Evolv Technologies (NASDAQ:EVLV) Shares Up 7.7% - Still a Buy?

Shares of Evolv Technologies Holdings, Inc. (NASDAQ:EVLV - Get Free Report) traded up 7.7% during trading on Tuesday . The company traded as high as $4.28 and last traded at $4.28. 771,387 shares traded hands during trading, a decline of 56% from the average session volume of 1,772,112 shares. The stock had previously closed at $3.97.

Wall Street Analysts Forecast Growth

EVLV has been the topic of several research analyst reports. Northland Capmk downgraded shares of Evolv Technologies from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 28th. Northland Securities lowered Evolv Technologies from an "outperform" rating to a "market perform" rating in a report on Monday, October 28th. Lake Street Capital lowered their target price on shares of 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 analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $5.60.

Evolv Technologies Stock Down 2.9 %

The stock's 50-day moving average price is $3.81 and its 200-day moving average price is $3.61. The company has a market capitalization of $636.50 million, a price-to-earnings ratio of -28.86 and a beta of 1.66.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in EVLV. Key Colony Management LLC lifted its stake in 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 buying an additional 545,492 shares during the period. GSA Capital Partners LLP raised its position in shares of Evolv Technologies by 159.4% in the 3rd quarter. GSA Capital Partners LLP now owns 884,224 shares of the company's stock valued at $3,581,000 after acquiring an additional 543,322 shares during the period. Essex Investment Management Co. LLC bought a new position in Evolv Technologies during the 3rd quarter worth approximately $1,614,000. Geode Capital Management LLC boosted its stake in Evolv Technologies by 14.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,820,747 shares of the company's stock worth $11,426,000 after acquiring an additional 355,611 shares during the last quarter. Finally, Wexford Capital LP bought a new stake in Evolv Technologies in the third quarter valued at approximately $810,000. 66.65% of the stock is currently owned by 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.