Westpark Capital Boosts Innoviz Technologies (NASDAQ:INVZ) Price Target to $3.30

Key Points

• Westpark Capital has increased its price target for Innoviz Technologies (NASDAQ:INVZ) from $2.53 to $3.30, indicating a potential upside of 108.86% from the current stock price.
• Innoviz Technologies reported a negative EPS of ($0.09), missing estimates, but achieved revenue of $9.75 million for the quarter, surpassing expectations.
• Institutional investors hold approximately 63.26% of Innoviz Technologies, with several new stakes established in recent quarters.

Innoviz Technologies (NASDAQ:INVZ - Free Report) had its price target lifted by Westpark Capital from $2.53 to $3.30 in a research note released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts have also issued research reports about the company. The Goldman Sachs Group boosted their target price on Innoviz Technologies from $0.75 to $1.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Rosenblatt Securities reissued a "buy" rating and issued a $4.00 target price on shares of Innoviz Technologies in a research note on Thursday, May 15th. Finally, Wall Street Zen raised Innoviz Technologies from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $2.58.

Innoviz Technologies Stock Up 18.3%

NASDAQ:INVZ traded up $0.28 during trading hours on Thursday, hitting $1.78. 15,628,603 shares of the company's stock traded hands, compared to its average volume of 8,749,038. The business's fifty day simple moving average is $1.50 and its two-hundred day simple moving average is $1.06. Innoviz Technologies has a 52 week low of $0.45 and a 52 week high of $3.14. The firm has a market cap of $357.34 million, a P/E ratio of -4.23 and a beta of 1.25.

Innoviz Technologies (NASDAQ:INVZ - Get Free Report) last issued its quarterly earnings results on Wednesday, August 13th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.01). Innoviz Technologies had a negative return on equity of 80.09% and a negative net margin of 197.89%. The firm had revenue of $9.75 million for the quarter, compared to the consensus estimate of $9.00 million. On average, analysts expect that Innoviz Technologies will post -0.6 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Bank Hapoalim BM purchased a new position in shares of Innoviz Technologies during the 2nd quarter worth approximately $26,000. Lido Advisors LLC purchased a new stake in Innoviz Technologies during the 4th quarter valued at $29,000. O ROURKE & COMPANY Inc purchased a new position in shares of Innoviz Technologies in the 2nd quarter worth $33,000. WMG Financial Advisors LLC purchased a new position in shares of Innoviz Technologies in the 2nd quarter worth $34,000. Finally, OneDigital Investment Advisors LLC purchased a new position in shares of Innoviz Technologies in the 4th quarter worth $37,000. Hedge funds and other institutional investors own 63.26% of the company's stock.

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.