Innoviz Technologies (NASDAQ:INVZ) Upgraded by The Goldman Sachs Group to Buy Rating

Key Points

• Innoviz Technologies has been upgraded by The Goldman Sachs Group from a "hold" rating to a "strong-buy" rating, signaling increased investor confidence.
• Westpark Capital has also raised its price target for Innoviz Technologies from $2.53 to $3.30, with analysts currently holding a consensus rating of "Buy" and a price target of $3.27.
• The company reported a loss of ($0.09) EPS for the recent quarter, which missed estimates, but revenue of $9.75 million exceeded expectations, highlighting some financial resilience.

Innoviz Technologies (NASDAQ:INVZ - Get Free Report) was upgraded by analysts at The Goldman Sachs Group from a "neutral" rating to a "buy" rating in a research note issued to investors on Sunday, Marketbeat.com reports. The firm presently has a $2.50 price objective on the stock. The Goldman Sachs Group's target price would suggest a potential upside of 28.87% from the stock's previous close.

Separately, Westpark Capital upped their target price on Innoviz Technologies from $2.53 to $3.30 and gave the company a "buy" rating in a report on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $3.27.

Innoviz Technologies Stock Performance

NASDAQ:INVZ opened at $1.94 on Friday. The firm has a market cap of $390.56 million, a PE ratio of -4.62 and a beta of 1.25. Innoviz Technologies has a fifty-two week low of $0.45 and a fifty-two week high of $3.14. The business has a 50 day moving average price of $1.73 and a 200-day moving average price of $1.23.

Innoviz Technologies (NASDAQ:INVZ - Get Free Report) last released its quarterly earnings data 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). The company had revenue of $9.75 million for the quarter, compared to analysts' expectations of $9.00 million. Innoviz Technologies had a negative net margin of 197.89% and a negative return on equity of 80.09%. Innoviz Technologies has set its FY 2025 guidance at EPS. Research analysts predict that Innoviz Technologies will post -0.6 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Migdal Insurance & Financial Holdings Ltd. raised its stake in Innoviz Technologies by 7.3% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 7,305,731 shares of the company's stock valued at $4,763,000 after purchasing an additional 500,000 shares during the period. Banco Santander S.A. purchased a new position in shares of Innoviz Technologies in the 1st quarter worth approximately $239,000. SBI Securities Co. Ltd. boosted its holdings in shares of Innoviz Technologies by 237.0% in the 1st quarter. SBI Securities Co. Ltd. now owns 312,572 shares of the company's stock worth $204,000 after purchasing an additional 219,824 shares during the period. Polar Asset Management Partners Inc. boosted its holdings in shares of Innoviz Technologies by 10.6% in the 1st quarter. Polar Asset Management Partners Inc. now owns 2,936,369 shares of the company's stock worth $1,914,000 after purchasing an additional 280,769 shares during the period. Finally, New Age Alpha Advisors LLC boosted its holdings in shares of Innoviz Technologies by 400.0% in the 1st quarter. New Age Alpha Advisors LLC now owns 500,000 shares of the company's stock worth $326,000 after purchasing an additional 400,000 shares during the period. 63.26% of the stock is owned by hedge funds and other institutional investors.

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.