Evolv Technologies Target of Unusually High Options Trading (NASDAQ:EVLV)

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) was the target of unusually large options trading activity on Tuesday. Stock traders bought 5,513 call options on the company. This is an increase of 1,690% compared to the typical daily volume of 308 call options.

Evolv Technologies Trading Down 2.3 %

NASDAQ:EVLV traded down $0.09 during mid-day trading on Wednesday, hitting $3.85. 672,948 shares of the company’s stock were exchanged, compared to its average volume of 1,495,287. The company has a 50 day simple moving average of $4.31 and a 200-day simple moving average of $4.33. Evolv Technologies has a fifty-two week low of $2.96 and a fifty-two week high of $8.30. The firm has a market capitalization of $585.89 million, a P/E ratio of -5.38 and a beta of 1.35.

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

Wall Street Analyst Weigh In

Separately, Cantor Fitzgerald reiterated an “overweight” rating and set a $8.00 price objective on shares of Evolv Technologies in a research note on Thursday, March 28th.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in EVLV. BlackRock Inc. raised its holdings in Evolv Technologies by 35.3% during the 2nd quarter. BlackRock Inc. now owns 7,068,731 shares of the company’s stock worth $42,412,000 after purchasing an additional 1,844,116 shares during the last quarter. Key Colony Management LLC raised its holdings in Evolv Technologies by 64.5% during the 1st quarter. Key Colony Management LLC now owns 4,577,027 shares of the company’s stock worth $20,368,000 after purchasing an additional 1,795,099 shares during the last quarter. Glenview Capital Management LLC raised its holdings in Evolv Technologies by 21.7% during the 4th quarter. Glenview Capital Management LLC now owns 5,599,039 shares of the company’s stock worth $26,427,000 after purchasing an additional 1,000,000 shares during the last quarter. Sapient Capital LLC bought a new position in Evolv Technologies during the 4th quarter worth approximately $3,188,000. Finally, Nuveen Asset Management LLC raised its holdings in Evolv Technologies by 220.2% during the 2nd quarter. Nuveen Asset Management LLC now owns 810,232 shares of the company’s stock worth $4,861,000 after purchasing an additional 557,211 shares during the last quarter. Institutional investors own 66.65% of the company’s stock.

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.