Exploring Evolv Technologies Holdings, Inc. (EVLV) Investor Profile: Who’s Buying and Why?

You've seen the headlines about Evolv Technologies Holdings, Inc. (EVLV) and their AI-based security screening systems, but the real question is: are the smart money players actually buying the growth story, and more importantly, why are they buying now when the company is still guiding for a negative earnings per share (EPS) of around -$0.27 for the 2025 fiscal year? The institutional landscape is defintely active, with major holders like Vanguard Group Inc. and BlackRock, Inc. anchoring the stock, collectively holding tens of millions of shares, and institutional ownership sitting at roughly 56% of the float. Just in the third quarter of 2025, we saw significant accumulation, like Citadel Advisors Llc increasing its position by nearly 99%, and Mittelman Wealth Management initiating a new stake of over 1.5 million shares valued at $11.41 million, signaling strong conviction in the long-term adoption of their technology. But what does this institutional vote of confidence hide, considering the company's TTM revenue is currently at $136.50 million, and insiders have been net sellers, offloading about 1.91 million shares over the last quarter? Are these institutions betting on the raised FY 2025 revenue guidance of $142 million-$145 million, or are they playing a longer game on the security-as-a-service (SaaS) model? Let's break down the 13F filings to see who is truly driving the nearly 162% stock price increase over the last year and what their moves mean for your portfolio.

Who Invests in Evolv Technologies Holdings, Inc. (EVLV) and Why?

If you're looking at Evolv Technologies Holdings, Inc. (EVLV), you're looking at a classic growth stock still in its market-capture phase. The core takeaway is that the vast majority of the capital buying into EVLV is institutional money, betting on the long-term adoption of AI-powered security screening technology.

The investor profile is not a mixed bag of value hunters and dividend seekers; it's dominated by those who prioritize high revenue growth and future profitability over current earnings. This is defintely a growth-first story.

Key Investor Types: The Institutional Majority

The ownership structure for Evolv Technologies Holdings, Inc. is heavily skewed toward large, sophisticated players. Institutional investors and hedge funds collectively own a commanding 66.65% of the company's stock. This means that two-thirds of the shares are held by entities like mutual funds, pension funds, and asset managers, not individual retail traders.

The list of major holders includes titans like Vanguard Group Inc and BlackRock, Inc., which typically hold shares for their index and growth-focused funds. This institutional presence provides a degree of stability and validation, but it also means the stock can move sharply when these large funds rebalance their positions.

Retail investors, the 'you' in this equation, hold the remaining portion, often drawn to the compelling narrative of AI-driven public safety. Insider ownership, held by executives and directors, stands at around 11.30% of the stock. Here's the quick math: while institutional buying remains strong, insiders sold approximately 1.91 million shares valued at over $15.56 million in the last quarter, which is a key data point to watch for any growth company.

Investment Motivations: Betting on AI-Powered Growth

The primary motivation for investors buying Evolv Technologies Holdings, Inc. is simple: Growth Prospects. The company is pioneering AI-based weapons detection, a technology that addresses a critical, growing need in the US and globally.

The company's 2025 fiscal year financial data strongly supports this growth narrative. Management recently raised the full-year revenue guidance to between $142 million and $145 million, representing a robust growth rate of 37% to 40% compared to 2024. This is a massive jump, and it shows market adoption is accelerating.

• Q3 2025 Revenue hit $42.9 million, a 57% year-over-year increase.
• Annual Recurring Revenue (ARR) reached $117.2 million by the end of Q3 2025.
• The market position is strong, with products like Evolv Express becoming a standard for venues, schools, and hospitals.

While Evolv Technologies Holdings, Inc. is not yet profitable-it reported a net loss of only $(1.8) million in Q3 2025, which is a significant reduction from the prior year-it achieved positive Adjusted EBITDA of $5.1 million in the same quarter. The path to profitability is clear, with management expecting to be cash flow positive in the fourth quarter of 2025. This transition from burning cash to generating it is the key catalyst investors are buying into. If you want to dig deeper into the company's long-term vision, you can review the Mission Statement, Vision, & Core Values of Evolv Technologies Holdings, Inc. (EVLV).

Investment Strategies: Long-Term Growth vs. Short-Term Volatility

The dominant strategy among institutional investors is Long-Term Holding (often categorized as growth investing). They look past the current negative earnings per share (analysts predict a full-year 2025 EPS of -$0.27) and focus on the company's ability to scale its subscription-based revenue model. The stock's performance reflects this optimism, with shares up over 107.0% in the past year.

Hedge funds are also actively involved, signaling confidence. In the third quarter of 2025, hedge fund holdings collectively increased by 852.6K shares. For instance, Mittelman Wealth Management initiated a new position of 1,511,866 shares, valued at $11.41 million as of late September 2025. This is a major vote of confidence from a fund manager.

What this estimate hides, however, is the volatility inherent in a high-growth, unprofitable stock. The stock's beta is high, around 1.70, meaning its price swings are about 70% more dramatic than the overall market. This makes it attractive for short-term traders looking for momentum plays, but it requires a strong stomach for long-term holders. The risk is that if customer acquisition slows, or the shift to the direct fulfillment model hurts gross margins more than expected, the stock could drop quickly, even with $56.2 million in cash on the balance sheet.

Institutional Ownership and Major Shareholders of Evolv Technologies Holdings, Inc. (EVLV)

You're looking at Evolv Technologies Holdings, Inc. (EVLV) institutional ownership and trying to figure out if the smart money agrees with your thesis. The short answer is yes, big funds are heavily invested, owning about 66.65% of the stock as of the most recent filings. This high level of institutional backing is a critical signal of confidence in their AI-based touchless security screening systems.

For a growth stock like Evolv, which operates in the Industrials sector focusing on Business Services, this concentration means a few things. First, it suggests a belief in the company's long-term revenue growth-which is defintely picking up. Second, it adds stability, as these large holders don't trade on daily noise. They are in for the strategic play.

Top Institutional Investors and Their Stakes

When you look at the largest shareholders, you see the usual suspects-the index fund giants-but also some key active managers. These firms are the backbone of Evolv Technologies Holdings, Inc.'s ownership structure, holding a total of over 103.9 million shares across 361 institutional owners.

The top five holders, based on their September 30, 2025, filings, show a clear commitment from the largest passive managers, which is a good sign for liquidity and long-term holding pressure. Here's the quick math on the biggest players:

Recent Shifts: Who's Buying and Who's Selling?

The changes in ownership during the third quarter of 2025 tell the real story. While the passive funds like Vanguard Group Inc. and BlackRock, Inc. are steadily adding shares to match index weightings, you see some interesting moves from active investors. For instance, Millennium Management Llc significantly boosted its position, adding over 2.7 million shares. This kind of aggressive accumulation from a hedge fund suggests a strong conviction in the near-term trajectory.

To be fair, not all institutional movement was positive. Data Collective IV GP, LLC, a venture capital firm, significantly reduced its stake by over 4.6 million shares. This is common for early-stage investors who are simply taking profits after a successful run, especially considering the stock was up 107.0% over the past year as of November 20, 2025.

Here's what the net institutional activity looks like as of the Q3 2025 filings:

• Increased Positions: 151 institutions added a total of 40,075,752 shares.
• Decreased Positions: Institutions sold off 16,615,470 shares.
• Net Effect: The net institutional inflow shows a clear accumulation trend.

Impact of Institutional Investors on EVLV's Strategy

These large investors play a crucial role beyond just trading volume. Their presence validates the company's business model-selling security-as-a-service (SaaS) subscriptions for their Evolv Express and Evolv Edge systems-and supports its strategic direction. The confidence is rooted in the company's financial momentum.

Evolv Technologies Holdings, Inc. reported a strong Q3 2025, with revenue hitting $42.9 million, a 57% increase year-over-year. Plus, they raised their full-year 2025 revenue outlook to between $142 million and $145 million. This performance is the fuel for institutional buying. They are investing in a company that is achieving scale and improving its bottom line, with Q3 2025 adjusted EBITDA reaching a positive $5.1 million. This is a growth story transitioning to profitability.

The institutional 'buy' signal essentially gives management a longer leash to execute on their vision, which you can read more about here: Mission Statement, Vision, & Core Values of Evolv Technologies Holdings, Inc. (EVLV). The capital infusion and stable ownership base allow Evolv to focus on expanding its market share in venues like schools, hospitals, and entertainment facilities, where demand for touchless security is high. Their money is betting on continued adoption of AI-powered security. The company is expected to be cash flow positive by the fourth quarter of 2025, which is a major milestone the institutions are watching.

Key Investors and Their Impact on Evolv Technologies Holdings, Inc. (EVLV)

The investor profile for Evolv Technologies Holdings, Inc. (EVLV) shows a clear shift toward institutional backing, which is a key signal of long-term stability, even as some early-stage investors take profits. As of the end of the third quarter of 2025, institutional investors and hedge funds collectively own a significant stake, representing approximately 60.42% of the company's shares outstanding (excluding 13D/G filers), holding a total of over 103.9 million shares.

This high level of institutional ownership means your investment thesis must align with the strategies of massive, long-horizon asset managers. These funds don't just buy a stock; they buy a business model, and their influence is primarily felt through voting power on board matters and the sheer market signal their buying and selling creates.

The Anchor Investors: BlackRock and Vanguard

The largest institutional holders are exactly who you'd expect: the behemoths of passive and active investing. These firms, including BlackRock, Inc. and Vanguard Group Inc., act as anchor investors. They hold such large positions that their trading activity alone can move the stock, but their investment style is generally passive, tracking indices or broad market segments.

For instance, as of September 30, 2025, Vanguard Group Inc. held the top spot with approximately 11,981,998 shares, while BlackRock, Inc. was a close second with 9,237,390 shares. Their presence validates Evolv Technologies Holdings, Inc.'s inclusion in major indices, which forces other index-tracking funds to buy the stock. It's defintely a vote of confidence in the company's long-term market position.

Here's a quick look at the top institutional holders and their Q3 2025 activity:

Recent Moves: Profit-Taking and New Growth Bets

The recent trading action shows a classic split between early venture capital (VC) money exiting and new hedge funds and active managers entering, signaling a transition from a high-risk startup to a growth-at-a-reasonable-price (GARP) story. The most notable moves in the third quarter of 2025 were the significant sales by early-stage backers, such as Data Collective IV GP, LLC, which cut its position by over 4.68 million shares. This is normal; VC funds need to return capital to their limited partners.

But, you also see a strong vote of confidence from new money. Driehaus Capital Management LLC, an active fund, initiated a new position of 3,842,967 shares, and Mittelman Wealth Management also jumped in with a new holding of 1,511,866 shares, valued at approximately $11.41 million. These are not passive buys; they are active bets on Evolv Technologies Holdings, Inc.'s continued growth, especially after the company raised its full-year 2025 revenue guidance to between $142 million and $145 million.

On the insider front, major shareholder Gates Frontier, Llc sold 776,236 shares in September 2025, netting over $6.3 million. This insider selling, while large, is often pre-scheduled for diversification. However, you should balance that against the recent purchase by a director, Richard A Shapiro, who bought 8,800 shares on November 20, 2025, for about $52,975, a small but encouraging sign of conviction at the board level.

Investor Influence and Actionable Insight

The influence of these investors is twofold. First, the large institutional base provides a crucial liquidity cushion. Second, the entrance of active funds like Millennium Management LLC, which added over 2.76 million shares in Q3 2025, suggests they believe the company can execute on its goal of achieving positive full year Adjusted EBITDA in 2025. The market is rewarding the company's shift toward a more profitable model, which you can read more about in the Mission Statement, Vision, & Core Values of Evolv Technologies Holdings, Inc. (EVLV).

• Monitor key institutional filings for further large sales.
• Watch for activist investors if the stock underperforms.
• Focus on the company's ability to hit its $142M-$145M revenue target.

Your action here is simple: if you are a long-term investor, the institutional accumulation by Vanguard and BlackRock is a good sign. If you are a growth investor, the buying by active funds confirms the market sees a path to profitability, but you must be prepared for the volatility that comes with insider and VC profit-taking. Finance: track the next 13F filings (due 45 days after Q4 2025 end) to confirm the institutional buying trend continues.

Market Impact and Investor Sentiment

You're looking at Evolv Technologies Holdings, Inc. (EVLV) and trying to reconcile the strong institutional backing with the recent insider selling. Honestly, the investor sentiment is best described as cautiously bullish, but with a clear divide between the big-money institutions and company insiders. The good news is that Wall Street's consensus is a Moderate Buy, with analysts setting an average 12-month price target around $9.13, suggesting a significant upside from the current price.

Institutional investors, the heavy hitters, own a substantial portion of the company, holding around 66.7% of the stock. Firms like Vanguard Group Inc. and BlackRock Inc. are among the largest holders, with Vanguard holding approximately 11.98 million shares and BlackRock Inc. holding about 9.24 million shares as of the third quarter of 2025. This strong institutional presence provides a foundational stability and signals confidence in the long-term adoption of Evolv Technologies' AI-based touchless security screening systems.

But here's the quick math on the risk side: Insiders sold roughly 1.91 million shares over the last quarter, totaling approximately $15.6 million. This is a red flag, as insiders know the business best. Still, a recent vote of confidence came on November 20, 2025, when a director purchased 46,300 shares for $278,000. It's a mixed signal, but the institutional accumulation is defintely the dominant force right now.

Recent Market Reactions to Ownership Shifts

The stock market has been volatile, but the overall trend for Evolv Technologies Holdings, Inc. has been strongly positive, with the share price climbing over 82% year-to-date in 2025. This impressive run shows investors are reacting to the perceived growth potential of the company's security-as-a-service subscription model.

A recent move that caught my eye was Mittelman Wealth Management initiating a new position in the third quarter of 2025, adding 1,511,866 shares valued at $11.41 million. When a fund makes a new position that large, it's a clear statement that they see a buying opportunity and a strong growth trajectory. On the flip side, the stock recently dropped 5.5% intraday on heavy trading volume following the quarterly earnings release, even though the company actually beat analyst estimates. This kind of volatility suggests that while the growth story is compelling, the market is quick to punish any perceived weakness or to take profits after a big run.

The key takeaway is that the market is pricing in significant future growth, which is why the stock trades at a premium. You need to understand the company's core value proposition to justify this premium. You can read more about their strategy here: Mission Statement, Vision, & Core Values of Evolv Technologies Holdings, Inc. (EVLV).

Analyst Perspectives and Key Financial Catalysts

The analyst community is largely optimistic, with the consensus rating of 'Moderate Buy' coming from seven brokerages. The average price target of $9.13 is backed by a high target of $10.00, indicating that the Street sees a clear path for the stock to appreciate. This optimism is grounded in the company's strong operational performance and its shift toward a direct fulfillment subscription model, which promises more predictable revenue.

For the 2025 fiscal year, the financial picture is one of high growth but continued unprofitability, which is common for a growth-stage security technology company. The company has raised its full-year 2025 revenue guidance to a range of $142 million to $145 million, an increase from previous estimates. However, analysts still anticipate a negative earnings per share (EPS) of around ($0.27) for the current fiscal year. The investment thesis here is purely on revenue growth and market penetration, not near-term earnings.

Here is a snapshot of the 2025 fiscal year estimates and recent performance:

The analysts' primary catalyst is the increasing prevalence of large, multi-year contracts with public school systems and hospitals, which expands the total addressable market (TAM) significantly. The shift to a subscription model is the financial engine that will eventually drive positive operating cash flow. The stock's valuation, trading at roughly 7 times sales, is lower than some peers, which is why many analysts see it as a reasonably priced growth opportunity.