Innoviz Technologies Ltd. (NASDAQ:INVZ) Sees Large Increase in Short Interest

Innoviz Technologies Ltd. (NASDAQ:INVZ) was the target of a large growth in short interest in December. As of December 31st, there was short interest totalling 12,150,000 shares, a growth of 20.9% from the December 15th total of 10,050,000 shares. Based on an average daily volume of 6,220,000 shares, the short-interest ratio is presently 2.0 days. Approximately 7.2% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

INVZ has been the topic of several recent analyst reports. Westpark Capital initiated coverage on shares of Innoviz Technologies in a research report on Wednesday, November 27th. They set a “buy” rating and a $1.30 target price on the stock. Cantor Fitzgerald cut Innoviz Technologies from an “overweight” rating to a “neutral” rating in a research report on Thursday, November 14th. Rosenblatt Securities raised Innoviz Technologies from a “neutral” rating to a “buy” rating and raised their target price for the company from $3.25 to $4.00 in a research report on Friday, December 20th. Finally, The Goldman Sachs Group reduced their price target on shares of Innoviz Technologies from $1.00 to $0.75 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $3.01.

Hedge Funds Weigh In On Innoviz Technologies

Large investors have recently modified their holdings of the business. Traynor Capital Management Inc. purchased a new position in Innoviz Technologies in the 4th quarter valued at approximately $25,000. FNY Investment Advisers LLC purchased a new stake in Innoviz Technologies during the 4th quarter worth about $25,000. Koshinski Asset Management Inc. bought a new position in Innoviz Technologies in the 4th quarter worth about $169,000. Choreo LLC purchased a new position in Innoviz Technologies during the 2nd quarter valued at about $185,000. Finally, SkyView Investment Advisors LLC bought a new stake in shares of Innoviz Technologies during the second quarter valued at about $371,000. Hedge funds and other institutional investors own 63.26% of the company’s stock.

Innoviz Technologies Stock Performance

INVZ stock opened at $1.62 on Friday. The stock has a fifty day moving average of $1.14 and a 200-day moving average of $0.89. Innoviz Technologies has a fifty-two week low of $0.45 and a fifty-two week high of $3.14. The company has a market capitalization of $220.62 million, a price-to-earnings ratio of -2.53 and a beta of 0.73.

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.