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 traders purchased 6,925 call options on the stock. This is an increase of 242% compared to the average daily volume of 2,023 call options.

Institutional Trading of Innoviz Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in INVZ. Cowen AND Company LLC raised its stake in Innoviz Technologies by 315.8% during the 2nd quarter. Cowen AND Company LLC now owns 8,127,316 shares of the company’s stock valued at $7,538,000 after acquiring an additional 6,172,864 shares during the last quarter. Polar Asset Management Partners Inc. raised its stake in Innoviz Technologies by 29.6% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 3,219,400 shares of the company’s stock valued at $2,665,000 after acquiring an additional 735,300 shares during the last quarter. Interval Partners LP raised its stake in Innoviz Technologies by 19.6% during the 2nd quarter. Interval Partners LP now owns 2,715,837 shares of the company’s stock valued at $2,519,000 after acquiring an additional 444,823 shares during the last quarter. SkyView Investment Advisors LLC purchased a new stake in Innoviz Technologies during the 2nd quarter valued at approximately $371,000. Finally, Choreo LLC purchased a new stake in Innoviz Technologies during the 2nd quarter valued at approximately $185,000. 63.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Innoviz Technologies Stock Up 6.9 %

Shares of NASDAQ INVZ opened at $0.93 on Friday. The stock has a market cap of $126.65 million, a PE ratio of -1.45 and a beta of 1.18. Innoviz Technologies has a 52-week low of $0.45 and a 52-week high of $2.99. 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.