Innoviz Technologies (NASDAQ:INVZ) Lowered to Neutral at The Goldman Sachs Group

The Goldman Sachs Group cut shares of Innoviz Technologies (NASDAQ:INVZ) from a buy rating to a neutral rating in a research report report published on Thursday, MarketBeat Ratings reports. They currently have $1.00 price target on the stock, down from their previous price target of $2.25.

A number of other equities research analysts have also recently commented on the company. Cantor Fitzgerald reiterated an overweight rating and issued a $3.00 price target on shares of Innoviz Technologies in a research note on Monday, July 1st. JPMorgan Chase & Co. restated an overweight rating and set a $7.00 price objective (down previously from $13.00) on shares of Innoviz Technologies in a report on Tuesday, March 26th.

Innoviz Technologies Stock Performance

NASDAQ:INVZ opened at $0.89 on Thursday. The stock has a market capitalization of $121.23 million, a P/E ratio of -1.16 and a beta of 1.01. The company’s 50-day simple moving average is $1.04 and its 200-day simple moving average is $1.42. Innoviz Technologies has a fifty-two week low of $0.83 and a fifty-two week high of $4.39.

Innoviz Technologies (NASDAQ:INVZ) last released its quarterly 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 firm had revenue of $7.06 million during the quarter, compared to analysts’ expectations of $5.99 million. Innoviz Technologies had a negative return on equity of 79.64% and a negative net margin of 441.23%. On average, research analysts forecast that Innoviz Technologies will post -0.75 EPS for the current year.

Institutional Trading of Innoviz Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INVZ. Kovack Advisors Inc. purchased a new position in shares of Innoviz Technologies in the first quarter worth about $28,000. Crown Wealth Group LLC purchased a new position in Innoviz Technologies during the 4th quarter worth approximately $28,000. Tower Research Capital LLC TRC acquired a new stake in Innoviz Technologies during the 4th quarter valued at approximately $28,000. Victory Capital Management Inc. purchased a new stake in shares of Innoviz Technologies in the 4th quarter valued at $54,000. Finally, Jump Financial LLC acquired a new stake in shares of Innoviz Technologies in the fourth quarter worth $106,000. Institutional investors and hedge funds own 63.26% of the company’s stock.

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.