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

Innoviz Technologies Ltd. (NASDAQ:INVZ) was the target of unusually large options trading on Thursday. Stock investors purchased 6,925 call options on the company. This is an increase of 242% compared to the average daily volume of 2,023 call options.

Analyst Ratings Changes

INVZ has been the subject of a number of analyst reports. Westpark Capital initiated coverage on Innoviz Technologies in a research note on Wednesday, November 27th. They set a “buy” rating and a $1.30 target price for the company. The Goldman Sachs Group cut their target price on Innoviz Technologies from $1.00 to $0.75 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $3.25 price objective on shares of Innoviz Technologies in a research note on Tuesday, September 10th. Finally, Cantor Fitzgerald downgraded Innoviz Technologies from an “overweight” rating to a “neutral” rating in a research note on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $2.86.

Hedge Funds Weigh In On Innoviz Technologies

Several hedge funds have recently bought and sold shares of the company. Polar Asset Management Partners Inc. increased its position in Innoviz Technologies by 29.6% during the third quarter. Polar Asset Management Partners Inc. now owns 3,219,400 shares of the company’s stock worth $2,665,000 after buying an additional 735,300 shares in the last quarter. SkyView Investment Advisors LLC acquired a new stake in shares of Innoviz Technologies during the second quarter valued at $371,000. Interval Partners LP increased its position in Innoviz Technologies by 19.6% during the 2nd quarter. Interval Partners LP now owns 2,715,837 shares of the company’s stock worth $2,519,000 after purchasing an additional 444,823 shares in the last quarter. Ground Swell Capital LLC acquired a new position in Innoviz Technologies in the 2nd quarter valued at about $26,000. Finally, Cowen AND Company LLC raised its stake in Innoviz Technologies by 315.8% in the 2nd quarter. Cowen AND Company LLC now owns 8,127,316 shares of the company’s stock valued at $7,538,000 after purchasing an additional 6,172,864 shares during the last quarter. 63.26% of the stock is owned by hedge funds and other institutional investors.

Innoviz Technologies Price Performance

NASDAQ INVZ opened at $0.93 on Friday. Innoviz Technologies has a 1-year low of $0.45 and a 1-year high of $2.99. The company has a market capitalization of $126.65 million, a P/E ratio of -1.45 and a beta of 1.18. The business has a 50 day moving average price of $0.68 and a 200 day moving average price of $0.77.

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.