Banco Santander S.A. Buys New Shares in Innoviz Technologies Ltd. (NASDAQ:INVZ)

Key Points

• Banco Santander S.A. acquired a new stake in Innoviz Technologies, purchasing 366,570 shares valued at around $239,000, representing about 0.18% ownership.
• Innoviz Technologies' stock recently increased by 6.6%, closing at $1.61, with an average trading volume of 5,349,696 shares.
• Analysts have a consensus rating of "Hold" for Innoviz's stock, with price targets ranging from $1.00 to $4.00 based on various recent reports.

Banco Santander S.A. bought a new position in shares of Innoviz Technologies Ltd. (NASDAQ:INVZ - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 366,570 shares of the company's stock, valued at approximately $239,000. Banco Santander S.A. owned approximately 0.18% of Innoviz Technologies as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of Innoviz Technologies by 7.3% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 7,305,731 shares of the company's stock worth $4,763,000 after purchasing an additional 500,000 shares in the last quarter. SBI Securities Co. Ltd. grew its stake in Innoviz Technologies by 237.0% in the 1st quarter. SBI Securities Co. Ltd. now owns 312,572 shares of the company's stock valued at $204,000 after buying an additional 219,824 shares in the last quarter. Nomura Holdings Inc. raised its holdings in Innoviz Technologies by 272.5% during the 4th quarter. Nomura Holdings Inc. now owns 791,520 shares of the company's stock valued at $1,330,000 after acquiring an additional 579,020 shares during the period. HITE Hedge Asset Management LLC purchased a new stake in shares of Innoviz Technologies during the fourth quarter worth $1,972,000. Finally, Raymond James Financial Inc. bought a new position in shares of Innoviz Technologies in the fourth quarter worth $87,000. Institutional investors own 63.26% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on INVZ. The Goldman Sachs Group lifted their target price on Innoviz Technologies from $0.75 to $1.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Westpark Capital raised their price objective on shares of Innoviz Technologies from $2.22 to $2.53 and gave the company a "buy" rating in a research report on Wednesday, June 18th. Wall Street Zen upgraded shares of Innoviz Technologies from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $4.00 price target on shares of Innoviz Technologies in a report on Thursday, May 15th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Innoviz Technologies has an average rating of "Hold" and a consensus price target of $2.38.

Innoviz Technologies Trading Up 3.4%

Shares of Innoviz Technologies stock traded up $0.06 on Friday, hitting $1.69. 4,308,431 shares of the company traded hands, compared to its average volume of 7,913,931. The company has a market cap of $335.25 million, a P/E ratio of -3.66 and a beta of 1.25. The firm's 50-day simple moving average is $1.41 and its 200 day simple moving average is $1.07. Innoviz Technologies Ltd. has a 12-month low of $0.45 and a 12-month 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.