Innoviz Technologies Ltd. (NASDAQ:INVZ – Get Free Report) was the recipient of a significant growth in short interest during the month of February. As of February 28th, there was short interest totalling 24,390,000 shares, a growth of 62.5% from the February 13th total of 15,010,000 shares. Based on an average daily trading volume, of 12,070,000 shares, the days-to-cover ratio is presently 2.0 days. Approximately 12.3% of the shares of the company are short sold.
Hedge Funds Weigh In On Innoviz Technologies
Several institutional investors and hedge funds have recently added to or reduced their stakes in INVZ. HITE Hedge Asset Management LLC acquired a new position in Innoviz Technologies during the 4th quarter worth approximately $1,972,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Innoviz Technologies during the 4th quarter worth approximately $1,932,000. Migdal Insurance & Financial Holdings Ltd. boosted its stake in shares of Innoviz Technologies by 13.5% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 6,805,731 shares of the company’s stock worth $11,434,000 after acquiring an additional 810,731 shares in the last quarter. Polar Asset Management Partners Inc. boosted its stake in shares of Innoviz Technologies by 29.6% during the 3rd 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 in the last quarter. Finally, Nomura Holdings Inc. boosted its stake in shares of Innoviz Technologies by 272.5% during the 4th quarter. Nomura Holdings Inc. now owns 791,520 shares of the company’s stock worth $1,330,000 after acquiring an additional 579,020 shares in the last quarter. Institutional investors and hedge funds own 63.26% of the company’s stock.
Innoviz Technologies Price Performance
Shares of INVZ traded up $0.02 during midday trading on Friday, reaching $0.65. 4,377,181 shares of the stock were exchanged, compared to its average volume of 4,392,039. The business’s 50-day moving average price is $1.25 and its 200 day moving average price is $0.98. Innoviz Technologies has a twelve month low of $0.45 and a twelve month high of $3.14. The company has a market capitalization of $88.52 million, a price-to-earnings ratio of -1.02 and a beta of 0.84.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on INVZ. Rosenblatt Securities reiterated a “buy” rating and set a $4.00 price target on shares of Innoviz Technologies in a research report on Thursday, February 27th. Westpark Capital reaffirmed a “buy” rating and issued a $2.22 price target on shares of Innoviz Technologies in a report on Tuesday, February 25th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Innoviz Technologies has an average rating of “Moderate Buy” and a consensus price target of $3.19.
Read Our Latest Research Report on INVZ
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.
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