EVE (NYSE:EVEX) Trading Down 8.4% – Here’s Why

Eve Holding, Inc. (NYSE:EVEX)’s stock price dropped 8.4% during trading on Wednesday . The stock traded as low as $2.60 and last traded at $2.62. Approximately 124,720 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 1,185,983 shares. The stock had previously closed at $2.86.

Wall Street Analyst Weigh In

EVEX has been the topic of a number of research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of EVE in a research note on Tuesday, July 21st. Canaccord Genuity Group dropped their price target on EVE from $7.50 to $7.25 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Finally, Jefferies Financial Group set a $5.00 price objective on EVE in a report on Wednesday. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, EVE has a consensus rating of “Hold” and a consensus price target of $5.82.

EVE Price Performance

The company has a 50 day moving average price of $2.65 and a 200-day moving average price of $2.94. The company has a market cap of $903.84 million, a price-to-earnings ratio of -3.57 and a beta of 1.14. The company has a quick ratio of 3.80, a current ratio of 3.80 and a debt-to-equity ratio of 5.45.

EVE (NYSE:EVEX) last posted its earnings results on Tuesday, August 4th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.08. As a group, equities research analysts predict that Eve Holding, Inc. will post -0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On EVE

A number of hedge funds have recently modified their holdings of EVEX. Vanguard Group Inc. grew its stake in shares of EVE by 117.6% in the third quarter. Vanguard Group Inc. now owns 5,226,742 shares of the company’s stock worth $19,914,000 after purchasing an additional 2,824,536 shares during the last quarter. BW Gestao de Investimentos Ltda. grew its position in shares of EVE by 49.7% in the 4th quarter. BW Gestao de Investimentos Ltda. now owns 3,686,140 shares of the company’s stock valued at $14,708,000 after buying an additional 1,223,719 shares during the last quarter. Masters Capital Management LLC grew its position in shares of EVE by 52.5% in the 3rd quarter. Masters Capital Management LLC now owns 3,050,000 shares of the company’s stock valued at $11,620,000 after buying an additional 1,050,000 shares during the last quarter. SPX Gestao de Recursos Ltda increased its stake in shares of EVE by 383.1% in the fourth quarter. SPX Gestao de Recursos Ltda now owns 2,845,692 shares of the company’s stock valued at $11,354,000 after buying an additional 2,256,701 shares during the period. Finally, United Airlines Holdings Inc. acquired a new stake in shares of EVE in the fourth quarter valued at about $10,589,000. Institutional investors and hedge funds own 1.27% of the company’s stock.

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.