Stock Traders Buy Large Volume of Innoviz Technologies Put Options (NASDAQ:INVZ)

Innoviz Technologies Ltd. (NASDAQ:INVZ) was the recipient of unusually large options trading activity on Tuesday. Traders purchased 19,153 put options on the stock. This is an increase of 356% compared to the typical daily volume of 4,202 put options.

Innoviz Technologies Stock Performance

Shares of INVZ stock opened at $0.97 on Thursday. Innoviz Technologies has a 52 week low of $0.48 and a 52 week high of $3.14. The company has a market capitalization of $201.47 million, a price-to-earnings ratio of -2.76 and a beta of 1.31. The company has a 50-day simple moving average of $1.49 and a 200 day simple moving average of $1.61.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on INVZ shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Innoviz Technologies in a research report on Monday. The Goldman Sachs Group cut their target price on shares of Innoviz Technologies from $2.50 to $2.00 and set a “buy” rating for the company in a research note on Wednesday, November 26th. Finally, Wall Street Zen downgraded Innoviz Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, December 20th. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $3.10.

Hedge Funds Weigh In On Innoviz Technologies

A number of large investors have recently made changes to their positions in the company. Millennium Management LLC lifted its holdings in Innoviz Technologies by 25,626.3% during the 3rd quarter. Millennium Management LLC now owns 4,788,688 shares of the company’s stock worth $9,769,000 after purchasing an additional 4,770,074 shares during the last quarter. Polar Asset Management Partners Inc. increased its position in Innoviz Technologies by 10.6% during the 1st quarter. Polar Asset Management Partners Inc. now owns 2,936,369 shares of the company’s stock worth $1,914,000 after buying an additional 280,769 shares during the period. Sora Investors LLC acquired a new stake in shares of Innoviz Technologies during the third quarter worth $4,507,000. JPMorgan Chase & Co. boosted its position in shares of Innoviz Technologies by 3,440,684.4% in the second quarter. JPMorgan Chase & Co. now owns 1,101,051 shares of the company’s stock valued at $1,806,000 after acquiring an additional 1,101,019 shares during the period. Finally, Two Sigma Investments LP grew its stake in shares of Innoviz Technologies by 228.0% in the third quarter. Two Sigma Investments LP now owns 939,469 shares of the company’s stock valued at $1,917,000 after acquiring an additional 653,032 shares in the last quarter. Institutional investors own 63.26% of the company’s stock.

Innoviz Technologies Company Profile

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.