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

Innoviz Technologies Ltd. (NASDAQ:INVZ) was the target of a significant drop in short interest in the month of November. As of November 15th, there was short interest totalling 9,450,000 shares, a drop of 17.0% from the October 31st total of 11,390,000 shares. Based on an average trading volume of 1,500,000 shares, the days-to-cover ratio is presently 6.3 days. Approximately 5.6% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Rosenblatt Securities reiterated a “neutral” rating and issued a $3.25 price target on shares of Innoviz Technologies in a research report on Tuesday, September 10th. The Goldman Sachs Group reduced their target price on Innoviz Technologies from $1.00 to $0.75 and set a “neutral” rating for the company in a report on Thursday, November 14th. Westpark Capital initiated coverage on shares of Innoviz Technologies in a report on Wednesday. They issued a “buy” rating and a $1.30 price target on the stock. Finally, Cantor Fitzgerald lowered shares of Innoviz Technologies from an “overweight” rating to a “neutral” rating in a report on Thursday, November 14th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $2.86.

Hedge Funds Weigh In On Innoviz Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INVZ. Tidal Investments LLC bought a new position in shares of Innoviz Technologies in the 1st quarter valued at about $258,000. Cowen AND Company LLC raised its position in Innoviz Technologies by 315.8% during the second quarter. Cowen AND Company LLC now owns 8,127,316 shares of the company’s stock valued at $7,538,000 after purchasing an additional 6,172,864 shares during the period. SkyView Investment Advisors LLC bought a new stake in shares of Innoviz Technologies in the 2nd quarter valued at approximately $371,000. Virtu Financial LLC boosted 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 during the period. Finally, Choreo LLC bought a new position in shares of Innoviz Technologies during the 2nd quarter valued at approximately $185,000. 63.26% of the stock is owned by institutional investors.

Innoviz Technologies Stock Up 7.1 %

INVZ stock traded up $0.05 during mid-day trading on Friday, hitting $0.76. The company had a trading volume of 1,429,505 shares, compared to its average volume of 2,065,637. The company has a 50-day moving average price of $0.70 and a 200 day moving average price of $0.80. Innoviz Technologies has a 12-month low of $0.45 and a 12-month high of $2.99. The company has a market capitalization of $103.50 million, a price-to-earnings ratio of -1.19 and a beta of 1.06.

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.