Innoviz Technologies (NASDAQ:INVZ) Shares Down 7.8% - Time to Sell?

Key Points

• Innoviz Technologies shares fell 7.8% on Monday, trading as low as $0.5803 and closing at $0.5848 on lighter-than-average volume.
• Recent analyst sentiment has been mixed to negative: Wall Street Zen cut the stock to “strong sell,” while Weiss Ratings improved its view slightly from “sell (e+)” to “sell (d-).”
• The company’s latest earnings report disappointed, with EPS and revenue both missing estimates; Innoviz reported a wider-than-expected loss and analysts expect the company to post a full-year EPS loss.

Innoviz Technologies Ltd. (NASDAQ:INVZ - Get Free Report) shares dropped 7.8% during trading on Monday . The stock traded as low as $0.5803 and last traded at $0.5848. Approximately 2,638,658 shares changed hands during trading, a decline of 15% from the average daily volume of 3,101,462 shares. The stock had previously closed at $0.6346.

Wall Street Analyst Weigh In

Several research analysts recently commented on INVZ shares. Wall Street Zen downgraded Innoviz Technologies from a "sell" rating to a "strong sell" rating in a research note on Saturday, April 11th. Weiss Ratings raised shares of Innoviz Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, June 18th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $2.65.

Innoviz Technologies Price Performance

The stock has a 50 day simple moving average of $0.69 and a two-hundred day simple moving average of $0.80. The company has a market cap of $125.45 million, a price-to-earnings ratio of -1.50 and a beta of 1.46.

Innoviz Technologies (NASDAQ:INVZ - Get Free Report) last issued its earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.06). Innoviz Technologies had a negative return on equity of 101.64% and a negative net margin of 181.46%.The company had revenue of $7.13 million during the quarter, compared to analyst estimates of $13.50 million. As a group, research analysts forecast that Innoviz Technologies Ltd. will post -0.31 EPS for the current year.

Institutional Investors Weigh In On Innoviz Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of INVZ. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Innoviz Technologies in the 4th quarter valued at about $1,097,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of Innoviz Technologies during the 3rd quarter worth approximately $47,000. NewEdge Advisors LLC increased its holdings in shares of Innoviz Technologies by 499.6% during the 1st quarter. NewEdge Advisors LLC now owns 70,021 shares of the company's stock worth $46,000 after buying an additional 58,343 shares during the last quarter. Daiwa Securities Group Inc. purchased a new stake in shares of Innoviz Technologies during the 4th quarter valued at approximately $45,000. Finally, Envestnet Asset Management Inc. purchased a new stake in shares of Innoviz Technologies during the 3rd quarter valued at approximately $44,000. 63.26% of the stock is currently 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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