Evolv Technologies (NASDAQ:EVLV) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Evolv Technologies (NASDAQ:EVLV) released its quarterly earnings results on Thursday. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.06, Zacks reports. The company had revenue of $42.85 million during the quarter, compared to analysts’ expectations of $33.73 million. Evolv Technologies had a negative return on equity of 54.09% and a negative net margin of 43.76%. Evolv Technologies updated its FY 2025 guidance to EPS.

Evolv Technologies Price Performance

NASDAQ EVLV traded down $0.58 during trading hours on Friday, hitting $6.00. 7,535,532 shares of the company’s stock traded hands, compared to its average volume of 2,377,491. The firm’s 50-day moving average is $7.80 and its 200-day moving average is $6.72. The company has a market capitalization of $1.03 billion, a PE ratio of -16.22 and a beta of 1.70. Evolv Technologies has a 52-week low of $2.49 and a 52-week high of $8.91.

Analyst Ratings Changes

EVLV has been the topic of a number of recent analyst reports. TD Cowen reiterated a “buy” rating and set a $10.00 target price on shares of Evolv Technologies in a research report on Friday, August 15th. Lake Street Capital increased their price objective on shares of Evolv Technologies from $9.00 to $10.00 and gave the company a “buy” rating in a report on Friday. Cantor Fitzgerald boosted their target price on shares of Evolv Technologies from $7.00 to $9.00 and gave the stock an “overweight” rating in a research note on Friday, August 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Evolv Technologies in a research report on Wednesday, October 8th. Finally, Zacks Research upgraded Evolv Technologies from a “strong sell” rating to a “hold” rating in a report on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Evolv Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.13.

Insider Buying and Selling

In other Evolv Technologies news, major shareholder Gates Frontier, Llc sold 776,236 shares of the company’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $8.20, for a total value of $6,365,135.20. Following the completion of the sale, the insider directly owned 17,189,096 shares in the company, valued at $140,950,587.20. This represents a 4.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anil Chitkara sold 240,000 shares of the business’s stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $8.20, for a total transaction of $1,968,000.00. Following the transaction, the insider directly owned 1,275,100 shares in the company, valued at approximately $10,455,820. The trade was a 15.84% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 1,911,445 shares of company stock worth $15,560,635. 11.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in EVLV. CW Advisors LLC increased its stake in Evolv Technologies by 19.0% during the second quarter. CW Advisors LLC now owns 12,614 shares of the company’s stock worth $79,000 after acquiring an additional 2,014 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Evolv Technologies by 16.5% during the 3rd quarter. Victory Capital Management Inc. now owns 15,601 shares of the company’s stock worth $118,000 after purchasing an additional 2,206 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in Evolv Technologies by 38.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 12,985 shares of the company’s stock valued at $81,000 after buying an additional 3,596 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Evolv Technologies by 6.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 79,928 shares of the company’s stock valued at $249,000 after buying an additional 5,050 shares during the last quarter. Finally, California State Teachers Retirement System boosted its stake in Evolv Technologies by 7.6% during the third quarter. California State Teachers Retirement System now owns 102,248 shares of the company’s stock worth $772,000 after buying an additional 7,202 shares during the period. 66.65% of the stock is currently owned by institutional investors and hedge funds.

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.