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

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) was the recipient of unusually large options trading activity on Tuesday. Investors acquired 11,709 put options on the company. This represents an increase of 504% compared to the typical volume of 1,938 put options.

Hedge Funds Weigh In On Evolv Technologies

Several hedge funds have recently made changes to their positions in the business. Foundations Investment Advisors LLC purchased a new stake in Evolv Technologies in the second quarter worth about $30,000. Worth Financial Advisory Group LLC grew its stake in Evolv Technologies by 42.0% in the second quarter. Worth Financial Advisory Group LLC now owns 15,000 shares of the company’s stock worth $38,000 after purchasing an additional 4,435 shares during the period. SG Americas Securities LLC purchased a new position in Evolv Technologies during the 3rd quarter valued at about $44,000. Principal Financial Group Inc. lifted its position in Evolv Technologies by 30.5% during the 2nd quarter. Principal Financial Group Inc. now owns 17,650 shares of the company’s stock valued at $45,000 after acquiring an additional 4,127 shares during the period. Finally, First Bank & Trust bought a new stake in Evolv Technologies during the third quarter worth about $52,000. 66.65% of the stock is owned by hedge funds and other institutional investors.

Evolv Technologies Stock Performance

Shares of NASDAQ EVLV traded down $0.40 during trading hours on Tuesday, hitting $2.96. The company’s stock had a trading volume of 1,704,243 shares, compared to its average volume of 1,737,704. Evolv Technologies has a 12 month low of $2.01 and a 12 month high of $5.73. The stock has a market cap of $466.35 million, a price-to-earnings ratio of -21.14 and a beta of 1.34. The business has a 50-day simple moving average of $3.43 and a 200-day simple moving average of $3.18.

Wall Street Analyst Weigh In

Several equities analysts recently commented on EVLV shares. Northland Securities lowered shares of Evolv Technologies from an “outperform” rating to a “market perform” rating in a report on Monday, October 28th. Northland Capmk downgraded Evolv Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. TD Cowen cut Evolv Technologies from a “strong-buy” rating to a “strong sell” rating in a report on Monday, October 28th. Finally, Lake Street Capital decreased their price target on Evolv Technologies from $3.50 to $2.75 and set a “hold” rating on the stock in a research note on Monday, October 28th. One equities research 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 MarketBeat, the company currently has a consensus 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.