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

Innoviz Technologies Ltd. (NASDAQ:INVZ) was the recipient of some unusual options trading on Tuesday. Stock traders purchased 42,703 call options on the stock. This represents an increase of approximately 805% compared to the typical daily volume of 4,717 call options.

Innoviz Technologies Stock Performance

INVZ stock opened at $1.68 on Thursday. Innoviz Technologies has a 52 week low of $0.45 and a 52 week high of $2.82. The company has a market capitalization of $228.79 million, a PE ratio of -2.63 and a beta of 1.18. The company’s 50-day simple moving average is $0.85 and its 200 day simple moving average is $0.81.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in INVZ. Choreo LLC bought a new stake in shares of Innoviz Technologies in the second quarter valued at approximately $185,000. Cowen AND Company LLC raised its holdings in Innoviz Technologies by 315.8% in 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 in the last quarter. Ground Swell Capital LLC bought a new stake in shares of Innoviz Technologies during the 2nd quarter valued at $26,000. Interval Partners LP lifted its position in shares of 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 period. Finally, SkyView Investment Advisors LLC bought a new position in shares of Innoviz Technologies in the second quarter worth $371,000. Institutional investors and hedge funds own 63.26% of the company’s stock.

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.