Innoviz Technologies Target of Unusually High Options Trading (NASDAQ:INVZ)

Innoviz Technologies Ltd. (NASDAQ:INVZ) was the target of some unusual options trading on Friday. Stock traders purchased 67,480 put options on the company. This represents an increase of approximately 717% compared to the average daily volume of 8,261 put options.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on INVZ shares. Rosenblatt Securities reduced their target price on shares of Innoviz Technologies from $5.00 to $3.25 and set a “neutral” rating for the company in a research note on Thursday, February 29th. Cantor Fitzgerald reduced their price objective on Innoviz Technologies from $4.00 to $3.00 and set an “overweight” rating for the company in a research report on Thursday, May 9th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and issued a $7.00 price objective (down from $13.00) on shares of Innoviz Technologies in a report on Tuesday, March 26th.

Institutional Investors Weigh In On Innoviz Technologies

A number of large investors have recently made changes to their positions in the company. Crown Wealth Group LLC acquired a new position in Innoviz Technologies during the fourth quarter valued at $28,000. Tower Research Capital LLC TRC acquired a new position in shares of Innoviz Technologies in the 4th quarter valued at about $28,000. Daiwa Securities Group Inc. lifted its position in shares of Innoviz Technologies by 57.2% in the fourth quarter. Daiwa Securities Group Inc. now owns 45,713 shares of the company’s stock worth $116,000 after purchasing an additional 16,629 shares in the last quarter. Kovack Advisors Inc. acquired a new stake in shares of Innoviz Technologies during the first quarter worth approximately $28,000. Finally, Victory Capital Management Inc. purchased a new position in Innoviz Technologies during the fourth quarter valued at approximately $54,000. Institutional investors and hedge funds own 63.26% of the company’s stock.

Innoviz Technologies Stock Performance

Shares of INVZ stock traded down $0.03 during mid-day trading on Friday, hitting $0.93. 1,463,024 shares of the stock traded hands, compared to its average volume of 2,526,597. The firm has a market cap of $126.31 million, a price-to-earnings ratio of -1.23 and a beta of 1.03. The company’s 50-day simple moving average is $1.07 and its 200-day simple moving average is $1.53. Innoviz Technologies has a twelve month low of $0.83 and a twelve month high of $4.39.

Innoviz Technologies (NASDAQ:INVZ) last released its earnings results on Wednesday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.05). Innoviz Technologies had a negative return on equity of 79.64% and a negative net margin of 441.23%. The firm had revenue of $7.06 million for the quarter, compared to analyst estimates of $5.99 million. Analysts forecast that Innoviz Technologies will post -0.75 earnings per share for the current year.

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.