Evolv Technologies (NASDAQ:EVLV) Sees Strong Trading Volume – What’s Next?

Shares of Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) saw unusually-high trading volume on Tuesday . Approximately 2,954,228 shares were traded during trading, an increase of 69% from the previous session’s volume of 1,747,633 shares.The stock last traded at $3.37 and had previously closed at $3.36.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on EVLV shares. Lake Street Capital lowered their target price on shares of Evolv Technologies from $3.50 to $2.75 and set a “hold” rating on the stock 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 report on Monday, October 28th. Northland Securities downgraded Evolv Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, October 28th. Finally, TD Cowen lowered shares of Evolv Technologies from a “strong-buy” rating to a “strong sell” rating in a research report on Monday, October 28th. One investment 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.com, the stock presently has a consensus rating of “Hold” and an average target price of $5.60.

Evolv Technologies Price Performance

The stock’s fifty day moving average is $3.43 and its 200-day moving average is $3.18. The stock has a market capitalization of $535.67 million, a PE ratio of -21.14 and a beta of 1.34.

Institutional Investors Weigh In On Evolv Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Silvercrest Asset Management Group LLC purchased a new position in Evolv Technologies in the 1st quarter valued at approximately $2,897,000. Key Colony Management LLC increased its stake in Evolv Technologies by 12.1% in the third quarter. Key Colony Management LLC now owns 5,061,463 shares of the company’s stock valued at $20,499,000 after purchasing an additional 545,492 shares during the period. GSA Capital Partners LLP raised 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 valued at $3,581,000 after acquiring an additional 543,322 shares during the last quarter. Vanguard Group Inc. increased its stake in Evolv Technologies by 6.0% in the 1st quarter. Vanguard Group Inc. now owns 7,193,962 shares of the company’s stock valued at $32,013,000 after buying an additional 407,396 shares during the period. Finally, Essex Investment Management Co. LLC purchased a new position in Evolv Technologies during the third quarter worth about $1,614,000. 66.65% of the stock is currently owned by institutional investors and hedge funds.

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.