Mitsubishi UFJ Asset Management Co. Ltd. Purchases Shares of 1,286,585 Innoviz Technologies Ltd. $INVZ

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Innoviz Technologies Ltd. (NASDAQ:INVZ) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,286,585 shares of the company’s stock, valued at approximately $1,097,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.62% of Innoviz Technologies at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. NewEdge Advisors LLC raised its holdings in shares of Innoviz Technologies by 499.6% in the first quarter. NewEdge Advisors LLC now owns 70,021 shares of the company’s stock worth $46,000 after acquiring an additional 58,343 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Innoviz Technologies by 38.2% during the first quarter. Goldman Sachs Group Inc. now owns 523,945 shares of the company’s stock valued at $342,000 after acquiring an additional 144,822 shares during the last quarter. Geode Capital Management LLC increased its position in Innoviz Technologies by 97.5% during the 2nd quarter. Geode Capital Management LLC now owns 144,534 shares of the company’s stock worth $237,000 after purchasing an additional 71,334 shares in the last quarter. JPMorgan Chase & Co. increased its position in Innoviz Technologies by 3,440,684.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,101,051 shares of the company’s stock worth $1,806,000 after purchasing an additional 1,101,019 shares in the last quarter. Finally, Invesco Ltd. acquired a new position in Innoviz Technologies in the 2nd quarter valued at about $67,000. Hedge funds and other institutional investors own 63.26% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on INVZ shares. Wall Street Zen lowered shares of Innoviz Technologies from a “sell” rating to a “strong sell” rating in a report on Saturday, April 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Innoviz Technologies in a research report on Friday, March 27th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $3.10.

Innoviz Technologies Stock Down 1.9%

Shares of NASDAQ:INVZ opened at $0.79 on Wednesday. The company has a market cap of $168.68 million, a P/E ratio of -2.31 and a beta of 1.44. The business has a fifty day simple moving average of $0.70 and a 200-day simple moving average of $1.03. Innoviz Technologies Ltd. has a 52 week low of $0.58 and a 52 week high of $2.54.

Innoviz Technologies (NASDAQ:INVZ) last released its earnings results on Wednesday, February 25th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.03). The business had revenue of $12.67 million for the quarter, compared to analysts’ expectations of $15.00 million. Innoviz Technologies had a negative return on equity of 73.64% and a negative net margin of 123.06%. Sell-side analysts expect that Innoviz Technologies Ltd. will post -0.31 earnings per share for the current fiscal year.

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.