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

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) saw some unusual options trading on Tuesday. Investors acquired 5,513 call options on the stock. This represents an increase of 1,690% compared to the typical volume of 308 call options.

Evolv Technologies Price Performance

Shares of NASDAQ:EVLV opened at $4.24 on Thursday. The firm has a market capitalization of $668.01 million, a price-to-earnings ratio of -30.28 and a beta of 1.66. The business’s 50 day moving average price is $3.80 and its 200-day moving average price is $3.60. Evolv Technologies has a 1 year low of $2.01 and a 1 year high of $5.73.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Evolv Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Key Colony Management LLC raised its position in shares of Evolv Technologies by 12.1% during the 3rd quarter. Key Colony Management LLC now owns 5,061,463 shares of the company’s stock worth $20,499,000 after purchasing an additional 545,492 shares during the last quarter. GSA Capital Partners LLP increased its stake in 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 buying an additional 543,322 shares in the last quarter. Essex Investment Management Co. LLC acquired a new position in shares of Evolv Technologies during the third quarter valued at approximately $1,614,000. Geode Capital Management LLC lifted its position in shares of Evolv Technologies by 14.4% in the third quarter. Geode Capital Management LLC now owns 2,820,747 shares of the company’s stock valued at $11,426,000 after acquiring an additional 355,611 shares in the last quarter. Finally, Wexford Capital LP acquired a new stake in shares of Evolv Technologies in the third quarter worth approximately $810,000. 66.65% of the stock is 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.