EVE (NYSE:EVEX) Shares Climb 15.2% Following Better-Than-Expected Earnings

Eve Holding, Inc. (NYSE:EVEX) shares rose 15.2% on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $1.7450 and last traded at $1.8090. Approximately 482,589 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 1,143,500 shares. The stock had previously closed at $1.57.

The company reported ($0.16) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.02.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on EVEX. Wall Street Zen cut shares of EVE from a “sell” rating to a “strong sell” rating in a report on Sunday, October 4th. Jefferies Financial Group set a $5.00 target price on shares of EVE in a research note on Wednesday, August 5th. JPMorgan Chase & Co. raised their price target on EVE from $6.00 to $6.50 and gave the stock an “overweight” rating in a report on Wednesday, August 12th. D. Boral Capital initiated coverage on EVE in a research report on Friday, August 21st. They issued a “buy” rating and a $6.00 price target on the stock. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of EVE in a research note on Monday, October 19th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, EVE presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.93.

Hedge Funds Weigh In On EVE

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

EVE Trading Up 15.2%

The firm has a market cap of $630.41 million, a PE ratio of -2.91 and a beta of 1.25. The company’s fifty day moving average price is $1.88 and its two-hundred day moving average price is $2.63. The company has a quick ratio of 3.48, a current ratio of 3.48 and a debt-to-equity ratio of 13.65.

EVE Company Profile

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.