Evolv Technologies (NASDAQ:EVLV) Shares Gap Up – Still a Buy?

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV)’s stock price gapped up before the market opened 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 trading hands.

Analysts Set New Price Targets

EVLV has been the topic of a number of recent research reports. TD Cowen cut Evolv Technologies from a “strong-buy” rating to a “strong sell” rating in a report on Monday, October 28th. Northland Capmk downgraded shares of Evolv Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Lake Street Capital reduced their price objective on shares of Evolv Technologies from $3.50 to $2.75 and set a “hold” rating for the company in a research note on Monday, October 28th. Finally, Northland Securities cut shares of Evolv Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, October 28th. One investment 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. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $5.60.

Evolv Technologies Stock Performance

The stock has a market cap of $592.39 million, a P/E ratio of -26.07 and a beta of 1.34. The stock has a 50-day moving average price of $3.43 and a 200-day moving average price of $3.18.

Institutional Investors Weigh In On Evolv Technologies

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Evolv Technologies by 6.0% in the 1st quarter. Vanguard Group Inc. now owns 7,193,962 shares of the company’s stock worth $32,013,000 after buying an additional 407,396 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Evolv Technologies by 18.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 32,813 shares of the company’s stock valued at $147,000 after acquiring an additional 5,062 shares during the last quarter. Silvercrest Asset Management Group LLC purchased a new stake in Evolv Technologies during the first quarter valued at about $2,897,000. Hamilton Lane Advisors LLC lifted its stake in Evolv Technologies by 47.6% during the first quarter. Hamilton Lane Advisors LLC now owns 145,039 shares of the company’s stock worth $645,000 after purchasing an additional 46,790 shares during the last quarter. Finally, Sapient Capital LLC boosted its holdings in shares of Evolv Technologies by 7.3% in the 2nd quarter. Sapient Capital LLC now owns 737,136 shares of the company’s stock worth $1,880,000 after purchasing an additional 50,400 shares in the last quarter. 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.