Polar Asset Management Partners Inc. Reduces Stock Position in Innoviz Technologies Ltd. (NASDAQ:INVZ)

Polar Asset Management Partners Inc. lessened its stake in Innoviz Technologies Ltd. (NASDAQ:INVZ - Free Report) by 17.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 2,655,600 shares of the company's stock after selling 563,800 shares during the quarter. Polar Asset Management Partners Inc. owned 1.95% of Innoviz Technologies worth $4,461,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Nomura Holdings Inc. raised its position in shares of Innoviz Technologies by 272.5% during the 4th quarter. Nomura Holdings Inc. now owns 791,520 shares of the company's stock worth $1,330,000 after acquiring an additional 579,020 shares in the last quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Innoviz Technologies during the fourth quarter worth approximately $1,932,000. Millennium Management LLC increased its holdings in shares of Innoviz Technologies by 511.6% in the fourth quarter. Millennium Management LLC now owns 67,997 shares of the company's stock valued at $114,000 after purchasing an additional 56,879 shares during the period. Moore Capital Management LP acquired a new position in shares of Innoviz Technologies in the fourth quarter valued at approximately $84,000. Finally, Schonfeld Strategic Advisors LLC increased its holdings in shares of Innoviz Technologies by 12.0% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 158,200 shares of the company's stock valued at $266,000 after purchasing an additional 16,900 shares during the period. Hedge funds and other institutional investors own 63.26% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on INVZ. Rosenblatt Securities reaffirmed a "buy" rating and set a $4.00 price objective on shares of Innoviz Technologies in a report on Thursday, May 15th. The Goldman Sachs Group increased their price objective on Innoviz Technologies from $0.75 to $1.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Finally, Westpark Capital reissued a "buy" rating and issued a $2.22 price target on shares of Innoviz Technologies in a research note on Tuesday, May 13th.

Innoviz Technologies Trading Down 3.5%

Shares of Innoviz Technologies stock traded down $0.03 during trading hours on Wednesday, reaching $0.94. The stock had a trading volume of 1,637,976 shares, compared to its average volume of 4,547,065. The firm has a 50 day simple moving average of $0.71 and a two-hundred day simple moving average of $0.97. The firm has a market capitalization of $186.63 million, a price-to-earnings ratio of -1.47 and a beta of 0.84. Innoviz Technologies Ltd. has a 1 year low of $0.45 and a 1 year high of $3.14.

Innoviz Technologies (NASDAQ:INVZ - Get Free Report) last announced its earnings results on Wednesday, February 26th. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). The business had revenue of $6.03 million for the quarter, compared to the consensus estimate of $5.86 million. Innoviz Technologies had a negative return on equity of 87.40% and a negative net margin of 321.53%. Sell-side analysts forecast that Innoviz Technologies Ltd. will post -0.6 EPS for the current year.

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.