Innoviz Technologies (NASDAQ:INVZ) Lowered to "Sell" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Innoviz (NASDAQ:INVZ) from a "hold" to a "sell"; Weiss Ratings also maintains a "sell (d-)" while Goldman Sachs trimmed its price target to $2.00 but kept a "buy," leaving a MarketBeat consensus of "Moderate Buy" with an average price target of $3.10.
• Shares opened at $1.18 (up ~3.5% on the day), trade in a 52-week range of $0.48–$3.14, and the company has a market cap of about $246.4 million and a negative P/E of -3.37, indicating it is currently loss-making.
• Innoviz is a developer of automotive-grade LiDAR sensors and perception software for ADAS and autonomous driving, and roughly 63% of the stock is held by institutional investors.

Innoviz Technologies (NASDAQ:INVZ - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday.

A number of other brokerages also recently weighed in on INVZ. The Goldman Sachs Group cut their price target on Innoviz Technologies from $2.50 to $2.00 and set a "buy" rating for the company in a report on Wednesday, November 26th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Innoviz Technologies in a report on Monday. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $3.10.

Innoviz Technologies Stock Up 3.5%

INVZ opened at $1.18 on Friday. Innoviz Technologies has a 52-week low of $0.48 and a 52-week high of $3.14. The firm's 50 day moving average is $1.57 and its 200-day moving average is $1.60. The firm has a market capitalization of $246.36 million, a P/E ratio of -3.37 and a beta of 1.31.

Institutional Trading of Innoviz Technologies

A number of hedge funds have recently made changes to their positions in INVZ. Bank Hapoalim BM bought a new position in Innoviz Technologies during the second quarter worth about $26,000. Caprock Group LLC acquired a new stake in shares of Innoviz Technologies in the third quarter valued at approximately $26,000. O ROURKE & COMPANY Inc bought a new stake in shares of Innoviz Technologies during the 2nd quarter valued at $33,000. WMG Financial Advisors LLC acquired a new stake in shares of Innoviz Technologies during the 2nd quarter worth $34,000. Finally, Corsair Capital Management L.P. bought a new position in shares of Innoviz Technologies in the second quarter worth $41,000. 63.26% of the stock is owned by institutional investors and hedge funds.

About Innoviz Technologies

Innoviz Technologies Ltd. NASDAQ: INVZ is a developer of high-performance solid-state LiDAR sensors and perception software designed to support advanced driver assistance systems (ADAS) and autonomous driving applications. The company’s core business focuses on providing automotive-grade LiDAR hardware, along with software algorithms that enable accurate 3D mapping, object detection and environmental perception in real time. Innoviz’s technology is tailored for integration into passenger vehicles, commercial fleets and other mobility platforms seeking improved safety and autonomy.

Founded in 2016 and headquartered in Rosh Ha’ayin, Israel, Innoviz has emerged as a key supplier to leading global automakers and Tier 1 suppliers.

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