Innoviz Technologies (NASDAQ:INVZ) Shares Down 2.9% – Here’s Why

Innoviz Technologies Ltd. (NASDAQ:INVZ) traded down 2.9% during trading on Tuesday . The company traded as low as $0.32 and last traded at $0.3355. Approximately 2,088,805 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 4,161,852 shares. The stock had previously closed at $0.3455.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of Innoviz Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 18th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $2.00.

Innoviz Technologies Stock Down 2.9%

The company has a market capitalization of $71.97 million, a price-to-earnings ratio of -0.88 and a beta of 1.52. The business’s 50-day moving average is $0.51 and its 200-day moving average is $0.65.

Innoviz Technologies (NASDAQ:INVZ) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $18.08 million for the quarter, compared to the consensus estimate of $16.33 million. Innoviz Technologies had a negative return on equity of 118.08% and a negative net margin of 153.10%. As a group, analysts expect that Innoviz Technologies Ltd. will post -0.35 EPS for the current year.

Institutional Trading of Innoviz Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the stock. WMG Financial Advisors LLC purchased a new position in Innoviz Technologies during the first quarter valued at approximately $28,000. Forefront Wealth Partners LLC purchased a new stake in Innoviz Technologies in the 4th quarter worth approximately $29,000. Elevation Point Wealth Partners LLC grew its stake in shares of Innoviz Technologies by 136.4% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 52,000 shares of the company’s stock worth $33,000 after purchasing an additional 30,000 shares during the period. Invesco Ltd. grew its stake in shares of Innoviz Technologies by 68.5% during the 4th quarter. Invesco Ltd. now owns 46,346 shares of the company’s stock worth $40,000 after purchasing an additional 18,837 shares during the period. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Innoviz Technologies during the 3rd quarter worth approximately $44,000. 63.26% of the stock is owned by institutional investors and hedge funds.

About Innoviz Technologies

Innoviz Technologies Ltd. (NASDAQ: INVZ) is a developer of high-performance solid-state LiDAR sensors and perception software designed to support advanced driver assistance systems (ADAS) and autonomous driving applications. The company’s core business focuses on providing automotive-grade LiDAR hardware, along with software algorithms that enable accurate 3D mapping, object detection and environmental perception in real time. Innoviz’s technology is tailored for integration into passenger vehicles, commercial fleets and other mobility platforms seeking improved safety and autonomy.

Founded in 2016 and headquartered in Rosh Ha’ayin, Israel, Innoviz has emerged as a key supplier to leading global automakers and Tier 1 suppliers.