Evolv Technologies (NASDAQ:EVLV) Shares Down 5.9% – Should You Sell?

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) traded down 5.9% during trading on Wednesday . The stock traded as low as $4.13 and last traded at $4.17. 464,077 shares traded hands during mid-day 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

A number of analysts have issued reports on EVLV shares. TD Cowen downgraded Evolv Technologies from a “strong-buy” rating to a “strong sell” rating in a research note on Monday, October 28th. Lake Street Capital cut their target price on Evolv Technologies from $3.50 to $2.75 and set a “hold” rating for the company in a research note on Monday, October 28th. Northland Capmk downgraded Evolv Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Finally, Northland Securities downgraded 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 issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $5.60.

Evolv Technologies Trading Down 9.3 %

The business has a fifty day moving average of $3.42 and a 200 day moving average of $3.29. The company has a market capitalization of $633.35 million, a PE ratio of -29.00 and a beta of 1.66.

Hedge Funds Weigh In On Evolv Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its position in Evolv Technologies by 18.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 32,813 shares of the company’s stock valued at $147,000 after purchasing an additional 5,062 shares in the last quarter. ARS Investment Partners LLC acquired a new stake in Evolv Technologies in the 2nd quarter valued at about $69,000. Bank of New York Mellon Corp raised its position in Evolv Technologies by 13.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 443,006 shares of the company’s stock valued at $1,130,000 after purchasing an additional 54,010 shares in the last quarter. Worth Financial Advisory Group LLC raised its position in Evolv Technologies by 42.0% in the 2nd quarter. Worth Financial Advisory Group LLC now owns 15,000 shares of the company’s stock valued at $38,000 after purchasing an additional 4,435 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Evolv Technologies by 30.5% in the 2nd quarter. Principal Financial Group Inc. now owns 17,650 shares of the company’s stock valued at $45,000 after purchasing an additional 4,127 shares in the last quarter. 66.65% of the stock is currently owned by hedge funds and other 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.