HITE Hedge Asset Management LLC Makes New Investment in Innoviz Technologies Ltd. (NASDAQ:INVZ)

HITE Hedge Asset Management LLC purchased a new position in Innoviz Technologies Ltd. (NASDAQ:INVZ - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 1,173,842 shares of the company's stock, valued at approximately $1,972,000. HITE Hedge Asset Management LLC owned about 0.86% of Innoviz Technologies at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. PEAK6 LLC purchased a new stake in shares of Innoviz Technologies during the fourth quarter valued at $97,000. XTX Topco Ltd bought a new position in shares of Innoviz Technologies in the fourth quarter worth about $80,000. Raymond James Financial Inc. purchased a new position in Innoviz Technologies during the fourth quarter valued at approximately $87,000. New Age Alpha Advisors LLC bought a new position in Innoviz Technologies in the 4th quarter worth $168,000. Finally, Summit X LLC boosted its stake in shares of Innoviz Technologies by 218.3% in the fourth quarter. Summit X LLC now owns 275,417 shares of the company's stock worth $463,000 after acquiring an additional 188,876 shares during the period. Institutional investors own 63.26% of the company's stock.

Innoviz Technologies Stock Up 3.6 %

Shares of NASDAQ INVZ traded up $0.02 during midday trading on Wednesday, reaching $0.71. 1,798,126 shares of the company's stock traded hands, compared to its average volume of 4,439,028. The company has a market cap of $142.02 million, a price-to-earnings ratio of -1.12 and a beta of 0.86. Innoviz Technologies Ltd. has a one year low of $0.45 and a one year high of $3.14. The stock's 50 day simple moving average is $0.69 and its 200-day simple moving average is $0.96.

Innoviz Technologies (NASDAQ:INVZ - Get Free Report) last announced its earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share for the quarter, meeting the consensus estimate of ($0.11). The company had revenue of $6.03 million during the quarter, compared to the consensus estimate of $5.86 million. Innoviz Technologies had a negative net margin of 321.53% and a negative return on equity of 87.40%. Equities analysts predict that Innoviz Technologies Ltd. will post -0.6 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

INVZ has been the topic of several research analyst reports. Westpark Capital reiterated a "buy" rating and issued a $2.22 price target on shares of Innoviz Technologies in a research note on Tuesday, February 25th. Rosenblatt Securities restated a "buy" rating and issued a $4.00 target price on shares of Innoviz Technologies in a report on Thursday, February 27th.

Innoviz Technologies Company 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.