EVE (NYSE:EVEX) Stock Price Down 7.7% – Here’s Why

Eve Holding, Inc. (NYSE:EVEX)’s share price dropped 7.7% on Wednesday . The company traded as low as $3.12 and last traded at $3.12. Approximately 97,970 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 1,218,817 shares. The stock had previously closed at $3.38.

Analyst Ratings Changes

EVEX has been the subject of several recent analyst reports. Canaccord Genuity Group cut their price target on EVE from $7.50 to $7.25 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Weiss Ratings restated a “sell (e+)” rating on shares of EVE in a research report on Friday, April 24th. JPMorgan Chase & Co. reduced their target price on EVE from $7.00 to $6.00 and set an “overweight” rating for the company in a research note on Tuesday, March 24th. Finally, Cantor Fitzgerald decreased their target price on EVE from $7.00 to $6.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 18th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, EVE has a consensus rating of “Hold” and an average price target of $6.42.

EVE Trading Down 8.3%

The company has a fifty day moving average of $2.86 and a 200-day moving average of $3.52. The company has a current ratio of 3.80, a quick ratio of 3.80 and a debt-to-equity ratio of 5.45. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of -4.25 and a beta of 1.09.

EVE (NYSE:EVEX) last released its earnings results on Tuesday, May 5th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.05). As a group, equities research analysts anticipate that Eve Holding, Inc. will post -0.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On EVE

Hedge funds have recently modified their holdings of the business. Polar Asset Management Partners Inc. purchased a new position in EVE in the 3rd quarter worth approximately $2,568,000. Heights Capital Management Inc. acquired a new stake in shares of EVE in the third quarter valued at approximately $2,652,000. BW Gestao de Investimentos Ltda. purchased a new position in EVE during the third quarter worth approximately $9,382,000. SPX Gestao de Recursos Ltda acquired a new position in EVE during the third quarter worth $2,244,000. Finally, Centiva Capital LP acquired a new position in EVE during the third quarter worth $5,104,000. 1.27% of the stock is currently owned by institutional investors and hedge funds.

About EVE

Eve Holding, Inc (NYSE: EVEX) is the publicly traded parent of Eve Air Mobility, a company dedicated to developing sustainable urban air mobility solutions. Through its engineering and design capabilities, Eve focuses on creating electric vertical takeoff and landing (eVTOL) aircraft tailored for short-haul passenger and cargo transport in densely populated areas.

The company’s flagship offering is an eVTOL aircraft designed to deliver clean, quiet and efficient point-to-point service, backed by an integrated digital platform for air traffic management.