EVE (NYSE:EVEX) Shares Gap Down Following Weak Earnings

Eve Holding, Inc. (NYSE:EVEX) shares gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $2.79, but opened at $2.68. EVE shares last traded at $2.7750, with a volume of 179,192 shares.

The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.04).

Analyst Ratings Changes

EVEX has been the topic of a number of recent research reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of EVE in a research report on Monday, February 9th. The Goldman Sachs Group initiated coverage on shares of EVE in a research report on Monday, December 1st. They set a “neutral” rating and a $4.84 price target for the company. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $6.47.

Hedge Funds Weigh In On EVE

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in EVE by 117.6% during the third quarter. Vanguard Group Inc. now owns 5,226,742 shares of the company’s stock valued at $19,914,000 after buying an additional 2,824,536 shares during the period. United Airlines Holdings Inc. bought a new position in EVE in the fourth quarter worth approximately $10,589,000. Cooper Creek Partners Management LLC purchased a new stake in EVE during the third quarter worth $9,608,000. BW Gestao de Investimentos Ltda. bought a new stake in EVE during the 3rd quarter valued at $9,382,000. Finally, SPX Gestao de Recursos Ltda boosted its position in EVE by 383.1% during the 4th quarter. SPX Gestao de Recursos Ltda now owns 2,845,692 shares of the company’s stock valued at $11,354,000 after acquiring an additional 2,256,701 shares in the last quarter. Institutional investors own 1.27% of the company’s stock.

EVE Price Performance

The stock has a fifty day moving average price of $3.60 and a 200-day moving average price of $4.02. The firm has a market capitalization of $966.53 million, a PE ratio of -4.28 and a beta of 0.88. The company has a debt-to-equity ratio of 0.91, a quick ratio of 5.21 and a current ratio of 5.21.

EVE Company Profile

Eve Holding, Inc (NYSE: EVEX) is the publicly traded parent of Eve Air Mobility, a company dedicated to developing sustainable urban air mobility solutions. Through its engineering and design capabilities, Eve focuses on creating electric vertical takeoff and landing (eVTOL) aircraft tailored for short-haul passenger and cargo transport in densely populated areas.

The company’s flagship offering is an eVTOL aircraft designed to deliver clean, quiet and efficient point-to-point service, backed by an integrated digital platform for air traffic management.