Innoviz Technologies Sees Unusually Large Options Volume (NASDAQ:INVZ)

Innoviz Technologies Ltd. (NASDAQ:INVZ) was the target of some unusual options trading on Tuesday. Stock investors acquired 42,703 call options on the company. This is an increase of 805% compared to the average daily volume of 4,717 call options.

Innoviz Technologies Stock Down 7.9 %

Innoviz Technologies stock traded down $0.15 during mid-day trading on Tuesday, hitting $1.70. The company had a trading volume of 5,978,610 shares, compared to its average volume of 2,673,829. The stock has a market cap of $230.83 million, a price-to-earnings ratio of -2.65 and a beta of 1.18. Innoviz Technologies has a 1 year low of $0.45 and a 1 year high of $2.82. The business has a fifty day moving average of $0.81 and a 200 day moving average of $0.80.

Institutional Investors Weigh In On Innoviz Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Choreo LLC acquired a new stake in shares of Innoviz Technologies in the 2nd quarter valued at about $185,000. Cowen AND Company LLC boosted its holdings in shares of Innoviz Technologies by 315.8% in the second 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 period. Ground Swell Capital LLC purchased a new position in shares of Innoviz Technologies during the second quarter worth approximately $26,000. Interval Partners LP increased its holdings in shares of Innoviz Technologies by 19.6% in 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 period. Finally, SkyView Investment Advisors LLC purchased a new stake in Innoviz Technologies in the 2nd quarter valued at $371,000. 63.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. The Goldman Sachs Group reduced their target price on shares of Innoviz Technologies from $1.00 to $0.75 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Rosenblatt Securities upgraded Innoviz Technologies from a “neutral” rating to a “buy” rating and lifted their target price for the company from $3.25 to $4.00 in a report on Friday, December 20th. Westpark Capital assumed coverage on Innoviz Technologies in a report on Wednesday, November 27th. They set a “buy” rating and a $1.30 price target on the stock. Finally, Cantor Fitzgerald cut Innoviz Technologies from an “overweight” rating to a “neutral” rating in a research note on Thursday, November 14th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $3.01.

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.