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

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.

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.

Innoviz Technologies Profile

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.