Innoviz Technologies Ltd. (NASDAQ:INVZ) Short Interest Update

Innoviz Technologies Ltd. (NASDAQ:INVZ) was the target of a large increase in short interest during the month of February. As of February 28th, there was short interest totalling 24,390,000 shares, an increase of 62.5% from the February 13th total of 15,010,000 shares. Based on an average daily trading volume, of 12,070,000 shares, the short-interest ratio is currently 2.0 days. Approximately 12.3% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Westpark Capital restated a “buy” rating and set a $2.22 price objective on shares of Innoviz Technologies in a report on Tuesday, February 25th. Rosenblatt Securities reiterated a “buy” rating and issued a $4.00 price target on shares of Innoviz Technologies in a report on Thursday, February 27th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Innoviz Technologies currently has an average rating of “Moderate Buy” and an average price target of $3.19.

Innoviz Technologies Stock Performance

Shares of INVZ stock traded up $0.02 during trading hours on Friday, hitting $0.65. 4,377,181 shares of the company were exchanged, compared to its average volume of 4,392,039. The business’s 50-day simple moving average is $1.25 and its two-hundred day simple moving average is $0.98. Innoviz Technologies has a one year low of $0.45 and a one year high of $3.14. The stock has a market capitalization of $88.52 million, a price-to-earnings ratio of -1.02 and a beta of 0.84.

Innoviz Technologies (NASDAQ:INVZ) last issued its earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.11). Innoviz Technologies had a negative net margin of 321.53% and a negative return on equity of 87.40%. The firm had revenue of $6.03 million for the quarter, compared to analysts’ expectations of $5.86 million. As a group, analysts anticipate that Innoviz Technologies will post -0.6 EPS for the current fiscal year.

Hedge Funds Weigh In On Innoviz Technologies

A number of large investors have recently bought and sold shares of INVZ. HITE Hedge Asset Management LLC bought a new position in Innoviz Technologies in the fourth quarter worth about $1,972,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Innoviz Technologies in the fourth quarter valued at approximately $1,932,000. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of 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 purchasing an additional 810,731 shares during the period. Polar Asset Management Partners Inc. increased 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 acquiring an additional 735,300 shares during the period. Finally, Nomura Holdings Inc. increased its stake in shares of Innoviz Technologies by 272.5% during the fourth quarter. Nomura Holdings Inc. now owns 791,520 shares of the company’s stock valued at $1,330,000 after acquiring an additional 579,020 shares during the period. Institutional investors own 63.26% of the company’s stock.

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.