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Evolv Technologies Holdings, Inc. (EVLV) Surges 12.4%: Is This an Indication of Further Gains?
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Evolv Technologies Holdings, Inc. (EVLV - Free Report) shares rallied 12.4% in the last trading session to close at $6.73. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 2.3% loss over the past four weeks.
The increase in share price can be attributed to robust revenue performance driven by higher new customer acquisitions and the expansion of subscriber base. Strength in annualized recurring revenues (ARR) and remaining performance obligations (RPO) are other tailwinds. The company’s transition to subscription-based model and lower engineer product costs is expected to drive margin expansion.
In the last reported quarter, the company’s revenues increased 113% on a year over year basis. At the end of first quarter of 2023, ARR and RPO was up 153% and 154%, on a year over year basis, respectively. Further, the management noted that it was on track to double ARR in 2023.
Owing to strong revenue performance, the company raised full year revenue outlook. It now expects revenues in the range of $60-$65 million in 2023, compared to earlier guidance of $55 to $60 million.
This company is expected to post quarterly loss of $0.10 per share in its upcoming report, which represents a year-over-year change of +16.7%. Revenues are expected to be $14.19 million, up 56.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Evolv Technologies Holdings, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on EVLV going forward to see if this recent jump can turn into more strength down the road.
Evolv Technologies Holdings, Inc. is a member of the Zacks Computers - IT Services industry. One other stock in the same industry, Taboola.com Ltd. (TBLA - Free Report) , finished the last trading session 1.2% higher at $3.48. TBLA has returned 15.8% over the past month.
For Taboola.com Ltd., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.05. This represents a change of -150% from what the company reported a year ago. Taboola.com Ltd. currently has a Zacks Rank of #3 (Hold).
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Evolv Technologies Holdings, Inc. (EVLV) Surges 12.4%: Is This an Indication of Further Gains?
Evolv Technologies Holdings, Inc. (EVLV - Free Report) shares rallied 12.4% in the last trading session to close at $6.73. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 2.3% loss over the past four weeks.
The increase in share price can be attributed to robust revenue performance driven by higher new customer acquisitions and the expansion of subscriber base. Strength in annualized recurring revenues (ARR) and remaining performance obligations (RPO) are other tailwinds. The company’s transition to subscription-based model and lower engineer product costs is expected to drive margin expansion.
In the last reported quarter, the company’s revenues increased 113% on a year over year basis. At the end of first quarter of 2023, ARR and RPO was up 153% and 154%, on a year over year basis, respectively. Further, the management noted that it was on track to double ARR in 2023.
Owing to strong revenue performance, the company raised full year revenue outlook. It now expects revenues in the range of $60-$65 million in 2023, compared to earlier guidance of $55 to $60 million.
This company is expected to post quarterly loss of $0.10 per share in its upcoming report, which represents a year-over-year change of +16.7%. Revenues are expected to be $14.19 million, up 56.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Evolv Technologies Holdings, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on EVLV going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Evolv Technologies Holdings, Inc. is a member of the Zacks Computers - IT Services industry. One other stock in the same industry, Taboola.com Ltd. (TBLA - Free Report) , finished the last trading session 1.2% higher at $3.48. TBLA has returned 15.8% over the past month.
For Taboola.com Ltd., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.05. This represents a change of -150% from what the company reported a year ago. Taboola.com Ltd. currently has a Zacks Rank of #3 (Hold).