Innoviz Technologies (NASDAQ:INVZ) Cut to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Innoviz Technologies (NASDAQ:INVZ) from an overweight rating to a neutral rating in a research note released on Thursday morning, MarketBeat reports.

Separately, Weiss Ratings downgraded shares of Innoviz Technologies from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, September 28th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $2.00.

Innoviz Technologies Trading Down 6.7%

INVZ stock traded down $0.01 during trading on Thursday, reaching $0.17. The stock had a trading volume of 3,513,021 shares, compared to its average volume of 3,589,988. Innoviz Technologies has a 1-year low of $0.13 and a 1-year high of $1.45. The company has a market capitalization of $37.26 million, a P/E ratio of -0.47 and a beta of 1.58. The firm has a fifty day moving average price of $0.29 and a 200 day moving average price of $0.57.

Innoviz Technologies (NASDAQ:INVZ) last announced its earnings results on Wednesday, November 11th. The company reported ($0.07) earnings per share for the quarter, meeting the consensus estimate of ($0.07). Innoviz Technologies had a negative return on equity of 137.96% and a negative net margin of 171.19%. The company had revenue of $12.10 million during the quarter, compared to the consensus estimate of $19.00 million. Sell-side analysts predict that Innoviz Technologies will post -0.35 EPS for the current year.

Institutional Trading of Innoviz Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of INVZ. Commonwealth Equity Services LLC acquired a new stake in Innoviz Technologies during the third quarter valued at approximately $51,000. Gratia Capital LLC bought a new stake in shares of Innoviz Technologies in the 3rd quarter valued at approximately $318,000. Aberdeen Group plc bought a new stake in shares of Innoviz Technologies in the 3rd quarter valued at approximately $807,000. Renaissance Technologies LLC increased its holdings in shares of Innoviz Technologies by 59.5% in the 1st quarter. Renaissance Technologies LLC now owns 3,076,666 shares of the company’s stock valued at $1,946,000 after acquiring an additional 1,148,013 shares during the last quarter. Finally, Phoenix Financial Ltd. acquired a new stake in shares of Innoviz Technologies during the 3rd quarter valued at approximately $1,228,000. 63.26% of the stock is owned by institutional investors.

About Innoviz Technologies

Innoviz Technologies develops high-resolution LiDAR sensors and perception software for advanced driver-assistance systems (ADAS) and autonomous driving. Its technology is designed to help vehicles detect and interpret objects, road features and other conditions around them. The company’s offerings include LiDAR sensors such as InnovizOne and InnovizTwo, along with software that processes sensor data. Innoviz works with automotive manufacturers and suppliers to integrate its technology into vehicle platforms and related mobility applications.