Evolv Technologies (NASDAQ:EVLV) Shares Gap Up - What's Next?

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report) 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 changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on EVLV shares. Northland Securities cut shares of Evolv Technologies from an "outperform" rating to a "market perform" rating in a research report on Monday, October 28th. TD Cowen cut Evolv Technologies from a "strong-buy" rating to a "strong sell" rating in a research report on Monday, October 28th. Northland Capmk downgraded Evolv Technologies from a "strong-buy" rating to a "hold" rating in a report on Monday, October 28th. Finally, Lake Street Capital decreased their price objective on Evolv Technologies from $3.50 to $2.75 and set a "hold" rating for the company in a research note on Monday, October 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Evolv Technologies has an average rating of "Hold" and an average price target of $5.60.

Evolv Technologies Price Performance

The company's fifty day simple moving average is $3.42 and its 200-day simple moving average is $3.33. The firm has a market capitalization of $562.45 million, a PE ratio of -25.50 and a beta of 1.67.

Institutional Investors Weigh In On Evolv Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EVLV. Foundations Investment Advisors LLC purchased a new position in shares of Evolv Technologies in the second quarter worth $30,000. Worth Financial Advisory Group LLC raised its stake in Evolv Technologies by 42.0% in the 2nd quarter. Worth Financial Advisory Group LLC now owns 15,000 shares of the company's stock worth $38,000 after acquiring an additional 4,435 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Evolv Technologies during the 3rd quarter worth about $44,000. Principal Financial Group Inc. grew its stake in Evolv Technologies by 30.5% during the 2nd quarter. Principal Financial Group Inc. now owns 17,650 shares of the company's stock valued at $45,000 after purchasing an additional 4,127 shares during the last quarter. Finally, First Bank & Trust acquired a new position in shares of Evolv Technologies in the third quarter valued at about $52,000. 66.65% of the stock is currently owned by hedge funds and other 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.