HITE Hedge Asset Management LLC Has $481,000 Stock Position in Innoviz Technologies Ltd. $INVZ

Key Points

• HITE Hedge Asset Management LLC has reduced its stake in Innoviz Technologies Ltd. by 37.2%, selling 436,363 shares, now holding approximately 0.37% of the company valued at $481,000.
• Recent analyst reports include a price target increase from Goldman Sachs from $0.75 to $1.00 and a buy rating from Westpark Capital with a target of $3.30, reflecting positive sentiment towards the stock.
• Innoviz Technologies reported revenues of $9.75 million for the last quarter but missed earnings estimates, with a net margin of -197.89% and a projected EPS of -0.6 for the current fiscal year.

HITE Hedge Asset Management LLC cut its stake in Innoviz Technologies Ltd. (NASDAQ:INVZ - Free Report) by 37.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 737,479 shares of the company's stock after selling 436,363 shares during the period. HITE Hedge Asset Management LLC owned 0.37% of Innoviz Technologies worth $481,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Lido Advisors LLC bought a new position in shares of Innoviz Technologies in the fourth quarter worth $29,000. OneDigital Investment Advisors LLC bought a new position in shares of Innoviz Technologies in the fourth quarter worth $37,000. Arkadios Wealth Advisors bought a new position in shares of Innoviz Technologies in the first quarter worth $40,000. XTX Topco Ltd bought a new position in shares of Innoviz Technologies in the fourth quarter worth $80,000. Finally, Moore Capital Management LP bought a new position in shares of Innoviz Technologies in the fourth quarter worth $84,000. Institutional investors own 63.26% of the company's stock.

Innoviz Technologies Stock Performance

Shares of NASDAQ:INVZ remained flat at $1.65 during trading hours on Friday. 4,738,047 shares of the stock traded hands, compared to its average volume of 7,946,802. Innoviz Technologies Ltd. has a one year low of $0.45 and a one year high of $3.14. The company's 50 day simple moving average is $1.58 and its two-hundred day simple moving average is $1.07. The stock has a market cap of $332.18 million, a P/E ratio of -3.93 and a beta of 1.25.

Innoviz Technologies (NASDAQ:INVZ - Get Free Report) last released its quarterly earnings results on Wednesday, August 13th. The company reported ($0.09) earnings per share for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.01). Innoviz Technologies had a negative net margin of 197.89% and a negative return on equity of 80.09%. The company had revenue of $9.75 million during the quarter, compared to analyst estimates of $9.00 million. Innoviz Technologies has set its FY 2025 guidance at EPS. Analysts expect that Innoviz Technologies Ltd. will post -0.6 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on INVZ shares. The Goldman Sachs Group increased their price target on Innoviz Technologies from $0.75 to $1.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Wall Street Zen raised Innoviz Technologies from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Westpark Capital raised their target price on Innoviz Technologies from $2.53 to $3.30 and gave the company a "buy" rating in a research note on Thursday, August 14th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $4.00 target price on shares of Innoviz Technologies in a report on Thursday, May 15th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target 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.