13 Best Artificial Intelligence Stocks Under $50 to Buy Now

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11. Evolv Technologies Holdings Inc. (NASDAQ:EVLV)

Share Price as of May 12: $4.44

Number of Hedge Fund Holders: 19

Evolv Technologies Holdings Inc. (NASDAQ:EVLV) provides AI-based weapons detection for security screening. It has Evolv Express, which is an AI-based concealed weapons detection system for firearms, improvised explosive devices, and tactical knives. It also offers Evolv eXpedite, which is an autonomous AI-based weapons detection system for concealed weapons in bags using X-ray imaging and AI.

In Q3 2024, Evolv Technologies Holdings Inc. (NASDAQ:EVLV) crossed 2 billion screenings and added 465 new subscriptions. It expanded its reach to about 1,100 schools and 400 hospital buildings and gained 3 new professional sports stadium clients and 3 additional Fortune 500 customers. Later in Q4, the company deployed over 6,000 Evolv Express units internationally, which activated 470 new multi-year subscriptions and added ~60 new customers.

The company targets a broad market that represents a ~$20 billion annual market. In April, Evolv announced an extension and expansion of its partnership with the San Francisco Giants for the 2025 season. As part of this, the existing deployment of 20 Evolv Express security systems at Oracle Park (in place since 2021) will be upgraded to Evolv’s latest Gen2 units. This exemplifies the benefits of Evolv’s subscription-based business model, which allows customers to access the newest hardware and software innovations.

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