Citizens Financial Group Inc. RI Invests $130,000 in Innoviz Technologies Ltd. (NASDAQ:INVZ)

Key Points

• Citizens Financial Group Inc. RI has acquired 200,000 shares of Innoviz Technologies Ltd. for approximately $130,000, representing 0.10% of the company's stock as of the latest reporting period.
• Institutional investors collectively own 63.26% of Innoviz Technologies, with notable contributions from several firms, including Migdal Insurance & Financial Holdings and Nomura Holdings.
• Wall Street analysts have varying ratings on Innoviz Technologies, with a consensus rating of "Hold" and a price target averaging $2.38, following recent adjustments from firms including Rosenblatt Securities and Goldman Sachs Group.

Citizens Financial Group Inc. RI acquired a new position in Innoviz Technologies Ltd. (NASDAQ:INVZ - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 200,000 shares of the company's stock, valued at approximately $130,000. Citizens Financial Group Inc. RI owned 0.10% of Innoviz Technologies at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in INVZ. Raymond James Financial Inc. acquired a new stake in shares of Innoviz Technologies in the fourth quarter worth $87,000. XTX Topco Ltd acquired a new stake in Innoviz Technologies during the fourth quarter valued at $80,000. PEAK6 LLC acquired a new stake in Innoviz Technologies during the fourth quarter valued at $97,000. HITE Hedge Asset Management LLC acquired a new stake in Innoviz Technologies during the fourth quarter valued at $1,972,000. Finally, OneDigital Investment Advisors LLC acquired a new stake in Innoviz Technologies during the fourth quarter valued at $37,000. Institutional investors and hedge funds own 63.26% of the company's stock.

Innoviz Technologies Trading Down 5.4%

INVZ traded down $0.09 during midday trading on Thursday, hitting $1.50. 5,804,950 shares of the company traded hands, compared to its average volume of 7,969,070. The company has a market capitalization of $297.45 million, a price-to-earnings ratio of -3.25 and a beta of 1.25. Innoviz Technologies Ltd. has a 52-week low of $0.45 and a 52-week high of $3.14. The business has a 50 day simple moving average of $1.47 and a two-hundred day simple moving average of $1.06.

Innoviz Technologies (NASDAQ:INVZ - Get Free Report) last posted its quarterly earnings data on Wednesday, August 13th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.01). The company had revenue of $9.75 million for the quarter, compared to analysts' expectations of $9.00 million. Innoviz Technologies had a negative net margin of 223.29% and a negative return on equity of 78.82%. Equities research analysts anticipate that Innoviz Technologies Ltd. will post -0.6 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Rosenblatt Securities restated a "buy" rating and set a $4.00 price target on shares of Innoviz Technologies in a research report on Thursday, May 15th. Westpark Capital raised their price target on shares of Innoviz Technologies from $2.53 to $3.30 and gave the company a "buy" rating in a research report on Thursday. 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, The Goldman Sachs Group raised their price target on shares of Innoviz Technologies from $0.75 to $1.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $2.58.

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.