Evolv downgraded to Market Perform from Outperform at Northland

Northland downgraded Evolv (EVLV) to Market Perform from Outperform with no price target after the company announced the need to restate financial statements given likely early recognition of $4-$6M in revenue. The press release also noted a board committee has found misconduct by certain employees and is investigating when senior personnel became aware of the issue, notes the firm, which is concerned that “these events can become more protracted and messy than expected” and is downgrading the stock until completion of the investigation and restatements.