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

Innoviz Technologies Ltd. (NASDAQ:INVZ) shares were down 2.9% on Tuesday . The stock traded as low as $0.32 and last traded at $0.3355. 2,088,805 shares traded 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.

Analyst Ratings Changes

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

Innoviz Technologies Price Performance

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

Innoviz Technologies (NASDAQ:INVZ) last released its earnings results on Wednesday, August 5th. The company reported ($0.08) EPS for the quarter, hitting analysts’ consensus estimates of ($0.08). The company had revenue of $18.08 million during the quarter, compared to analysts’ expectations of $16.33 million. Innoviz Technologies had a negative net margin of 153.10% and a negative return on equity of 118.08%. On average, sell-side analysts forecast that Innoviz Technologies Ltd. will post -0.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Innoviz Technologies

Large investors have recently made changes to their positions in the stock. Millennium Management LLC increased its position in shares of Innoviz Technologies by 25,626.3% in the 3rd quarter. Millennium Management LLC now owns 4,788,688 shares of the company’s stock valued at $9,769,000 after acquiring an additional 4,770,074 shares during the period. State Street Corp grew its stake in Innoviz Technologies by 236.3% during the 4th quarter. State Street Corp now owns 3,277,318 shares of the company’s stock valued at $2,796,000 after purchasing an additional 2,302,775 shares during the last quarter. Renaissance Technologies LLC grew its stake in Innoviz Technologies by 59.5% during the 1st quarter. Renaissance Technologies LLC now owns 3,076,666 shares of the company’s stock valued at $1,946,000 after purchasing an additional 1,148,013 shares during the last quarter. Sora Investors LLC purchased a new stake in Innoviz Technologies during the 3rd quarter valued at about $4,507,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Innoviz Technologies in the fourth quarter valued at about $1,097,000. 63.26% of the stock is owned by hedge funds and other institutional investors.

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.