Innoviz Technologies Ltd. (NASDAQ:INVZ) Sees Large Increase in Short Interest

Innoviz Technologies Ltd. (NASDAQ:INVZ) was the target of a large increase in short interest in June. As of June 15th, there was short interest totalling 13,310,000 shares, an increase of 8.1% from the May 31st total of 12,310,000 shares. Currently, 8.4% of the company’s shares are short sold. Based on an average trading volume of 1,940,000 shares, the days-to-cover ratio is currently 6.9 days.

Innoviz Technologies Trading Up 1.3 %

NASDAQ:INVZ opened at $0.91 on Thursday. Innoviz Technologies has a 1 year low of $0.83 and a 1 year high of $4.39. The firm’s fifty day simple moving average is $1.06 and its 200 day simple moving average is $1.48. The firm has a market capitalization of $124.10 million, a PE ratio of -1.18 and a beta of 1.01.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Crown Wealth Group LLC acquired a new position in Innoviz Technologies in the 4th quarter valued at $28,000. Tower Research Capital LLC TRC acquired a new stake in Innoviz Technologies in the 4th quarter worth $28,000. Daiwa Securities Group Inc. grew its position in Innoviz Technologies by 57.2% in the 4th quarter. Daiwa Securities Group Inc. now owns 45,713 shares of the company’s stock worth $116,000 after purchasing an additional 16,629 shares during the last quarter. Kovack Advisors Inc. acquired a new stake in Innoviz Technologies in the 1st quarter worth $28,000. Finally, Victory Capital Management Inc. acquired a new stake in Innoviz Technologies in the 4th quarter worth $54,000. 63.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

INVZ has been the topic of a number of recent research reports. Cantor Fitzgerald restated an “overweight” rating and set a $3.00 price target on shares of Innoviz Technologies in a report on Monday. JPMorgan Chase & Co. restated an “overweight” rating and set a $7.00 price target (down previously from $13.00) on shares of Innoviz Technologies in a report on Tuesday, March 26th.

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.