Why Are Evolv Technologies' Shares Plunging Today

Analysts lowered their price target on Evolv Technologies Holdings Inc EVLV following the release of Q4 results.
Stifel downgraded the rating on Evolv to Hold from Buy and reduced the price target to $2 (an upside of 23%) from $10.
Analyst Brad Reback notes the company reported a "fairly pedestrian quarter."
Reback specifies Evolv's FY22 top-line guidance came in well below estimates.
Evolv's price target was lowered to $7 (an upside of 330%) from $16 by Northland analyst Michael Latimore.
The analyst maintained his Outperform rating on the shares. Latimore notes the company guided FY22 well below the expectations.
Evolv Technologies recently reported fourth-quarter results, with revenue of $6.8 million, up 236% year-over-year, beating the consensus of $5.07 million.
EPS improved to $0.02 from $(1.06) in 4Q20, beating the consensus of $(0.10).
FY22 Outlook: Evolv expects total revenue of $29 million - $31 million versus the consensus of $49.05 million, and Annual Recurring Revenue of $27 million -$28 million.
It expects operating loss of $(82) million – ($84) million, adjusted EBITDA of $(65) million - $(67) million and cash and equivalents of $220 million -$230 million.
Price Action: EVLV shares are trading lower by 45.3% at $1.64 on the last check Tuesday.