Evolv Technologies stock rating reiterated at Outperform by Northland

Investing.com - Northland has reiterated an Outperform rating and $7.50 price target on Evolv Technologies Holdings Inc. (NASDAQ:EVLV), which currently trades near its 52-week high of $6.45. The company, with a market capitalization of $1.07 billion, has delivered impressive returns of 75% over the past year.

The reiteration follows news that Gwinnett Schools near Atlanta approved a $19.36 million deal to deploy Evolv’s security systems throughout their middle and high schools, covering approximately 60 schools. According to InvestingPro data, this contract could significantly impact the company’s revenue growth, which already stands at 37% over the last twelve months.

Northland described this as one of Evolv’s largest contract wins, noting it provides further validation of the company’s technology and demonstrates renewed business momentum.

While a portion of the $19.36 million will go to the installer, Northland believes the vast majority of the contract value will go to Evolv Technologies.

The research firm also indicated that based on a recent conference, Evolv’s management appears highly confident in meeting their guidance targets.

In other recent news, Evolv Technologies Holdings Inc. reported impressive first-quarter 2025 earnings, with revenue reaching $32 million, surpassing the forecasted $28.15 million. The company also reported an adjusted earnings per share of -$0.02, which exceeded expectations of -$0.06. Following these results, Craig-Hallum raised its price target for Evolv to $8.25, maintaining a Buy rating, highlighting the company’s strategic cost management and growth in the weapons detection market. Northland upgraded Evolv’s stock rating to Outperform, setting a price target of $7.50, after the company’s earnings call with its new CEO and CFO. Evolv’s revenue saw a 44% increase, with recurring revenue climbing by 36%, and adjusted EBITDA reaching $1.7 million, significantly better than Northland’s previous estimate. Additionally, Lake Street Capital Markets increased its price target for Evolv to $5.50, maintaining a Hold rating, citing a positive outlook on the company’s diverse sales strategy. These developments reflect growing confidence in Evolv’s management and strategic direction.

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