Evolv Technologies (NASDAQ:EVLV) Shares Up 3.7% - Still a Buy?

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report) shares were up 3.7% during trading on Friday . The stock traded as high as $3.61 and last traded at $3.61. Approximately 229,466 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 1,761,353 shares. The stock had previously closed at $3.48.

Analysts Set New Price Targets

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

Evolv Technologies Price Performance

The business's 50-day simple moving average is $3.41 and its two-hundred day simple moving average is $3.33. The stock has a market capitalization of $597.11 million, a price-to-earnings ratio of -27.07 and a beta of 1.67.

Hedge Funds Weigh In On Evolv Technologies

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