Innoviz Technologies Target of Unusually High Options Trading (NASDAQ:INVZ)

Innoviz Technologies Ltd. (NASDAQ:INVZ) was the target of unusually large options trading on Tuesday. Investors acquired 19,153 put options on the stock. This represents an increase of 356% compared to the average daily volume of 4,202 put options.

Institutional Trading of Innoviz Technologies

Hedge funds and other institutional investors have recently modified their holdings of the business. Millennium Management LLC lifted its position in Innoviz Technologies by 25,626.3% during the 3rd quarter. Millennium Management LLC now owns 4,788,688 shares of the company’s stock valued at $9,769,000 after acquiring an additional 4,770,074 shares during the period. Sora Investors LLC bought a new stake in Innoviz Technologies in the third quarter worth $4,507,000. JPMorgan Chase & Co. increased its holdings in shares of Innoviz Technologies by 3,440,684.4% during the second quarter. JPMorgan Chase & Co. now owns 1,101,051 shares of the company’s stock valued at $1,806,000 after acquiring an additional 1,101,019 shares in the last quarter. Qube Research & Technologies Ltd purchased a new position in shares of Innoviz Technologies in the 3rd quarter worth about $1,479,000. Finally, Two Sigma Investments LP raised its position in shares of Innoviz Technologies by 228.0% in the 3rd quarter. Two Sigma Investments LP now owns 939,469 shares of the company’s stock worth $1,917,000 after purchasing an additional 653,032 shares during the last quarter. 63.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on INVZ. Wall Street Zen downgraded shares of Innoviz Technologies from a “hold” rating to a “sell” rating in a research note on Saturday. The Goldman Sachs Group decreased their target price on Innoviz Technologies from $2.50 to $2.00 and set a “buy” rating for the company in a research report on Wednesday, November 26th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Innoviz Technologies in a research note on Monday, December 15th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Innoviz Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $3.10.

Innoviz Technologies Stock Performance

INVZ traded down $0.11 on Tuesday, hitting $0.97. 5,583,918 shares of the company were exchanged, compared to its average volume of 7,561,781. The firm has a fifty day simple moving average of $1.54 and a two-hundred day simple moving average of $1.61. The stock has a market capitalization of $201.48 million, a PE ratio of -2.79 and a beta of 1.31. Innoviz Technologies has a 12 month low of $0.48 and a 12 month high of $3.14.

About Innoviz Technologies

Innoviz Technologies Ltd. (NASDAQ: INVZ) is a developer of high-performance solid-state LiDAR sensors and perception software designed to support advanced driver assistance systems (ADAS) and autonomous driving applications. The company’s core business focuses on providing automotive-grade LiDAR hardware, along with software algorithms that enable accurate 3D mapping, object detection and environmental perception in real time. Innoviz’s technology is tailored for integration into passenger vehicles, commercial fleets and other mobility platforms seeking improved safety and autonomy.

Founded in 2016 and headquartered in Rosh Ha’ayin, Israel, Innoviz has emerged as a key supplier to leading global automakers and Tier 1 suppliers.