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

Shares of Innoviz Technologies Ltd. (NASDAQ:INVZ) traded down 2.9% during trading on Tuesday . The stock traded as low as $0.32 and last traded at $0.3355. Approximately 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.

Wall Street Analysts Forecast Growth

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

Innoviz Technologies Trading Up 0.1%

The stock has a market cap of $69.89 million, a PE ratio of -0.86 and a beta of 1.52. The business has a 50-day moving average price of $0.50 and a 200 day moving average price of $0.65.

Innoviz Technologies (NASDAQ:INVZ) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $18.08 million during the quarter, compared to analyst estimates of $16.33 million. Innoviz Technologies had a negative return on equity of 118.08% and a negative net margin of 153.10%. On average, equities analysts predict that Innoviz Technologies Ltd. will post -0.35 earnings per share for the current year.

Institutional Trading of Innoviz Technologies

Several hedge funds and other institutional investors have recently modified their holdings of INVZ. Renaissance Technologies LLC boosted its holdings in Innoviz Technologies by 59.5% in the 1st quarter. Renaissance Technologies LLC now owns 3,076,666 shares of the company’s stock worth $1,946,000 after buying an additional 1,148,013 shares during the period. Elevation Point Wealth Partners LLC boosted its holdings in shares of Innoviz Technologies by 136.4% in the first quarter. Elevation Point Wealth Partners LLC now owns 52,000 shares of the company’s stock worth $33,000 after acquiring an additional 30,000 shares during the period. WMG Financial Advisors LLC purchased a new position in shares of Innoviz Technologies in the first quarter valued at $28,000. Virtu Financial LLC purchased a new position in shares of Innoviz Technologies in the fourth quarter valued at $321,000. Finally, Invesco Ltd. raised its stake in shares of Innoviz Technologies by 68.5% during the 4th quarter. Invesco Ltd. now owns 46,346 shares of the company’s stock valued at $40,000 after purchasing an additional 18,837 shares during the period. Institutional investors own 63.26% of the company’s stock.

Innoviz Technologies Company 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.