Innoviz Technologies (NASDAQ:INVZ) Trading Down 7.8% – Time to Sell?

Shares of Innoviz Technologies Ltd. (NASDAQ:INVZ) were down 7.8% during mid-day trading on Monday . The stock traded as low as $0.5803 and last traded at $0.5848. Approximately 2,638,658 shares were traded during trading, a decline of 15% from the average daily volume of 3,101,462 shares. The stock had previously closed at $0.6346.

Analyst Ratings Changes

Several equities analysts have recently commented on INVZ shares. Weiss Ratings raised Innoviz Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, June 18th. Wall Street Zen cut Innoviz Technologies from a “sell” rating to a “strong sell” rating in a report on Saturday, April 11th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $2.65.

Innoviz Technologies Trading Down 7.8%

The stock has a market capitalization of $125.45 million, a price-to-earnings ratio of -1.50 and a beta of 1.46. The firm’s fifty day moving average price is $0.69 and its 200 day moving average price is $0.80.

Innoviz Technologies (NASDAQ:INVZ) last posted its earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.06). The company had revenue of $7.13 million during the quarter, compared to analyst estimates of $13.50 million. Innoviz Technologies had a negative net margin of 181.46% and a negative return on equity of 101.64%. On average, analysts forecast that Innoviz Technologies Ltd. will post -0.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Innoviz Technologies

A number of institutional investors have recently modified their holdings of INVZ. NewEdge Advisors LLC lifted its stake in Innoviz Technologies by 499.6% during the 1st quarter. NewEdge Advisors LLC now owns 70,021 shares of the company’s stock worth $46,000 after acquiring an additional 58,343 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Innoviz Technologies by 38.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 523,945 shares of the company’s stock valued at $342,000 after acquiring an additional 144,822 shares in the last quarter. Geode Capital Management LLC grew its position in Innoviz Technologies by 97.5% in the 2nd quarter. Geode Capital Management LLC now owns 144,534 shares of the company’s stock valued at $237,000 after acquiring an additional 71,334 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Innoviz Technologies by 3,440,684.4% during the second quarter. JPMorgan Chase & Co. now owns 1,101,051 shares of the company’s stock worth $1,806,000 after purchasing an additional 1,101,019 shares during the period. Finally, Invesco Ltd. purchased a new stake in Innoviz Technologies during the second quarter worth about $67,000. 63.26% of the stock is owned by institutional investors and hedge funds.

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.