Traders Purchase Large Volume of Call Options on Evolv Technologies (NASDAQ:EVLV)

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) was the recipient of some unusual options trading activity on Tuesday. Stock investors acquired 5,513 call options on the company. This is an increase of 1,690% compared to the typical daily volume of 308 call options.

Hedge Funds Weigh In On Evolv Technologies

Large investors have recently bought and sold shares of the company. Cutter & CO Brokerage Inc. acquired a new position in shares of Evolv Technologies during the 4th quarter worth $211,000. Bank of New York Mellon Corp grew its position in Evolv Technologies by 4.0% during the fourth quarter. Bank of New York Mellon Corp now owns 360,420 shares of the company’s stock worth $1,424,000 after buying an additional 13,870 shares during the period. Edge Capital Group LLC grew its position in Evolv Technologies by 0.8% during the fourth quarter. Edge Capital Group LLC now owns 4,835,206 shares of the company’s stock worth $19,099,000 after buying an additional 36,400 shares during the period. Ardent Capital Management Inc. increased its holdings in Evolv Technologies by 80.8% in the fourth quarter. Ardent Capital Management Inc. now owns 66,926 shares of the company’s stock valued at $264,000 after buying an additional 29,915 shares in the last quarter. Finally, Autumn Glory Partners LLC acquired a new stake in shares of Evolv Technologies during the 4th quarter valued at approximately $40,000. Hedge funds and other institutional investors own 66.65% of the company’s stock.

Evolv Technologies Stock Up 6.5 %

EVLV opened at $4.23 on Wednesday. The business’s 50 day moving average is $3.80 and its two-hundred day moving average is $3.60. The firm has a market cap of $666.44 million, a price-to-earnings ratio of -30.21 and a beta of 1.66. Evolv Technologies has a 52 week low of $2.01 and a 52 week high of $5.73.

Analyst Upgrades and Downgrades

EVLV has been the topic of several recent research reports. TD Cowen lowered Evolv Technologies from a “strong-buy” rating to a “strong sell” rating in a research report on Monday, October 28th. Lake Street Capital reduced their price objective on shares of Evolv Technologies from $3.50 to $2.75 and set a “hold” rating on the stock in a report on Monday, October 28th. Northland Capmk lowered shares of Evolv Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Finally, Northland Securities cut shares of Evolv Technologies from an “outperform” rating to a “market perform” rating in a research report on Monday, October 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Evolv Technologies has an average rating of “Hold” and an average target price of $5.60.

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.