Evolv Technologies Holdings

EVLV · NASDAQ

$4.28+$0.10 (+2.39%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $4.18

EVLV analyst rating

BuyConsensus of 3 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy3
Hold0
Underperform0
Sell0

12-month price target · 6 analysts

Average $10.01 (+133.8% upside)

Low: $8.08
Now: $4.28
High: $11.81

Upgrades and downgrades

The latest rating actions, newest first

EVLV analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Ladenburg Thalmann	Sep 8, 2026	Initiates	Buy	$8.00	0%
TD Cowen	Jun 9, 2026	Maintains	Buy	$10.00	71%
Lake Street	Nov 14, 2025	Maintains	Buy	$9.00 → $10.00	48%

The case for and against

Updated Feb 2, 2026

Bull case

Evolv Technologies Holdings Inc has demonstrated strong growth with total revenue reaching $32.5 million, reflecting a 29% year-over-year increase, which is in line with analysts' estimates and exceeds market expectations. The company has successfully expanded its customer base by adding 20 new Expedite customers since Q4 2024 and recording approximately 100 new system orders in Q2 2025. Additionally, Evolv is shifting its go-to-market strategy towards a direct fulfillment subscription model, which presents improved economics through higher revenue, enhanced cash flow, and increased annual recurring revenue per unit.

Bear case

Evolv Technologies Holdings Inc operates in the security technology sector, offering AI-based touchless security screening systems, but several risks contribute to a negative outlook for the company's stock. Key concerns include a potential slowdown in unit growth, which would adversely impact revenue and margins, leading to delays in achieving positive free cash flow. Additionally, there are significant risks involving go-to-market investments, manufacturing challenges, competition, macroeconomic conditions that might delay customer purchases, and uncertainties surrounding the accuracy of prior financial statements and revenue recognition practices.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.