- Analysts lowered their price target on Evolv Technologies Holdings Inc (NASDAQ:EVLV) following the release of Q4 results.
- Stifel downgraded the rating on Evolv to Hold from Buy and reduced the price target to $2 (an upside of 23%) from $10.
- Analyst Brad Reback notes the company reported a "fairly pedestrian quarter."
- Reback specifies Evolv's FY22 top-line guidance came in well below estimates.
- Evolv's price target was lowered to $7 (an upside of 330%) from $16 by Northland analyst Michael Latimore.
- The analyst maintained his Outperform rating on the shares. Latimore notes the company guided FY22 well below the expectations.
- Evolv Technologies recently reported fourth-quarter results, with revenue of $6.8 million, up 236% year-over-year, beating the consensus of $5.07 million.
- EPS improved to $0.02 from $(1.06) in 4Q20, beating the consensus of $(0.10).
- FY22 Outlook: Evolv expects total revenue of $29 million - $31 million versus the consensus of $49.05 million, and Annual Recurring Revenue of $27 million -$28 million.
- It expects operating loss of $(82) million – ($84) million, adjusted EBITDA of $(65) million - $(67) million and cash and equivalents of $220 million -$230 million.
- Price Action: EVLV shares are trading lower by 45.3% at $1.64 on the last check Tuesday.
