Evolv Technologies Sees Unusually Large Options Volume (NASDAQ:EVLV)

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) was the recipient of unusually large options trading activity on Tuesday. Traders acquired 5,513 call options on the company. This represents an increase of 1,690% compared to the average volume of 308 call options.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Lake Street Capital downgraded shares of Evolv Technologies from a “buy” rating to a “hold” rating and cut their price objective for the company from $6.00 to $3.50 in a report on Friday, May 10th. Northland Securities lowered their price objective on Evolv Technologies from $6.50 to $5.50 and set an “outperform” rating on the stock in a research note on Monday, August 12th. Craig Hallum initiated coverage on Evolv Technologies in a research note on Monday, May 20th. They issued a “buy” rating and a $5.75 target price for the company. Finally, TD Cowen lowered their price target on shares of Evolv Technologies from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Friday, May 10th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Evolv Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $5.75.

Hedge Funds Weigh In On Evolv Technologies

Large investors have recently modified their holdings of the business. MCF Advisors LLC lifted its position in Evolv Technologies by 84.5% in the first quarter. MCF Advisors LLC now owns 6,549 shares of the company’s stock valued at $29,000 after buying an additional 3,000 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new position in shares of Evolv Technologies in the 1st quarter worth approximately $45,000. Worth Venture Partners LLC purchased a new position in shares of Evolv Technologies during the 4th quarter worth approximately $53,000. Foundations Investment Advisors LLC purchased a new stake in Evolv Technologies in the second quarter valued at approximately $30,000. Finally, Victory Capital Management Inc. lifted its stake in Evolv Technologies by 26.2% during the fourth quarter. Victory Capital Management Inc. now owns 12,682 shares of the company’s stock worth $60,000 after purchasing an additional 2,629 shares in the last quarter. Institutional investors and hedge funds own 66.65% of the company’s stock.

Evolv Technologies Stock Performance

Shares of Evolv Technologies stock opened at $3.44 on Thursday. Evolv Technologies has a fifty-two week low of $2.01 and a fifty-two week high of $7.09. The firm has a market capitalization of $536.94 million, a price-to-earnings ratio of -5.64 and a beta of 1.24. The stock has a 50 day moving average of $2.91 and a 200 day moving average of $3.50.

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.