5 Stocks Under $5 With High Potential

4. Evolv Technologies Holdings, Inc. (NASDAQ:EVLV)

Share Price as of December 14: $4.89

Number of Hedge Fund Holders: 26

Waltham, Massachusetts-based Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) is a leader in weapons detection for security screening. Its technology combines powerful, advanced sensors with artificial intelligence (AI), security ecosystem integrations, and venue analytics to detect threats. The company boasts more than 4,000 active, long-term subscriptions of Evolv Express weapons detection systems.

On November 9, Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) released its financial results for Q3 2023. It generated total revenues of $20 million and a net income of $6 million. At $0.03, the EPS exceeded consensus estimates by $0.17.

Following the earnings release, Cantor Fitzgerald analyst Brett Knoblauch lowered the price target for Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) shares to $8 from $9 and maintained an ‘Overweight’ rating for the shares. The target price represents a potential upside of 63.60% based on the share price on December 14.

As of Q3 2023, Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) shares were owned by 26 leading hedge funds with the total shares held by them valued at $92 million.