Summit X LLC Acquires 188,876 Shares of Innoviz Technologies Ltd. (NASDAQ:INVZ)

Summit X LLC increased its holdings in shares of Innoviz Technologies Ltd. (NASDAQ:INVZ) by 218.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 275,417 shares of the company’s stock after purchasing an additional 188,876 shares during the period. Summit X LLC’s holdings in Innoviz Technologies were worth $463,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of INVZ. Polar Asset Management Partners Inc. boosted its stake in shares of Innoviz Technologies by 29.6% during the third quarter. Polar Asset Management Partners Inc. now owns 3,219,400 shares of the company’s stock valued at $2,665,000 after purchasing an additional 735,300 shares in the last quarter. FNY Investment Advisers LLC bought a new position in shares of Innoviz Technologies during the fourth quarter valued at approximately $25,000. Koshinski Asset Management Inc. bought a new position in shares of Innoviz Technologies during the fourth quarter valued at approximately $169,000. Traynor Capital Management Inc. bought a new position in shares of Innoviz Technologies during the fourth quarter valued at approximately $25,000. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its stake in Innoviz Technologies by 13.5% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 6,805,731 shares of the company’s stock valued at $11,434,000 after acquiring an additional 810,731 shares in the last quarter. 63.26% of the stock is currently owned by institutional investors.

Innoviz Technologies Trading Up 2.6 %

NASDAQ:INVZ opened at $0.69 on Wednesday. Innoviz Technologies Ltd. has a 12 month low of $0.45 and a 12 month high of $3.14. The firm has a fifty day simple moving average of $1.32 and a 200-day simple moving average of $0.98. The company has a market capitalization of $93.38 million, a P/E ratio of -1.07 and a beta of 0.84.

Innoviz Technologies (NASDAQ:INVZ) last posted its quarterly earnings data on Wednesday, February 26th. The company reported ($0.11) EPS for the quarter, hitting the consensus estimate of ($0.11). Innoviz Technologies had a negative net margin of 321.53% and a negative return on equity of 87.40%. The business had revenue of $6.03 million during the quarter, compared to the consensus estimate of $5.86 million. Equities analysts forecast that Innoviz Technologies Ltd. will post -0.6 EPS for the current year.

Analyst Ratings Changes

Several brokerages have weighed in on INVZ. The Goldman Sachs Group lowered their target price on shares of Innoviz Technologies from $1.00 to $0.75 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Rosenblatt Securities restated a “buy” rating and issued a $4.00 target price on shares of Innoviz Technologies in a research note on Thursday, February 27th. Cantor Fitzgerald downgraded shares of Innoviz Technologies from an “overweight” rating to a “neutral” rating in a research note on Thursday, November 14th. Finally, Westpark Capital restated a “buy” rating and issued a $2.22 target price on shares of Innoviz Technologies in a research note on Tuesday, February 25th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Innoviz Technologies has an average rating of “Moderate Buy” and a consensus price target of $3.19.

Innoviz Technologies Company Profile

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.