Short Interest in Innoviz Technologies Ltd. (NASDAQ:INVZ) Declines By 17.0%

Innoviz Technologies Ltd. (NASDAQ:INVZ) was the recipient of a large decrease in short interest in November. As of November 15th, there was short interest totalling 9,450,000 shares, a decrease of 17.0% from the October 31st total of 11,390,000 shares. Approximately 5.6% of the company’s stock are sold short. Based on an average daily volume of 1,500,000 shares, the short-interest ratio is currently 6.3 days.

Analyst Upgrades and Downgrades

INVZ has been the topic of a number of recent research reports. Westpark Capital initiated coverage on Innoviz Technologies in a research report on Wednesday, November 27th. They issued a “buy” rating and a $1.30 target price on the stock. Rosenblatt Securities reiterated a “neutral” rating and issued a $3.25 price objective on shares of Innoviz Technologies in a report on Tuesday, September 10th. The Goldman Sachs Group cut their price objective on shares of Innoviz Technologies from $1.00 to $0.75 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Finally, Cantor Fitzgerald downgraded shares of Innoviz Technologies from an “overweight” rating to a “neutral” rating in a research report on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Innoviz Technologies presently has an average rating of “Hold” and a consensus price target of $2.86.

Innoviz Technologies Trading Down 6.4 %

Shares of Innoviz Technologies stock traded down $0.05 on Monday, reaching $0.71. 1,205,283 shares of the company were exchanged, compared to its average volume of 2,061,933. Innoviz Technologies has a one year low of $0.45 and a one year high of $2.99. The company has a 50-day moving average of $0.70 and a 200 day moving average of $0.80. The company has a market capitalization of $96.87 million, a price-to-earnings ratio of -1.11 and a beta of 1.06.

Institutional Trading of Innoviz Technologies

A number of large investors have recently added to or reduced their stakes in the company. Cowen AND Company LLC boosted its stake in shares of Innoviz Technologies by 315.8% during the 2nd quarter. Cowen AND Company LLC now owns 8,127,316 shares of the company’s stock worth $7,538,000 after acquiring an additional 6,172,864 shares during the period. Polar Asset Management Partners Inc. increased its position in Innoviz Technologies by 29.6% during the third quarter. Polar Asset Management Partners Inc. now owns 3,219,400 shares of the company’s stock worth $2,665,000 after acquiring an additional 735,300 shares during the period. Interval Partners LP increased its holdings in shares of Innoviz Technologies by 19.6% during the second quarter. Interval Partners LP now owns 2,715,837 shares of the company’s stock worth $2,519,000 after purchasing an additional 444,823 shares during the period. SkyView Investment Advisors LLC acquired a new position in Innoviz Technologies in the 2nd quarter valued at $371,000. Finally, Choreo LLC acquired a new position in Innoviz Technologies in the second quarter valued at about $185,000. Institutional investors and hedge funds own 63.26% of the company’s stock.

About Innoviz Technologies

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.