Innoviz Technologies (NASDAQ:INVZ) Shares Up 7.3% – Should You Buy?

Innoviz Technologies Ltd. (NASDAQ:INVZ)’s share price traded up 7.3% during mid-day trading on Wednesday . The company traded as high as $1.33 and last traded at $1.33. 4,118,084 shares changed hands during trading, a decline of 19% from the average session volume of 5,079,723 shares. The stock had previously closed at $1.24.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on INVZ shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Innoviz Technologies in a research note on Monday. Westpark Capital upped their price objective on shares of Innoviz Technologies from $2.53 to $3.30 and gave the company a “buy” rating in a report on Thursday, August 14th. Finally, The Goldman Sachs Group reduced their target price on Innoviz Technologies from $2.50 to $2.00 and set a “buy” rating for the company in a research note on Wednesday, November 26th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $3.10.

Innoviz Technologies Stock Up 7.3%

The stock has a market capitalization of $277.68 million, a P/E ratio of -3.80 and a beta of 1.31. The business’s 50 day simple moving average is $1.77 and its two-hundred day simple moving average is $1.58.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd boosted its position in shares of Innoviz Technologies by 26,982.5% during the third quarter. Caitong International Asset Management Co. Ltd now owns 47,936 shares of the company’s stock valued at $98,000 after buying an additional 47,759 shares during the last quarter. XTX Topco Ltd bought a new position in Innoviz Technologies during the 3rd quarter valued at $732,000. Verition Fund Management LLC boosted its holdings in Innoviz Technologies by 51.5% during the 3rd quarter. Verition Fund Management LLC now owns 185,900 shares of the company’s stock worth $379,000 after acquiring an additional 63,200 shares during the last quarter. Sona Asset Management US LLC bought a new stake in shares of Innoviz Technologies in the 3rd quarter worth $1,020,000. Finally, Sora Investors LLC purchased a new stake in shares of Innoviz Technologies in the third quarter valued at about $4,507,000. 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.