EVE (NYSE:EVEX) Share Price Crosses Above 50-Day Moving Average on Analyst Downgrade

Eve Holding, Inc. (NYSE:EVEX) shares passed above its 50-day moving average during trading on Monday after Wall Street Zen upgraded the stock from a strong sell rating to a sell rating. The stock has a 50-day moving average of $1.86 and traded as high as $1.98. EVE shares last traded at $1.9350, with a volume of 1,448,600 shares.

EVEX has been the topic of several other research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of EVE in a research report on Tuesday, July 21st. JPMorgan Chase & Co. upped their price objective on EVE from $6.00 to $6.50 and gave the company an “overweight” rating in a report on Wednesday, August 12th. Jefferies Financial Group set a $5.00 target price on EVE in a research note on Wednesday, August 5th. Finally, D. Boral Capital started coverage on EVE in a research report on Friday, August 21st. They issued a “buy” rating and a $6.00 target price on the stock. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $5.89.

Hedge Funds Weigh In On EVE

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pier 88 Investment Partners LLC boosted its stake in EVE by 62.9% during the 3rd quarter. Pier 88 Investment Partners LLC now owns 91,900 shares of the company’s stock worth $177,000 after purchasing an additional 35,500 shares during the period. J. Derek Lewis & Associates Inc. grew its position in EVE by 129.5% during the 3rd quarter. J. Derek Lewis & Associates Inc. now owns 280,000 shares of the company’s stock worth $540,000 after purchasing an additional 158,000 shares during the last quarter. Canal Insurance CO increased its position in EVE by 213.0% in the 3rd quarter. Canal Insurance CO now owns 100,000 shares of the company’s stock valued at $193,000 after acquiring an additional 68,052 shares during the period. Sequoia Financial Advisors LLC acquired a new position in EVE in the 2nd quarter valued at about $25,000. Finally, Arizona State Retirement System raised its stake in EVE by 37.7% during the 2nd quarter. Arizona State Retirement System now owns 26,430 shares of the company’s stock valued at $66,000 after acquiring an additional 7,235 shares during the last quarter. Hedge funds and other institutional investors own 1.27% of the company’s stock.

EVE Trading Up 4.6%

The company has a 50 day simple moving average of $1.86 and a 200 day simple moving average of $2.61. The company has a current ratio of 3.48, a quick ratio of 3.48 and a debt-to-equity ratio of 13.65. The stock has a market capitalization of $674.33 million, a PE ratio of -3.02 and a beta of 1.25.

EVE (NYSE:EVEX) last announced its earnings results on Thursday, November 5th. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.02. Analysts predict that Eve Holding, Inc. will post -0.69 earnings per share for the current fiscal year.

About EVE

Eve Air Mobility, formerly known as Eve Holding, Inc, develops electric vertical takeoff and landing (eVTOL) aircraft and related urban air mobility solutions. The company is focused on creating quieter, lower-emission transportation options for short urban and regional trips, including passenger flights, airport transfers and other specialized missions.

Its primary product is an eVTOL aircraft designed to operate using electric propulsion and vertical takeoff and landing capabilities.