Evolv Technologies (NASDAQ:EVLV) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Evolv Technologies (NASDAQ:EVLV) announced its quarterly earnings data on Thursday. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.06, Zacks reports. Evolv Technologies had a negative net margin of 132.13% and a negative return on equity of 47.56%. The firm had revenue of $21.67 million for the quarter, compared to the consensus estimate of $23.17 million. During the same period in the previous year, the firm posted ($0.15) earnings per share. Evolv Technologies updated its FY 2024 guidance to EPS.

Evolv Technologies Trading Down 41.4 %

Evolv Technologies stock traded down $1.59 during mid-day trading on Friday, hitting $2.25. 11,439,502 shares of the company’s stock were exchanged, compared to its average volume of 1,510,556. Evolv Technologies has a 1-year low of $2.01 and a 1-year high of $8.30. The stock has a 50 day moving average of $3.99 and a two-hundred day moving average of $4.30. The stock has a market cap of $350.06 million, a P/E ratio of -3.33 and a beta of 1.37.

Insider Transactions at Evolv Technologies

In other news, Director David Mounts Gonzales acquired 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was acquired at an average cost of $3.86 per share, with a total value of $193,000.00. Following the acquisition, the director now owns 50,000 shares in the company, valued at $193,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 11.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently commented on EVLV. Cantor Fitzgerald restated an “overweight” rating and set a $8.00 price target on shares of Evolv Technologies in a report on Thursday, March 28th. Lake Street Capital lowered Evolv Technologies from a “buy” rating to a “hold” rating and dropped their target price for the stock from $6.00 to $3.50 in a research report on Friday.

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.