Evolv Technologies (NASDAQ:EVLV) Shares Down 3.8% - Here's Why

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report) shares dropped 3.8% during trading on Monday . The company traded as low as $3.74 and last traded at $3.82. Approximately 258,821 shares traded hands during trading, a decline of 73% from the average daily volume of 947,596 shares. The stock had previously closed at $3.97.

Analysts Set New Price Targets

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

Evolv Technologies Price Performance

The business has a 50 day simple moving average of $3.40 and a 200 day simple moving average of $3.47. The company has a market cap of $576.63 million, a price-to-earnings ratio of -26.14 and a beta of 1.66.

Institutional Investors Weigh In On Evolv Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its stake in shares of Evolv Technologies by 8.5% during the third quarter. JPMorgan Chase & Co. now owns 60,441 shares of the company's stock valued at $245,000 after purchasing an additional 4,756 shares during the last quarter. Virtu Financial LLC bought a new position in Evolv Technologies in the 3rd quarter valued at $63,000. Barclays PLC increased its stake in shares of Evolv Technologies by 352.3% in the 3rd quarter. Barclays PLC now owns 211,551 shares of the company's stock valued at $856,000 after buying an additional 164,775 shares during the period. Geode Capital Management LLC lifted its stake in shares of Evolv Technologies by 14.4% during the third quarter. Geode Capital Management LLC now owns 2,820,747 shares of the company's stock valued at $11,426,000 after acquiring an additional 355,611 shares during the period. Finally, Wexford Capital LP bought a new position in Evolv Technologies in the third quarter valued at about $810,000. Institutional investors and hedge funds 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.