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

Shares of Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) gapped up prior to trading on Wednesday . The stock had previously closed at $3.44, but opened at $3.65. Evolv Technologies shares last traded at $3.65, with a volume of 39,967 shares changing hands.

Wall Street Analysts Forecast Growth

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

Evolv Technologies Stock Up 9.3 %

The firm has a 50 day moving average of $3.43 and a 200 day moving average of $3.18. The firm has a market cap of $592.39 million, a PE ratio of -26.07 and a beta of 1.34.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Evolv Technologies by 6.0% during 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 during the last quarter. Key Colony Management LLC raised its position in shares of Evolv Technologies by 12.1% in the third quarter. Key Colony Management LLC now owns 5,061,463 shares of the company’s stock valued at $20,499,000 after purchasing an additional 545,492 shares during the period. Geode Capital Management LLC lifted its stake in shares of Evolv Technologies by 14.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,820,747 shares of the company’s stock valued at $11,426,000 after buying an additional 355,611 shares in the last quarter. State Street Corp boosted its holdings in Evolv Technologies by 3.0% in the 3rd quarter. State Street Corp now owns 2,663,078 shares of the company’s stock worth $10,785,000 after buying an additional 78,775 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Evolv Technologies by 20.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 924,153 shares of the company’s stock valued at $3,743,000 after buying an additional 158,877 shares in the last quarter. Institutional investors own 66.65% of the company’s stock.

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.