EVE (NYSE:EVEX) Sets New 12-Month Low – Here’s Why

Shares of Eve Holding, Inc. (NYSE:EVEX) reached a new 52-week low on Tuesday . The company traded as low as $2.23 and last traded at $2.2850, with a volume of 1566583 shares changing hands. The stock had previously closed at $2.42.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on EVEX. JPMorgan Chase & Co. reduced their target price on shares of EVE from $7.00 to $6.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 24th. Canaccord Genuity Group lowered their target price on EVE from $7.50 to $7.25 and set a “buy” rating for the company in a report on Wednesday, May 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of EVE in a research note on Friday, April 24th. Finally, Cantor Fitzgerald cut their target price on EVE from $7.00 to $6.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 18th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, EVE presently has a consensus rating of “Hold” and an average price target of $6.02.

EVE Trading Down 0.6%

The company has a 50 day simple moving average of $2.84 and a 200 day simple moving average of $3.13. The company has a debt-to-equity ratio of 5.45, a quick ratio of 3.80 and a current ratio of 3.80. The company has a market capitalization of $827.22 million, a PE ratio of -3.25 and a beta of 1.13.

EVE (NYSE:EVEX) last released its earnings results on Tuesday, May 5th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.05). Analysts anticipate that Eve Holding, Inc. will post -0.73 earnings per share for the current year.

Institutional Investors Weigh In On EVE

Several hedge funds and other institutional investors have recently bought and sold shares of EVEX. Vanguard Group Inc. increased its holdings in shares of EVE by 117.6% in 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 during the period. BW Gestao de Investimentos Ltda. boosted its stake in shares of EVE by 49.7% during the 4th quarter. BW Gestao de Investimentos Ltda. now owns 3,686,140 shares of the company’s stock worth $14,708,000 after purchasing an additional 1,223,719 shares during the last quarter. Masters Capital Management LLC grew its stake in EVE by 52.5% in the 3rd quarter. Masters Capital Management LLC now owns 3,050,000 shares of the company’s stock worth $11,620,000 after acquiring an additional 1,050,000 shares during the period. SPX Gestao de Recursos Ltda grew its position in shares of EVE by 383.1% in the fourth quarter. SPX Gestao de Recursos Ltda now owns 2,845,692 shares of the company’s stock valued at $11,354,000 after purchasing an additional 2,256,701 shares during the period. Finally, United Airlines Holdings Inc. acquired a new position in shares of EVE during the 4th quarter valued at about $10,589,000. 1.27% of the stock is currently owned by institutional investors and hedge funds.

EVE Company Profile

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.