Shares of Evolv Technologies Holdings, Inc. (EVLV) are soaring 9.84% during Wednesday's trading session, building on the momentum from a strong pre-market performance. The significant uptick comes on the heels of a notable analyst upgrade and increased price targets from multiple firms.

The primary catalyst for the stock's surge appears to be Northland Capital Markets' decision to upgrade Evolv Technologies from Market Perform to Outperform. This upgrade signals increased confidence in the company's prospects and has evidently resonated with investors. Accompanying the upgrade, Northland set a new price target of $7.50 for EVLV shares, suggesting substantial upside potential from previous levels.

Adding to the positive sentiment, Lake Street also raised its price target on Evolv to $5.50 from $4, although maintaining a Hold rating on the shares. This combination of upgrades and increased price targets has fueled investor enthusiasm for Evolv Technologies, a company known for its AI-based weapons detection security screening systems. As the trading session progresses, market participants will be closely watching to see if EVLV can maintain its impressive gains and potentially reach new highs.