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

Evolv Technologies (NASDAQ:EVLV) released its quarterly earnings data on Thursday. The company reported ($0.08) earnings per share 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 analyst estimates of $23.17 million. During the same period last year, the firm earned ($0.15) earnings per share. Evolv Technologies updated its FY 2024 guidance to EPS.

Evolv Technologies Stock Performance

Shares of Evolv Technologies stock traded down $1.59 during midday trading on Friday, hitting $2.25. The company had a trading volume of 11,439,502 shares, compared to its average volume of 1,510,556. The company has a 50 day moving average of $3.99 and a 200 day moving average of $4.30. The stock has a market capitalization of $350.06 million, a P/E ratio of -3.33 and a beta of 1.37. Evolv Technologies has a 52-week low of $2.01 and a 52-week high of $8.30.

Analyst Ratings Changes

A number of brokerages have recently weighed in on EVLV. Cantor Fitzgerald restated an “overweight” rating and issued a $8.00 target price on shares of Evolv Technologies in a research note on Thursday, March 28th. Lake Street Capital lowered shares of Evolv Technologies from a “buy” rating to a “hold” rating and cut their target price for the stock from $6.00 to $3.50 in a research report on Friday.

Insiders Place Their Bets

In other Evolv Technologies news, insider Anil Chitkara sold 50,000 shares of Evolv Technologies stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $5.00, for a total value of $250,000.00. Following the completion of the transaction, the insider now directly owns 1,200,157 shares of the company’s stock, valued at $6,000,785. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 11.20% 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.