Innoviz Technologies (NASDAQ:INVZ) Announces Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Innoviz Technologies (NASDAQ:INVZ) announced its quarterly earnings results on Wednesday. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01), Zacks reports. Innoviz Technologies had a negative return on equity of 80.09% and a negative net margin of 197.89%.The company had revenue of $15.28 million during the quarter, compared to analysts’ expectations of $14.67 million. Innoviz Technologies updated its FY 2025 guidance to EPS.

Innoviz Technologies Price Performance

NASDAQ INVZ traded down $0.07 during mid-day trading on Thursday, reaching $1.47. The stock had a trading volume of 1,067,852 shares, compared to its average volume of 7,912,202. The company has a fifty day moving average price of $1.93 and a 200 day moving average price of $1.53. Innoviz Technologies has a 1 year low of $0.45 and a 1 year high of $3.14. The stock has a market cap of $305.86 million, a PE ratio of -3.49 and a beta of 1.29.

Institutional Trading of Innoviz Technologies

A number of institutional investors have recently made changes to their positions in the stock. NewEdge Advisors LLC lifted its position in Innoviz Technologies by 499.6% during the first quarter. NewEdge Advisors LLC now owns 70,021 shares of the company’s stock valued at $46,000 after purchasing an additional 58,343 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Innoviz Technologies by 38.2% in the first quarter. Goldman Sachs Group Inc. now owns 523,945 shares of the company’s stock worth $342,000 after acquiring an additional 144,822 shares during the period. Geode Capital Management LLC increased its position in Innoviz Technologies by 97.5% during the second quarter. Geode Capital Management LLC now owns 144,534 shares of the company’s stock valued at $237,000 after acquiring an additional 71,334 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Innoviz Technologies by 3,440,684.4% in the second quarter. JPMorgan Chase & Co. now owns 1,101,051 shares of the company’s stock valued at $1,806,000 after acquiring an additional 1,101,019 shares during the period. Finally, Invesco Ltd. purchased a new stake in shares of Innoviz Technologies during the 2nd quarter valued at about $67,000. Hedge funds and other institutional investors own 63.26% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on INVZ. Weiss Ratings reiterated a “sell (d-)” rating on shares of Innoviz Technologies in a report on Tuesday. Westpark Capital lifted their price objective on Innoviz Technologies from $2.53 to $3.30 and gave the stock a “buy” rating in a research report on Thursday, August 14th. Finally, The Goldman Sachs Group set a $2.50 target price on Innoviz Technologies and gave the company a “buy” rating in a report on Monday, September 29th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $3.27.

About Innoviz Technologies

Innoviz Technologies Ltd. manufactures and sells automotive grade LiDAR sensors and perception software to enable safe autonomous driving at a mass scale. The company offers InnovizOne, a solid-state LiDAR sensor designed for automakers and robotaxis, shuttles, trucks, and delivery companies requiring an automotive-grade and mass-producible solution to achieve autonomy.