000 after purchasing an additional 4,435 shares in the last quarter. SG Americas Securities LLC purchased a new position in Evolv Technologies during the third quarter worth approximately $44,000. Principal Financial Group Inc. boosted its position 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 purchasing an additional 4,127 shares in the last quarter. Finally, First Bank & Trust purchased a new position in Evolv Technologies during the third quarter worth approximately $52,000. 66.65% of the stock is owned by institutional investors and hedge funds.

Evolv Technologies Price Performance

Shares of NASDAQ EVLV opened at $4.02 on Thursday. The stock has a market capitalization of $633.35 million, a P/E ratio of -28.71 and a beta of 1.66. Evolv Technologies has a 1-year low of $2.01 and a 1-year high of $5.73. The business has a fifty day moving average price of $3.42 and a 200 day moving average price of $3.29.

Wall Street Analysts Forecast Growth

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

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.