EVE (NYSE:EVEX) Stock Price Down 7.4% – Here’s Why

Eve Holding, Inc. (NYSE:EVEX) shares traded down 7.4% during trading on Tuesday . The stock traded as low as $4.49 and last traded at $4.4450. 607,746 shares were traded during mid-day trading, a decline of 19% from the average session volume of 746,896 shares. The stock had previously closed at $4.80.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Canaccord Genuity Group upped their price target on shares of EVE from $6.75 to $7.50 and gave the company a “buy” rating in a research report on Thursday, October 16th. The Goldman Sachs Group initiated coverage on EVE in a report on Monday, December 1st. They issued a “neutral” rating and a $4.84 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of EVE in a research report on Monday, November 24th. Weiss Ratings reissued a “sell (e+)” rating on shares of EVE in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. decreased their price objective on EVE from $8.00 to $7.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, EVE currently has a consensus rating of “Hold” and a consensus price target of $6.47.

EVE Trading Down 6.6%

The company has a market cap of $1.56 billion, a price-to-earnings ratio of -6.90 and a beta of 0.83. The company’s 50 day moving average price is $4.37 and its 200 day moving average price is $4.98. 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 (NYSE:EVEX) last posted its earnings results on Tuesday, November 4th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.01. Research analysts anticipate that Eve Holding, Inc. will post -0.5 EPS for the current year.

Hedge Funds Weigh In On EVE

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in EVE by 117.6% in the 3rd quarter. Vanguard Group Inc. now owns 5,226,742 shares of the company’s stock valued at $19,914,000 after purchasing an additional 2,824,536 shares during the period. Cooper Creek Partners Management LLC acquired a new stake in shares of EVE during the 3rd quarter worth approximately $9,608,000. BW Gestao de Investimentos Ltda. acquired a new stake in shares of EVE during the 3rd quarter worth approximately $9,382,000. Centiva Capital LP bought a new stake in shares of EVE during the third quarter valued at approximately $5,104,000. Finally, Masters Capital Management LLC raised its stake in shares of EVE by 52.5% in the third quarter. Masters Capital Management LLC now owns 3,050,000 shares of the company’s stock valued at $11,620,000 after purchasing an additional 1,050,000 shares in the last quarter. 1.27% of the stock is currently owned by institutional investors.

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.