EVE (NYSE:EVEX) Shares Down 4.8% - Here's What Happened

Shares of Eve Holding, Inc. (NYSE:EVEX) experienced a decline of 4.8% during mid-day trading on Friday. The stock reached a low of $3.36 and was last traded at $3.34. In total, around 126,254 shares were exchanged, marking a 43% decrease from the average daily volume of 219,622 shares. The stock had previously closed at $3.51.

Analyst Ratings Overview

Several research firms have recently evaluated EVEX shares. On December 19, TD Cowen upgraded EVE's rating to "hold." Cantor Fitzgerald maintained an "overweight" rating and set a $5.00 price target on March 14. Meanwhile, HC Wainwright repeated a "buy" rating with a price objective of $6.00 on March 12. Additionally, Canaccord Genuity Group increased its target from $6.75 to $7.00 while maintaining a "buy" rating on December 2.

EVE Stock Performance

The company's fifty-day simple moving average now stands at $4.31, and its 200-day simple moving average is $3.93. EVE has a quick ratio of 5.21 and a current ratio of 5.21, with a debt-to-equity ratio of 0.42. Its market capitalization is approximately $1.01 billion, with a PE ratio of -7.08 and a beta of 0.45.

Eve Holding, Inc. last issued its earnings results on March 14, where it reported an EPS of ($0.14), marginally beating analysts' expectations of ($0.15) by $0.01. Analysts expect EVE to post -0.5 earnings per share for the current fiscal year.

Institutional Investment in EVE

Several hedge funds have adjusted their stakes in EVE recently. Connective Capital Management LLC acquired a new position valued at approximately $500,000 in the fourth quarter. Squarepoint Ops LLC bought shares worth around $200,000 during the same period. Wexford Capital LP also purchased a new interest in shares worth about $123,000. ProShare Advisors LLC bought a stake valued at approximately $78,000. Lastly, Nuveen Asset Management LLC increased its position in EVE by 161.4%, owning 94,129 shares valued at $512,000 after adding 58,119 shares in the last quarter. Institutional investors now own 1.27% of the company's stock.

About EVE

Eve Holding, Inc. is a special purpose acquisition company (SPAC) with a focus on the aviation sector. Founded on August 7, 2020, it is based in Melbourne, FL.

Investment Considerations

Before making an investment decision regarding EVE, it's important to assess the broader market. Currently, EVE is rated as a Moderate Buy by analysts, but top analysts suggest there are potentially more promising stocks available for investment.

In summary, EVE shares have seen a recent drop of 4.8%, prompting investors to consider whether it is time to sell or hold their positions.

EVE, Stocks, Market