10 Best Artificial Intelligence Stocks Under $50 According to Hedge Funds

2. Evolv Technologies Holdings, Inc. (NASDAQ:EVLV)

Number of Hedge Fund Holders: 19

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) is a company that uses AI to develop safer and faster security technology. The devices it designs can be used for instances like scanning people for weapons, and other similar threats in places like airports, stadiums, and government buildings.

In Q2 2024, Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) recorded $25.54 million in revenues, exceeding estimates by $1.70 million, with a 28.83% year-over-year growth. The earnings per share were $0.02, beating analyst expectations by $0.14.

The company added 84 new customers, bringing the total to a record high of 800 (since Q4 2022), across 10 key vertical markets. Further, there was a 60% sequential increase in the number of Evolv Express units sold to education customers.

The company’s products are deployed in 22 of the 100 largest school districts in the US and over 400 hospital buildings nationwide. More than 40 teams across 5 major professional sports leagues in the US rely on Evolv Technologies Holdings, Inc. (NASDAQ:EVLV).

The company expects to sell subscription-based products to both new and existing customers, increasing their lifetime value. The mission is to democratize security and make the world a safer place, and with this mission, Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) is likely to achieve its financial goals, including 25% revenue growth in 2024. 19 hedge funds were long EVLV at the close of Q2 2024.