Innoviz Technologies (NASDAQ:INVZ) Earns “Overweight” Rating from Cantor Fitzgerald

Innoviz Technologies (NASDAQ:INVZ)‘s stock had its “overweight” rating restated by analysts at Cantor Fitzgerald in a note issued to investors on Monday, Benzinga reports. They currently have a $2.00 target price on the stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 185.71% from the stock’s current price.

INVZ has been the subject of several other reports. The Goldman Sachs Group cut shares of Innoviz Technologies from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $2.25 to $1.00 in a research note on Thursday, July 11th. Westpark Capital reissued a “buy” rating and set a $6.00 price target on shares of Innoviz Technologies in a research report on Tuesday, August 6th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $3.25 price objective on shares of Innoviz Technologies in a report on Tuesday, September 10th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $3.85.

Innoviz Technologies Stock Down 3.5 %

Shares of INVZ traded down $0.03 during mid-day trading on Monday, reaching $0.70. 354,448 shares of the company’s stock were exchanged, compared to its average volume of 2,217,331. Innoviz Technologies has a 52-week low of $0.50 and a 52-week high of $2.99. The company has a 50-day simple moving average of $0.73 and a two-hundred day simple moving average of $1.00. The company has a market cap of $95.33 million, a price-to-earnings ratio of -0.91 and a beta of 0.99.

Innoviz Technologies (NASDAQ:INVZ) last announced its earnings results on Wednesday, August 7th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.01). Innoviz Technologies had a negative net margin of 338.67% and a negative return on equity of 75.99%. The firm had revenue of $6.66 million during the quarter, compared to analyst estimates of $4.77 million. During the same period in the previous year, the firm posted ($0.23) EPS. As a group, equities research analysts predict that Innoviz Technologies will post -0.64 EPS for the current fiscal year.

Hedge Funds Weigh In On Innoviz Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in INVZ. Ground Swell Capital LLC bought a new stake in shares of Innoviz Technologies in the 2nd quarter worth $26,000. Kovack Advisors Inc. acquired a new stake in Innoviz Technologies in the 1st quarter valued at about $28,000. Victory Capital Management Inc. bought a new position in shares of Innoviz Technologies during the 4th quarter valued at about $54,000. Jump Financial LLC acquired a new position in shares of Innoviz Technologies in the 4th quarter worth approximately $106,000. Finally, Virtu Financial LLC raised its holdings in shares of Innoviz Technologies by 85.2% in the 1st quarter. Virtu Financial LLC now owns 86,171 shares of the company’s stock worth $116,000 after purchasing an additional 39,633 shares in the last quarter. 63.26% of the stock is currently owned by institutional investors and hedge funds.

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.