EVE (NYSE:EVEX) Trading Down 8.6% After Earnings Miss

Eve Holding, Inc. (NYSE:EVEX)’s share price fell 8.6% during trading on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $2.64 and last traded at $2.6050. 1,125,227 shares changed hands during mid-day trading, a decline of 8% from the average session volume of 1,226,995 shares. The stock had previously closed at $2.85.

The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.05).

Analyst Upgrades and Downgrades

EVEX has been the topic of a number of research reports. JPMorgan Chase & Co. dropped their target price on shares of EVE from $7.00 to $6.00 and set an “overweight” rating on the stock in a report on Tuesday, March 24th. Weiss Ratings restated a “sell (e+)” rating on shares of EVE in a report on Friday, April 24th. Canaccord Genuity Group restated a “buy” rating and set a $7.50 price target on shares of EVE in a report on Wednesday, March 18th. Finally, Cantor Fitzgerald cut their price target on shares of EVE from $7.00 to $6.00 and set an “overweight” rating on the stock in a report on Wednesday, March 18th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $6.47.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EVEX. Vanguard Group Inc. grew its position in EVE by 117.6% during the third quarter. Vanguard Group Inc. now owns 5,226,742 shares of the company’s stock valued at $19,914,000 after purchasing an additional 2,824,536 shares in the last quarter. United Airlines Holdings Inc. bought a new stake in EVE in the fourth quarter worth approximately $10,589,000. Cooper Creek Partners Management LLC bought a new stake in EVE in the third quarter worth approximately $9,608,000. BW Gestao de Investimentos Ltda. bought a new stake in EVE in the third quarter worth approximately $9,382,000. Finally, SPX Gestao de Recursos Ltda grew its position in EVE by 383.1% in the fourth quarter. SPX Gestao de Recursos Ltda now owns 2,845,692 shares of the company’s stock worth $11,354,000 after acquiring an additional 2,256,701 shares in the last quarter. 1.27% of the stock is owned by hedge funds and other institutional investors.

EVE Price Performance

The company has a quick ratio of 3.29, a current ratio of 3.29 and a debt-to-equity ratio of 1.49. The company has a market capitalization of $903.84 million, a P/E ratio of -3.77 and a beta of 1.04. The company’s 50-day simple moving average is $2.78 and its 200 day simple moving average is $3.69.

About EVE

Eve Holding, Inc (NYSE: EVEX) is the publicly traded parent of Eve Air Mobility, a company dedicated to developing sustainable urban air mobility solutions. Through its engineering and design capabilities, Eve focuses on creating electric vertical takeoff and landing (eVTOL) aircraft tailored for short-haul passenger and cargo transport in densely populated areas.

The company’s flagship offering is an eVTOL aircraft designed to deliver clean, quiet and efficient point-to-point service, backed by an integrated digital platform for air traffic management.