Investors Buy Large Volume of Innoviz Technologies Put Options (NASDAQ:INVZ)

Innoviz Technologies Ltd. (NASDAQ:INVZ) was the recipient of unusually large options trading on Friday. Traders purchased 67,480 put options on the stock. This represents an increase of approximately 717% compared to the average volume of 8,261 put options.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on INVZ. Cantor Fitzgerald lowered their price target on shares of Innoviz Technologies from $4.00 to $3.00 and set an “overweight” rating on the stock in a report on Thursday, May 9th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $7.00 price target (down from $13.00) on shares of Innoviz Technologies in a report on Tuesday, March 26th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INVZ. FIFTHDELTA Ltd lifted its stake in Innoviz Technologies by 64.9% during the first quarter. FIFTHDELTA Ltd now owns 14,397,087 shares of the company’s stock worth $19,436,000 after purchasing an additional 5,668,684 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its stake 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 in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Innoviz Technologies by 22.3% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,427,590 shares of the company’s stock valued at $3,498,000 after acquiring an additional 260,373 shares during the last quarter. Schonfeld Strategic Advisors LLC raised its stake in shares of Innoviz Technologies by 154.5% during the third quarter. Schonfeld Strategic Advisors LLC now owns 624,600 shares of the company’s stock worth $1,218,000 after acquiring an additional 379,200 shares in the last quarter. Finally, Scotia Capital Inc. bought a new stake in shares of Innoviz Technologies in the 4th quarter worth approximately $816,000. 63.26% of the stock is currently owned by hedge funds and other institutional investors.

Innoviz Technologies Trading Down 3.1 %

Shares of INVZ opened at $0.93 on Friday. Innoviz Technologies has a 12-month low of $0.83 and a 12-month high of $4.39. The company has a market cap of $126.31 million, a PE ratio of -1.20 and a beta of 1.03. The stock has a 50-day moving average price of $1.07 and a 200-day moving average price of $1.52.

Innoviz Technologies (NASDAQ:INVZ) last announced its earnings results on Wednesday, May 8th. The company reported ($0.18) earnings per share (EPS) 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 the consensus estimate 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, analysts predict that Innoviz Technologies will post -0.75 earnings per share for the current year.

Innoviz Technologies Company Profile

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.