Traders Purchase High Volume of Innoviz Technologies Put Options (NASDAQ:INVZ)

Innoviz Technologies Ltd. (NASDAQ:INVZ - Get Free Report) was the target of unusually large options trading on Friday. Stock investors acquired 225,782 put options on the company. This represents an increase of 3,585% compared to the average daily volume of 6,127 put options.

Innoviz Technologies Stock Up 5.2 %

INVZ traded up $0.06 during trading on Friday, hitting $1.22. 4,398,695 shares of the company's stock were exchanged, compared to its average volume of 2,802,302. Innoviz Technologies has a fifty-two week low of $0.94 and a fifty-two week high of $4.39. The stock has a market cap of $166.14 million, a P/E ratio of -1.58 and a beta of 1.07. The business's 50 day moving average is $1.25 and its two-hundred day moving average is $1.70.

Innoviz Technologies (NASDAQ:INVZ - Get Free Report) last posted its earnings results on Wednesday, February 28th. The company reported ($0.18) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.18). The company had revenue of $14.92 million for the quarter, compared to analyst estimates of $12.25 million. Innoviz Technologies had a negative net margin of 441.23% and a negative return on equity of 79.64%. On average, sell-side analysts forecast that Innoviz Technologies will post -0.85 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC bought a new position in Innoviz Technologies during the 4th quarter valued at $28,000. Crown Wealth Group LLC bought a new position in shares of Innoviz Technologies during the fourth quarter valued at about $28,000. Kovack Advisors Inc. purchased a new position in Innoviz Technologies during the first quarter worth about $28,000. Victory Capital Management Inc. purchased a new position in Innoviz Technologies during the fourth quarter worth about $54,000. Finally, Prosperity Wealth Management Inc. bought a new stake in Innoviz Technologies in the 3rd quarter worth about $90,000. Institutional investors own 63.26% of the company's stock.

Analyst Upgrades and Downgrades

INVZ has been the subject of several recent analyst reports. The Goldman Sachs Group reduced their price objective on shares of Innoviz Technologies from $3.00 to $2.50 and set a "buy" rating for the company in a research report on Thursday, January 25th. JPMorgan Chase & Co. reaffirmed an "overweight" rating and issued a $7.00 price target (down from $13.00) on shares of Innoviz Technologies in a research note on Tuesday, March 26th. Cantor Fitzgerald cut their price objective on shares of Innoviz Technologies from $4.00 to $3.00 and set an "overweight" rating on the stock in a research report on Thursday, May 9th. Finally, Rosenblatt Securities decreased their target price on Innoviz Technologies from $5.00 to $3.25 and set a "neutral" rating for the company in a research report on Thursday, February 29th.

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.