HITE Hedge Asset Management LLC Has $2.67 Million Stock Holdings in Innoviz Technologies Ltd. $INVZ

HITE Hedge Asset Management LLC reduced its position in shares of Innoviz Technologies Ltd. (NASDAQ:INVZ) by 47.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,308,551 shares of the company’s stock after selling 1,191,912 shares during the period. HITE Hedge Asset Management LLC owned approximately 0.63% of Innoviz Technologies worth $2,669,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in INVZ. Caprock Group LLC acquired a new stake in shares of Innoviz Technologies in the 3rd quarter valued at $26,000. Corsair Capital Management L.P. acquired a new position in shares of Innoviz Technologies during the 2nd quarter worth $41,000. Quadrature Capital Ltd acquired a new position in shares of Innoviz Technologies during the 2nd quarter worth $44,000. Envestnet Asset Management Inc. bought a new stake in shares of Innoviz Technologies during the 3rd quarter worth $44,000. Finally, Vestmark Advisory Solutions Inc. acquired a new stake in Innoviz Technologies in the third quarter valued at about $45,000. 63.26% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on INVZ. Weiss Ratings reiterated a “sell (d-)” rating on shares of Innoviz Technologies in a research report on Monday, December 29th. Wall Street Zen cut shares of Innoviz Technologies from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. Finally, The Goldman Sachs Group reduced their price target on shares of Innoviz Technologies from $2.50 to $2.00 and set a “buy” rating on the stock in a research note on Wednesday, November 26th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Innoviz Technologies presently has an average rating of “Moderate Buy” and an average target price of $3.10.

Innoviz Technologies Stock Performance

Shares of NASDAQ:INVZ opened at $0.69 on Friday. The firm has a market cap of $148.02 million, a PE ratio of -2.03 and a beta of 1.35. The firm’s fifty day moving average is $0.98 and its 200-day moving average is $1.40. Innoviz Technologies Ltd. has a 52 week low of $0.48 and a 52 week high of $2.54.

Innoviz Technologies (NASDAQ:INVZ) last issued its quarterly earnings data on Wednesday, February 25th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.03). The business had revenue of $12.67 million during the quarter, compared to the consensus estimate of $15.00 million. Innoviz Technologies had a negative return on equity of 73.64% and a negative net margin of 123.06%. Sell-side analysts forecast that Innoviz Technologies Ltd. will post -0.6 EPS for the current year.

Innoviz Technologies Profile

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.