Recent financial disclosures reveal significant shifts in institutional investment landscapes, with Bank of New York Mellon Corp notably trimming its position in Evolv Technologies Holdings, Inc., a key player in AI-powered security solutions. This adjustment, documented in a recent SEC filing, signals a cautious re-evaluation by one of the world’s largest financial institutions amid broader market dynamics affecting EVLV stock.
According to its latest Form 13F filing with the Securities and Exchange Commission, Bank of New York Mellon Corp decreased its holdings in Evolv Technologies by 4.2% during the first quarter. This reduction involved the sale of 15,006 shares, leaving the fund with 345,414 shares of Evolv Technologies, representing approximately 0.22% of the company’s stock, valued at $1,078,000 at the time of the filing.
While Bank of New York Mellon reduced its stake, other prominent institutional investors demonstrated increased confidence in Evolv Technologies. JPMorgan Chase & Co., for instance, dramatically amplified its holdings by 2,428.1% in the fourth quarter, acquiring an additional 1,467,538 shares to reach a total of 1,527,979 shares valued at $6,036,000. Vanguard Group Inc. also boosted its position by 2.8%, adding 238,963 shares to own 8,925,592 shares, worth an impressive $35,256,000.
Further showcasing the diverse strategies of institutional investors, Dimensional Fund Advisors LP acquired a new position worth approximately $899,000, and MIG Capital LLC established a new holding valued at $375,000 during the fourth quarter. Northern Trust Corp also modestly increased its holdings by 6.3%, accumulating an additional 67,146 shares to reach 1,136,210 shares, valued at $4,488,000. Overall, hedge funds and institutional investors collectively own 66.65% of Evolv Technologies’ stock, underscoring significant institutional investment in this AI security firm.
Evolv Technologies Holdings, Inc. (EVLV) opened at $6.55 on Friday, with its stock performance reflecting recent market movements. The company has experienced a fifty-two week low of $2.04 and a high of $7.09, indicating considerable volatility. Its 50-day moving average price stands at $5.84, while the 200-day moving average price is $4.42. The firm boasts a market capitalization of $1.07 billion, operates with a P/E ratio of -23.39, and carries a beta of 1.70, offering a comprehensive look into its market valuation and risk profile within the security technology sector.
Analyst sentiment regarding Evolv Technologies has shown a generally positive trend, contributing to the broader market analysis of the company. Recent reports include upgrades from “sell” to “hold” and “market perform” to “outperform” by several research firms. Northland Capmk notably raised the stock to a “strong-buy” rating with a $7.50 price target, while Cantor Fitzgerald also assigned a “strong-buy” rating. Lake Street Capital, however, maintained a “hold” rating while increasing their target price to $5.50.
Based on data from MarketBeat.com, Evolv Technologies currently holds a consensus rating of “Moderate Buy” with an average price target of $6.50 across various analysts. This collective outlook suggests a cautiously optimistic view on the company’s future performance and its potential for growth. Such ratings are critical for institutional investments, influencing further shifts in portfolios as funds evaluate the market potential of AI security innovations.
Evolv Technologies Holdings, Inc. specializes in providing advanced artificial intelligence (AI)-based weapons detection solutions for security screening globally. Its flagship product, Evolv Express, is a touchless security screening system designed for the efficient detection of firearms, improvised explosive devices, and tactical knives. Complementing this, Evolv Insights offers self-serve access to valuable data regarding visitor flow, arrival curves, location-specific performance, system detection efficacy, and alarm statistics, empowering clients with actionable intelligence to enhance their security operations with cutting-edge AI security.
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