Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) Sees Large Drop in Short Interest

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) was the target of a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 7,870,000 shares, a drop of 8.7% from the March 15th total of 8,620,000 shares. Based on an average daily volume of 1,560,000 shares, the short-interest ratio is currently 5.0 days. Currently, 7.7% of the company’s shares are sold short.

Analyst Ratings Changes

Separately, Cantor Fitzgerald reiterated an “overweight” rating and issued a $8.00 price target on shares of Evolv Technologies in a report on Thursday, March 28th.

Evolv Technologies Stock Performance

Shares of Evolv Technologies stock traded down $0.04 during trading hours on Tuesday, reaching $3.94. The company’s stock had a trading volume of 846,567 shares, compared to its average volume of 1,507,851. The stock’s fifty day simple moving average is $4.31 and its two-hundred day simple moving average is $4.33. The company has a market capitalization of $599.59 million, a P/E ratio of -5.40 and a beta of 1.35. Evolv Technologies has a one year low of $2.96 and a one year high of $8.30.

Evolv Technologies (NASDAQ:EVLV) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.03. Evolv Technologies had a negative return on equity of 47.56% and a negative net margin of 132.13%. The business had revenue of $21.82 million for the quarter, compared to analysts’ expectations of $18.81 million. As a group, research analysts forecast that Evolv Technologies will post -0.48 earnings per share for the current year.

Insider Buying and Selling

In other Evolv Technologies news, insider Anil Chitkara sold 50,000 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $5.00, for a total transaction of $250,000.00. Following the transaction, the insider now directly owns 1,200,157 shares in the company, valued at approximately $6,000,785. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Evolv Technologies news, insider Michael Ellenbogen sold 54,873 shares of Evolv Technologies stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $5.04, for a total value of $276,559.92. Following the completion of the sale, the insider now directly owns 1,975,473 shares of the company’s stock, valued at $9,956,383.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Anil Chitkara sold 50,000 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $5.00, for a total transaction of $250,000.00. Following the transaction, the insider now directly owns 1,200,157 shares in the company, valued at approximately $6,000,785. The disclosure for this sale can be found here. 10.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Evolv Technologies

Several hedge funds have recently modified their holdings of EVLV. CSS LLC IL increased its position in shares of Evolv Technologies by 4,868.4% during the fourth quarter. CSS LLC IL now owns 516,961 shares of the company’s stock valued at $221,000 after acquiring an additional 506,556 shares during the last quarter. Swiss National Bank raised its stake in shares of Evolv Technologies by 26.3% during the 2nd quarter. Swiss National Bank now owns 177,300 shares of the company’s stock worth $1,064,000 after purchasing an additional 36,900 shares during the period. Citigroup Inc. raised its stake in shares of Evolv Technologies by 2,079.6% during the 2nd quarter. Citigroup Inc. now owns 35,636 shares of the company’s stock worth $214,000 after purchasing an additional 34,001 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Evolv Technologies by 16.5% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 638,969 shares of the company’s stock worth $3,834,000 after buying an additional 90,652 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in Evolv Technologies during the second quarter valued at about $319,000. Institutional investors own 66.65% of the company’s stock.

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.