Innoviz Technologies (NASDAQ:INVZ) Earns “Buy” Rating from Westpark Capital

Westpark Capital reiterated their buy rating on shares of Innoviz Technologies (NASDAQ:INVZ) in a report issued on Tuesday, Marketbeat Ratings reports. The firm currently has a $6.00 price target on the stock.

Several other research firms have also commented on INVZ. The Goldman Sachs Group lowered shares of Innoviz Technologies from a buy rating to a neutral rating and cut their price target for the stock from $2.25 to $1.00 in a report on Thursday, July 11th. Cantor Fitzgerald reissued an overweight rating and issued a $3.00 price target on shares of Innoviz Technologies in a report on Monday, July 22nd. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $3.85.

Innoviz Technologies Stock Performance

NASDAQ INVZ traded down $0.00 on Tuesday, hitting $0.73. The stock had a trading volume of 204,141 shares, compared to its average volume of 2,399,482. The firm has a 50-day moving average of $0.90 and a 200-day moving average of $1.22. The company has a market capitalization of $99.61 million, a price-to-earnings ratio of -0.95 and a beta of 1.01. Innoviz Technologies has a 52-week low of $0.60 and a 52-week high of $2.99.

Innoviz Technologies (NASDAQ:INVZ) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.05). The company had revenue of $7.06 million for the quarter, compared to analysts’ expectations of $5.99 million. Innoviz Technologies had a negative net margin of 441.23% and a negative return on equity of 79.64%. As a group, research analysts anticipate that Innoviz Technologies will post -0.75 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of INVZ. PNC Financial Services Group Inc. purchased a new position in Innoviz Technologies in the fourth quarter worth about $255,000. Jump Financial LLC purchased a new position in Innoviz Technologies in the fourth quarter worth about $106,000. Migdal Insurance & Financial Holdings Ltd. raised its holdings in Innoviz Technologies by 38.1% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 5,795,000 shares of the company’s stock worth $14,661,000 after buying an additional 1,600,000 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Innoviz Technologies by 22.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,427,590 shares of the company’s stock worth $3,498,000 after buying an additional 260,373 shares during the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in Innoviz Technologies by 57.2% in the fourth quarter. Daiwa Securities Group Inc. now owns 45,713 shares of the company’s stock worth $116,000 after buying an additional 16,629 shares during the last quarter. 63.26% of the stock is owned by hedge funds and other institutional investors.

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.