Stock Traders Buy High Volume of Call Options on Innoviz Technologies (NASDAQ:INVZ)

Innoviz Technologies Ltd. (NASDAQ:INVZ) was the recipient of some unusual options trading activity on Wednesday. Traders acquired 11,284 call options on the company. This is an increase of 52% compared to the average daily volume of 7,415 call options.

Institutional Trading of Innoviz Technologies

A number of large investors have recently made changes to their positions in INVZ. Polar Asset Management Partners Inc. boosted its stake in shares of Innoviz Technologies by 29.6% during the third quarter. Polar Asset Management Partners Inc. now owns 3,219,400 shares of the company’s stock valued at $2,665,000 after purchasing an additional 735,300 shares during the period. Interval Partners LP boosted its stake in shares of Innoviz Technologies by 19.6% during the second quarter. Interval Partners LP now owns 2,715,837 shares of the company’s stock valued at $2,519,000 after purchasing an additional 444,823 shares during the period. SkyView Investment Advisors LLC purchased a new stake in shares of Innoviz Technologies during the second quarter valued at $371,000. Choreo LLC purchased a new stake in shares of Innoviz Technologies during the second quarter valued at $185,000. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Innoviz Technologies during the fourth quarter valued at $25,000. 63.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Rosenblatt Securities raised shares of Innoviz Technologies from a “neutral” rating to a “buy” rating and raised their target price for the company from $3.25 to $4.00 in a report on Friday, December 20th. Cantor Fitzgerald lowered shares of Innoviz Technologies from an “overweight” rating to a “neutral” rating in a report on Thursday, November 14th. Westpark Capital began coverage on shares of Innoviz Technologies in a research note on Wednesday, November 27th. They set a “buy” rating and a $1.30 price objective for the company. Finally, The Goldman Sachs Group dropped their price objective on shares of Innoviz Technologies from $1.00 to $0.75 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Innoviz Technologies presently has an average rating of “Moderate Buy” and an average price target of $3.01.

Innoviz Technologies Stock Up 18.9 %

NASDAQ INVZ opened at $1.70 on Thursday. The company has a fifty day moving average of $1.08 and a two-hundred day moving average of $0.87. The firm has a market capitalization of $231.51 million, a price-to-earnings ratio of -2.66 and a beta of 0.73. Innoviz Technologies has a 52 week low of $0.45 and a 52 week high of $3.14.

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.