Evolv Technologies (NASDAQ:EVLV) Stock Price Down 5.9% – Time to Sell?

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV)’s stock price fell 5.9% during mid-day trading on Wednesday . The stock traded as low as $4.13 and last traded at $4.17. 464,077 shares changed hands during trading, a decline of 74% from the average session volume of 1,771,373 shares. The stock had previously closed at $4.43.

Wall Street Analyst Weigh In

EVLV has been the subject of several research reports. Northland Securities cut Evolv Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, October 28th. TD Cowen lowered shares of Evolv Technologies from a “strong-buy” rating to a “strong sell” rating in a research note on Monday, October 28th. Northland Capmk downgraded shares of Evolv Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Finally, Lake Street Capital dropped their target price 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 investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $5.60.

Evolv Technologies Stock Down 2.6 %

The company’s 50 day simple moving average is $3.42 and its 200 day simple moving average is $3.30.

Institutional Trading of Evolv Technologies

A number of large investors have recently made changes to their positions in EVLV. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 worth $147,000 after acquiring an additional 5,062 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Evolv Technologies by 13.9% during 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 during the period. Worth Financial Advisory Group LLC lifted its stake in Evolv Technologies by 42.0% in the second quarter. Worth Financial Advisory Group LLC now owns 15,000 shares of the company’s stock valued at $38,000 after buying an additional 4,435 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Evolv Technologies by 30.5% in the second quarter. Principal Financial Group Inc. now owns 17,650 shares of the company’s stock valued at $45,000 after buying an additional 4,127 shares during the period. Finally, Foundations Investment Advisors LLC bought a new stake in shares of Evolv Technologies during the second quarter worth $30,000. Institutional investors own 66.65% of the company’s stock.

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.