Lake Street Analyst Maintains Hold Rating on Evolv Technologies with $5.50 Price Target

Lake Street analyst Eric Martinuzzi maintains a Hold rating on Evolv Technologies Holdings with a price target of $5.50. The company's shares closed at $7.49. Martinuzzi is a 5-star analyst with a 10.7% average return and a 47.67% success rate. The general analyst consensus on Evolv Technologies Holdings is a Moderate Buy with an average price target of $6.83. The company's market cap is $1.23B and has a P/E ratio of -26.54.

Evolv Technologies Holdings, Inc. ($EVLV) released its quarterly earnings results on Thursday, August 14th, reporting earnings of -$0.25 per share, which missed estimates by $0.21. The company also reported revenue of $32,540,000, beating estimates by $976,100 [1].

The company's shares closed at $7.49 on the day of the earnings release. Lake Street analyst Eric Martinuzzi maintains a Hold rating on Evolv Technologies Holdings with a price target of $5.50. Martinuzzi is a 5-star analyst with a 10.7% average return and a 47.67% success rate [2]. The general analyst consensus on Evolv Technologies Holdings is a Moderate Buy with an average price target of $6.83.

Evolv Technologies Holdings provides AI-based weapons detection for security screening in the United States and internationally. The company's flagship product, Evolv Express, is an AI-based concealed weapons detection system designed to detect firearms, improvised explosive devices, and tactical knives [3].

The company's market cap is $1.23B and has a P/E ratio of -26.54. Evolv Technologies Holdings has seen insider trading activity with founders Anil Chitkara and Michael Ellenbogen selling a combined total of 128,411 shares in the past six months [1].

Institutional investors have shown significant interest in Evolv Technologies Holdings, with 78 institutional investors adding shares to their portfolio and 89 decreasing their positions in the most recent quarter. Some of the largest recent moves include Marshall Wace, LLP adding 1,662,797 shares and Gilder Gagnon Howe & Co LLC adding 1,128,434 shares [1].

Evolv Technologies Holdings has also seen government contract awards totaling $18,000 over the last year. The company has a Zacks Rank of #4 (Sell), indicating that the shares are expected to underperform the market in the near future [2].

References:
[1] https://www.quiverquant.com/news/EVOLV+TECHNOLOGIES+Earnings+Results%3A+%24EVLV+Reports+Quarterly+Earnings
[2] https://finance.yahoo.com/news/evolv-technologies-holdings-inc-evlv-212001287.html
[3] https://ca.finance.yahoo.com/quote/EVLV/