Stock Traders Buy High Volume of Call Options on Evolv Technologies (NASDAQ:EVLV)

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) was the target of some unusual options trading on Tuesday. Stock investors acquired 5,513 call options on the company. This is an increase of 1,690% compared to the average volume of 308 call options.

Evolv Technologies Stock Down 5.0 %

NASDAQ:EVLV opened at $2.49 on Wednesday. The company has a 50-day moving average of $3.62 and a 200-day moving average of $3.25. Evolv Technologies has a 52 week low of $2.01 and a 52 week high of $5.73.

Institutional Investors Weigh In On Evolv Technologies

A number of institutional investors have recently added to or reduced their stakes in EVLV. Charles Schwab Investment Management Inc. boosted its stake in Evolv Technologies by 20.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 924,153 shares of the company’s stock valued at $3,743,000 after buying an additional 158,877 shares in the last quarter. Intech Investment Management LLC bought a new stake in shares of Evolv Technologies in the 3rd quarter worth about $167,000. Phillips Financial Management LLC bought a new stake in shares of Evolv Technologies in the 3rd quarter worth about $99,000. GSA Capital Partners LLP increased its position in shares of Evolv Technologies by 159.4% during the 3rd quarter. GSA Capital Partners LLP now owns 884,224 shares of the company’s stock worth $3,581,000 after purchasing an additional 543,322 shares in the last quarter. Finally, First Bank & Trust acquired a new position in Evolv Technologies in the third quarter valued at about $52,000. 66.65% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Northland Securities lowered shares of Evolv Technologies from an “outperform” rating to a “market perform” rating in a research report on Monday, October 28th. Lake Street Capital dropped their price target on Evolv Technologies from $3.50 to $2.75 and set a “hold” rating on the stock in a research report 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, TD Cowen downgraded shares of Evolv Technologies from a “strong-buy” rating to a “strong sell” rating in a report on Monday, October 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Evolv Technologies has an average rating of “Hold” and an average price target of $5.60.

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.