Summit X LLC Increases Holdings in Innoviz Technologies Ltd. (NASDAQ:INVZ)

Summit X LLC grew its holdings in shares of Innoviz Technologies Ltd. (NASDAQ:INVZ) by 218.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 275,417 shares of the company’s stock after buying an additional 188,876 shares during the quarter. Summit X LLC owned 0.20% of Innoviz Technologies worth $463,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in INVZ. Traynor Capital Management Inc. purchased a new stake in shares of Innoviz Technologies during the 4th quarter valued at about $25,000. FNY Investment Advisers LLC purchased a new stake in shares of Innoviz Technologies during the 4th quarter valued at about $25,000. Sprott Inc. purchased a new stake in shares of Innoviz Technologies during the 4th quarter valued at about $54,000. Raymond James Financial Inc. purchased a new stake in shares of Innoviz Technologies during the 4th quarter valued at about $87,000. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Innoviz Technologies during the 4th quarter valued at about $156,000. 63.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on INVZ. Cantor Fitzgerald lowered shares of Innoviz Technologies from an “overweight” rating to a “neutral” rating in a research report on Thursday, November 14th. The Goldman Sachs Group reduced 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. Rosenblatt Securities reissued a “buy” rating and issued a $4.00 price objective on shares of Innoviz Technologies in a research report on Thursday, February 27th. Finally, Westpark Capital reissued a “buy” rating and issued a $2.22 price objective on shares of Innoviz Technologies in a research report on Tuesday, February 25th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Innoviz Technologies currently has an average rating of “Moderate Buy” and an average price target of $3.19.

Innoviz Technologies Stock Performance

Shares of NASDAQ:INVZ opened at $0.69 on Wednesday. The firm has a market cap of $93.38 million, a PE ratio of -1.07 and a beta of 0.84. The firm’s 50 day simple moving average is $1.32 and its 200-day simple moving average is $0.98. Innoviz Technologies Ltd. has a one year low of $0.45 and a one year high of $3.14.

Innoviz Technologies (NASDAQ:INVZ) last issued its earnings results on Wednesday, February 26th. The company reported ($0.11) EPS for the quarter, hitting analysts’ consensus estimates of ($0.11). The business had revenue of $6.03 million for the quarter, compared to analyst estimates of $5.86 million. Innoviz Technologies had a negative net margin of 321.53% and a negative return on equity of 87.40%. Equities research analysts predict that Innoviz Technologies Ltd. will post -0.6 EPS for the current fiscal 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.