Ellenbogen, Evolv Technologies director, sells $666k in shares

Michael Ellenbogen, a director at Evolv Technologies Holdings, Inc. (NASDAQ:EVLV), sold 80,745 shares of Class A Common Stock on October 15, 2025. The shares were sold at a weighted average price of $8.26, resulting in a total transaction value of $666,953. Prices ranged from $8.03 to $8.54. The transaction comes as EVLV trades near its 52-week high of $8.91, having delivered an impressive 144% return over the past six months. According to InvestingPro data, analysts maintain a Strong Buy consensus on the stock, which now commands a market capitalization of $1.38 billion.

On the same day, Ellenbogen exercised options to acquire 80,745 shares of Class A Common Stock at a price of $0.24 per share, for a total of $19,378.

Following these transactions, Ellenbogen directly owns 2,083,961 shares of Evolv Technologies Holdings, Inc. Class A Common Stock. He also indirectly owns 151,135 shares held by Family Horizon Trust.

The sales were executed under a Rule 10b5-1 trading plan adopted on June 12, 2025.

In other recent news, Evolv Technologies reported total revenue of $32.5 million for the second quarter of 2025, reflecting a 29% increase year-over-year. This performance surpassed consensus expectations, driven primarily by new customer acquisitions. Following these results, Cantor Fitzgerald raised its price target for Evolv Technologies to $9.00, maintaining an Overweight rating. Lake Street Capital Markets also upgraded Evolv Technologies from Hold to Buy, citing strong second-quarter results and increasing its price target to $9.00. Additionally, TD Cowen reinstated its coverage of Evolv Technologies with a Buy rating and a $10.00 price target after a period of suspension. In terms of partnerships, Evolv Technologies has renewed and expanded its agreement with Gillette Stadium, enhancing the deployment of its AI-based security screening systems. Furthermore, the company released updates to its security screening software, which are now implemented across more than 7,000 systems globally. These developments reflect Evolv’s ongoing expansion across various sectors, including education, healthcare, and sports & entertainment venues.

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