EVE (NYSE:EVEX) Stock Price Target Cut by Canaccord Genuity Group

EVE (NYSE:EVEX) had its price objective dropped by analysts at Canaccord Genuity Group from $7.50 to $7.00 in a report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group‘s price target suggests a potential upside of 279.40% from the company’s current price.

A number of other research analysts have also recently issued reports on EVEX. Jefferies Financial Group set a $5.00 price objective on shares of EVE in a research note on Wednesday, August 5th. Wall Street Zen cut EVE from a “sell” rating to a “strong sell” rating in a research note on Sunday, October 4th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of EVE in a report on Monday, October 19th. JPMorgan Chase & Co. raised their target price on EVE from $6.00 to $6.50 and gave the company an “overweight” rating in a report on Wednesday, August 12th. Finally, D. Boral Capital initiated coverage on EVE in a research note on Friday, August 21st. They issued a “buy” rating and a $6.00 price target on the stock. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, EVE presently has an average rating of “Moderate Buy” and an average price target of $5.89.

EVE Price Performance

EVE stock traded up $0.28 during trading hours on Friday, reaching $1.84. 1,090,980 shares of the stock were exchanged, compared to its average volume of 1,146,079. The company has a current ratio of 3.48, a quick ratio of 3.48 and a debt-to-equity ratio of 13.65. EVE has a twelve month low of $1.41 and a twelve month high of $5.16. The company has a market cap of $642.96 million, a P/E ratio of -2.98 and a beta of 1.25. The stock has a 50 day moving average of $1.88 and a two-hundred day moving average of $2.63.

EVE (NYSE:EVEX) last issued its earnings results on Thursday, November 5th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.02. Equities analysts expect that EVE will post -0.69 EPS for the current fiscal year.

Institutional Investors Weigh In On EVE

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of EVE during the 2nd quarter valued at approximately $17,742,000. Kapitalo Investimentos Ltda acquired a new position in EVE during the 2nd quarter worth approximately $2,761,000. SPX Gestao de Recursos Ltda bought a new position in EVE in the 2nd quarter valued at approximately $1,041,000. Renaissance Technologies LLC bought a new position in EVE in the 1st quarter valued at approximately $854,000. Finally, J. Derek Lewis & Associates Inc. lifted its stake in EVE by 129.5% in the 3rd quarter. J. Derek Lewis & Associates Inc. now owns 280,000 shares of the company’s stock valued at $540,000 after purchasing an additional 158,000 shares during the last quarter. 1.27% of the stock is currently owned by institutional investors and hedge funds.

About EVE

Eve Air Mobility, formerly known as Eve Holding, Inc, develops electric vertical takeoff and landing (eVTOL) aircraft and related urban air mobility solutions. The company is focused on creating quieter, lower-emission transportation options for short urban and regional trips, including passenger flights, airport transfers and other specialized missions.

Its primary product is an eVTOL aircraft designed to operate using electric propulsion and vertical takeoff and landing capabilities.