Evolv Tech Sees $1.43M Institutional Bet; 66.65% of Float Now Held by Funds

For institutional investors tracking physical security AI, the accumulation in Evolv Technologies is sending a clear signal. As of the latest filings, 66.65% of EVLV shares are now in the hands of professional money managers, and the recent entry by Creek Drive at around $7.16 per share underscores the stock’s perceived value ahead of a potential re-rating.

Creek Drive Management Group LLC has disclosed a new position in Evolv Technologies Holdings, Inc. (NASDAQ: EVLV), acquiring 200,000 shares during the fourth quarter of 2025. Valued at approximately $1.432 million at the time of the filing, the stake represents a 0.11% ownership interest in the AI-driven weapons detection company. This transaction, while modest in absolute dollar terms, is emblematic of the broader institutional accumulation that has driven total institutional ownership of Evolv to 66.65% of outstanding shares according to the most recent 13F filings. The coordinated influx of institutional capital signals confidence in Evolv’s market position and growth trajectory.

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On June 9, 2026, TD Cowen reiterated a Buy rating with a $10.00 price target on EVLV, implying an upside of approximately 38% based on the $7.16 implied price of Creek Drive’s recent purchase.

The purchase by Creek Drive is the latest in a string of position increases and new initiations by significant funds. Vanguard Group, one of the largest asset managers, boosted its EVLV stake by 15% during Q4 2025, bringing its holdings to 13.78 million shares worth $98.7 million. Stoic Point Capital Management initiated a new $40.7 million position in the same period, while Millennium Management nearly tripled its stake in Q3 2025 with a 194.6% increase to 4.19 million shares. Geode Capital Management and State Street Corp each added roughly 17%–19% to their positions in Q4, collectively controlling over 7 million shares. These moves are not isolated; smaller institutional investors like CW Advisors and Arizona State Retirement System also increased their exposure by double-digit percentages. The breadth of buying across fund sizes and strategies suggests that Evolv’s equity story resonates beyond a niche.

This institutional appetite coincides with cautious but positive sell-side commentary. On June 9, 2026, TD Cowen reiterated a Buy rating with a $10.00 price target on EVLV, implying an upside of approximately 38% based on the $7.16 implied price of Creek Drive’s recent purchase. However, a downgrade by Zacks Research from Strong-Buy to Hold introduces a note of skepticism, possibly reflecting valuation concerns or near-term execution risks. The mixed analyst stance provides a balancing perspective to the buying spree.

Evolv Technologies operates at the intersection of physical security and artificial intelligence. Its weapons detection systems are deployed in schools, stadiums, hospitals, and entertainment venues, addressing an acute societal need for non-intrusive, high-throughput screening. The company’s subscription-based revenue model provides recurring visibility, a quality that institutional investors often prize. As concerns about gun violence persist, demand for Evolv’s solutions could grow, but the firm faces competition from emerging technology providers and traditional security incumbents. Scalability and contract wins will be pivotal.