Evolv Technologies (NASDAQ:EVLV) Shares Gap Up – Time to Buy?

Shares of Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) gapped up prior to trading on Wednesday . The stock had previously closed at $3.44, but opened at $3.65. Evolv Technologies shares last traded at $3.65, with a volume of 39,967 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Northland Capmk lowered shares of Evolv Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Northland Securities downgraded Evolv Technologies from an “outperform” rating to a “market perform” rating in a report on Monday, October 28th. TD Cowen downgraded Evolv Technologies from a “strong-buy” rating to a “strong sell” rating in a research note on Monday, October 28th. Finally, Lake Street Capital reduced their price target on shares of Evolv Technologies from $3.50 to $2.75 and set a “hold” rating for the company in a research report on Monday, October 28th. One equities research 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. Based on data from MarketBeat, Evolv Technologies has an average rating of “Hold” and an average price target of $5.60.

Evolv Technologies Stock Up 13.8 %

The company has a fifty day simple moving average of $3.41 and a 200-day simple moving average of $3.19. The firm has a market cap of $616.81 million, a P/E ratio of -27.96 and a beta of 1.34.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in Evolv Technologies by 6.0% during the first quarter. Vanguard Group Inc. now owns 7,193,962 shares of the company’s stock valued at $32,013,000 after purchasing an additional 407,396 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Evolv Technologies by 18.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 32,813 shares of the company’s stock valued at $147,000 after purchasing an additional 5,062 shares during the period. Sapient Capital LLC lifted its stake in shares of Evolv Technologies by 7.3% during the 2nd quarter. Sapient Capital LLC now owns 737,136 shares of the company’s stock valued at $1,880,000 after buying an additional 50,400 shares in the last quarter. ARS Investment Partners LLC bought a new position in Evolv Technologies in the 2nd quarter worth $69,000. Finally, Bank of New York Mellon Corp increased its stake in Evolv Technologies by 13.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 443,006 shares of the company’s stock worth $1,130,000 after buying an additional 54,010 shares in the last quarter. 66.65% of the stock is currently owned by institutional investors.

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.