Mittelman Wealth Opens Large Evolv Technologies Stake: Is the Growth Stock a Buy?
Key Points
Mittelman purchased 1,511,866 shares, increasing portfolio by $11,414,588 based on average quarterly pricing.
The move represents a position equal to 7.47% of reportable assets under management (AUM).
The firm's post-trade Evolv stake: 1,511,866 shares valued at $11.41 million.
The position accounts for 7.47% of AUM, placing it just outside the firm's top five holdings.
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Mittelman Wealth Management initiated a new position in Evolv Technologies Holdings (NASDAQ:EVLV), adding 1,511,866 shares valued at $11.41 million, according to a Nov. 17, 2025, SEC filing.
What happened
According to a Form 13-F filed with the Securities and Exchange Commission on Nov. 17, 2025, Mittelman disclosed a new holding in Evolv Technologies Holdings.
The fund reported owning 1,511,866 shares, valued at $11.41 million, as of Sept. 30, 2025.
This new position represented a 7.47% allocation of the fund's $152.74 million in reportable U.S. equity assets.
What else to know
This was a new position for the fund, with Evolv Technologies now representing 7.47% of 13F reportable AUM.
Mittelman's top holdings after the filing:
- Vanguard Dividend Appreciation ETF(NYSEMKT:VIG): $22.41 million (14.7% of AUM)
- Vanguard High Dividend Yield ETF(NYSEMKT:VYM): $18.40 million (12.0% of AUM)
- Vanguard FTSE Developed Markets ETF(NYSEMKT:VEA): $12.34 million (8.1% of AUM)
- Vanguard Emerging Markets ETF(NYSEMKT:VWO): $11.91 million (7.8% of AUM)
- Vanguard S&P 500 ETF(NYSEMKT:VOO): $11.86 million (7.8% of AUM)
As of Nov. 20, 2025, shares were priced at $5.66, up 107.0% over the past year, outperforming the S&P 500 by 97 percentage points.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close 2025-11-20) | $5.66 |
| Market capitalization | $987.46 million |
| Revenue (TTM) | $136.50 million |
| Net income (TTM) | $-59.74 million |
Company Snapshot
Evolv Technologies:
- Provides AI-based touchless security screening systems, including Evolv Express and Evolv Edge, designed to detect weapons and threats in high-traffic venues.
- Generates revenue through the sale and subscription of hardware and software solutions for security screening, analytics, and visitor management.
- Serves customers across sectors such as entertainment venues, education, healthcare, and other public spaces requiring advanced security solutions.
Evolv Technologies provides artificial intelligence (AI)-based touchless security screening systems.
The company offers touchless security screening systems designed to detect firearms, improvised explosive devices, and tactical knives as visitors walk through at a normal pace.
Foolish take
It is very interesting to me that an institutional firm, which primarily holds a variety of ETFs, has just opened a substantial position in Evolv Technologies, an emerging stock in the security industry.
Evolv not only becomes one of a handful of individual stocks (as opposed to ETFs) held by Mittelman, but also becomes the firm's sixth-largest position right out of the gates.
From a Foolish perspective, there is a lot to like about the growth stock. Combining electromagnetic sensing, computer vision, IoT, and AI, Evolv's platforms keep stadiums, hospitals, schools, and many more workplaces free of guns and tactical knives.
Safer and faster than wand checks and metal detectors, the company's solutions are quickly becoming a no-brainer for a growing list of customers. This is clear to see as Evolv's sales have grown from $23 million in 2021 to $137 million over the last year.
In the company's most recent quarter, sales grew by 57% and annual recurring revenue grew by 25%. Best yet, management expects the company to generate positive operating cash flows again in the upcoming quarter.
Trading at 7 times sales -- compared to a pseudo-peer like Axon Enterprise's (NASDAQ:AXON) 16 -- Evolv's promising growth and societal benefit make it look like a reasonably priced opportunity for investors.
Glossary
Position: The amount of a particular security or asset held in an investment portfolio.
Assets Under Management (AUM): The total market value of all financial assets managed by an investment firm or fund.
Form 13-F: A quarterly SEC filing by institutional investment managers disclosing their equity holdings.
Reportable assets: Assets that must be disclosed in regulatory filings, such as those listed in a 13-F report.
Allocation: The percentage of a portfolio assigned to a specific asset, sector, or investment.
Stake: The ownership interest or share held in a company by an investor or fund.
Outperforming: Achieving a higher return than a specified benchmark or index over a given period.
Touchless security screening: Security systems that detect threats without requiring physical contact or manual searches.
Subscription (in context): A recurring payment model for ongoing access to products or services, often software or technology.
TTM: The 12 months ending with the most recent quarterly report.
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Josh Kohn-Lindquist has positions in Axon Enterprise. The Motley Fool has positions in and recommends Axon Enterprise, Vanguard Dividend Appreciation ETF, Vanguard FTSE Developed Markets ETF, Vanguard International Equity Index Funds - Vanguard Ftse Emerging Markets ETF, Vanguard S&P 500 ETF, and Vanguard Whitehall Funds - Vanguard High Dividend Yield ETF. The Motley Fool has a disclosure policy.
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