Investors Buy Large Volume of Call Options on Innoviz Technologies (NASDAQ:INVZ)

Innoviz Technologies Ltd. (NASDAQ:INVZ - Get Free Report) saw unusually large options trading activity on Tuesday. Traders acquired 26,975 call options on the company. This represents an increase of 129% compared to the average daily volume of 11,761 call options.

Innoviz Technologies Stock Down 1.4 %

Shares of INVZ stock traded down $0.02 during trading hours on Tuesday, hitting $1.39. 2,045,804 shares of the company's stock traded hands, compared to its average volume of 3,036,759. The stock's fifty day simple moving average is $1.51 and its two-hundred day simple moving average is $1.80. Innoviz Technologies has a 12-month low of $1.25 and a 12-month high of $4.39. The stock has a market cap of $189.29 million, a price-to-earnings ratio of -1.64 and a beta of 1.04.

Innoviz Technologies (NASDAQ:INVZ - Get Free Report) last released its earnings results on Wednesday, February 28th. The company reported ($0.18) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.18). Innoviz Technologies had a negative net margin of 591.37% and a negative return on equity of 78.39%. The firm had revenue of $14.92 million during the quarter, compared to analyst estimates of $12.25 million. On average, equities analysts forecast that Innoviz Technologies will post -0.85 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Rosenblatt Securities lowered their price objective on shares of Innoviz Technologies from $5.00 to $3.25 and set a "neutral" rating for the company in a report on Thursday, February 29th. JPMorgan Chase & Co. restated an "overweight" rating and issued a $7.00 price objective (down from $13.00) on shares of Innoviz Technologies in a report on Tuesday, March 26th. Finally, The Goldman Sachs Group lowered their price objective on shares of Innoviz Technologies from $3.00 to $2.50 and set a "buy" rating for the company in a report on Thursday, January 25th.

Hedge Funds Weigh In On Innoviz Technologies

Several large investors have recently made changes to their positions in the business. Phoenix Holdings Ltd. increased its position in shares of Innoviz Technologies by 202.8% during the third quarter. Phoenix Holdings Ltd. now owns 6,255,134 shares of the company's stock valued at $12,114,000 after acquiring an additional 4,189,335 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its position in shares of Innoviz Technologies by 124.7% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 5,046,139 shares of the company's stock valued at $9,840,000 after acquiring an additional 2,799,962 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its position in shares of Innoviz Technologies by 73.7% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,195,000 shares of the company's stock valued at $8,180,000 after acquiring an additional 1,780,000 shares in the last quarter. Barclays PLC increased its position in shares of Innoviz Technologies by 85.6% during the third quarter. Barclays PLC now owns 3,040,724 shares of the company's stock valued at $5,929,000 after acquiring an additional 1,402,100 shares in the last quarter. Finally, Cowen AND Company LLC increased its position in shares of Innoviz Technologies by 26.6% during the third quarter. Cowen AND Company LLC now owns 6,348,824 shares of the company's stock valued at $12,380,000 after acquiring an additional 1,332,991 shares in the last quarter. 63.26% of the stock is currently owned by hedge funds and other institutional investors.

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.