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Phoenix Financial Ltd. Trims Position in Innoviz Technologies Ltd. (NASDAQ:INVZ)

Innoviz Technologies logo with Auto/Tires/Trucks background

Key Points

  • Phoenix Financial Ltd. has reduced its stake in Innoviz Technologies Ltd. by 20.1%, now holding approximately 3.98 million shares worth $2.60 million after selling 1 million shares in the first quarter.
  • Institutional investors hold around 63.26% of Innoviz Technologies’ stock, with notable stake increases from firms like Nomura Holdings and SBI Securities.
  • Analyst opinions on Innoviz Technologies are mixed, with a consensus rating of "Hold" and a price target averaging $2.38, amidst recent upward revisions from some analysts.
  • Interested in Innoviz Technologies? Here are five stocks we like better.

Phoenix Financial Ltd. trimmed its stake in Innoviz Technologies Ltd. (NASDAQ:INVZ - Free Report) by 20.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,980,604 shares of the company's stock after selling 1,000,000 shares during the quarter. Phoenix Financial Ltd. owned approximately 2.00% of Innoviz Technologies worth $2,595,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. boosted its stake in 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 valued at $4,763,000 after acquiring an additional 500,000 shares during the last quarter. SBI Securities Co. Ltd. boosted its stake in Innoviz Technologies by 237.0% in the first quarter. SBI Securities Co. Ltd. now owns 312,572 shares of the company's stock valued at $204,000 after acquiring an additional 219,824 shares during the last quarter. Nomura Holdings Inc. boosted its stake in Innoviz Technologies by 272.5% in the fourth 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 last quarter. HITE Hedge Asset Management LLC purchased a new position in Innoviz Technologies in the fourth quarter valued at about $1,972,000. Finally, Raymond James Financial Inc. purchased a new position in Innoviz Technologies in the fourth quarter valued at about $87,000. 63.26% of the stock is currently owned by hedge funds and other institutional investors.

Innoviz Technologies Stock Performance

Innoviz Technologies stock traded up $0.09 during midday trading on Wednesday, reaching $1.73. 3,218,517 shares of the stock were exchanged, compared to its average volume of 7,978,849. The company's fifty day moving average is $1.32 and its 200-day moving average is $1.07. The firm has a market cap of $343.21 million, a PE ratio of -3.72 and a beta of 1.26. Innoviz Technologies Ltd. has a 52 week low of $0.45 and a 52 week high of $3.14.

Analysts Set New Price Targets

A number of brokerages recently commented on INVZ. Wall Street Zen upgraded shares of Innoviz Technologies from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Westpark Capital upped their price target on shares of Innoviz Technologies from $2.22 to $2.53 and gave the company a "buy" rating in a research note on Wednesday, June 18th. The Goldman Sachs Group upped their price target on shares of Innoviz Technologies from $0.75 to $1.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Finally, Rosenblatt Securities restated a "buy" rating and set a $4.00 price target on shares of Innoviz Technologies in a research note on Thursday, May 15th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Innoviz Technologies currently has an average rating of "Hold" and an average target price of $2.38.

Read Our Latest Research Report on Innoviz Technologies

Innoviz Technologies Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Innoviz Technologies (NASDAQ:INVZ)

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