Lake Street analyst Eric Martinuzzi lowered the firm’s price target on Evolv (EVLV) to $2.75 from $3.50 and keeps a Hold rating on the shares after Evolv announced on Friday that it will restate financials going back to the second quarter of 2022 due to premature recognition of revenue and will delay the filing of its third quarter results. While “disappointed by the news,” which heightens Evolv’s risk profile, the firm believes the company will be able to eventually get its financial statements corrected, the analyst tells investors.
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Read More on EVLV:
- Evolv downgraded to Market Perform from Outperform at Northland
- Evolv delays Q3 release, says certain prior financials shouldn’t be relied upon
- Evolv selloff on filing delay a buying opportunity, says Craig-Hallum
- Evolv sinks 42% on filing delay, Craig-Hallum says ‘too aggressive’
- Evolv falls 42% after delaying Q3 report, saying board conducting investigation
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