Innoviz Technologies Ltd. (NASDAQ:INVZ – Get Rating) was the target of a large drop in short interest in September. As of September 15th, there was short interest totalling 2,310,000 shares, a drop of 20.9% from the August 31st total of 2,920,000 shares. Currently, 1.9% of the shares of the stock are short sold. Based on an average daily volume of 1,720,000 shares, the days-to-cover ratio is presently 1.3 days.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on INVZ. JPMorgan Chase & Co. began coverage on shares of Innoviz Technologies in a report on Tuesday, September 20th. They set an “overweight” rating for the company. The Goldman Sachs Group raised their target price on shares of Innoviz Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, August 11th.
Institutional Investors Weigh In On Innoviz Technologies
Several hedge funds have recently modified their holdings of INVZ. Engineers Gate Manager LP acquired a new stake in shares of Innoviz Technologies during the 1st quarter worth about $38,000. Evanson Asset Management LLC acquired a new stake in shares of Innoviz Technologies during the 1st quarter worth about $43,000. LPL Financial LLC acquired a new stake in shares of Innoviz Technologies during the 2nd quarter worth about $43,000. Sei Investments Co. acquired a new stake in shares of Innoviz Technologies during the 1st quarter worth about $47,000. Finally, Private Advisor Group LLC acquired a new stake in shares of Innoviz Technologies during the 4th quarter worth about $63,000. 50.23% of the stock is owned by institutional investors and hedge funds.
Innoviz Technologies Stock Up 5.5 %
NASDAQ:INVZ traded up $0.27 during mid-day trading on Friday, hitting $5.21. 2,231,307 shares of the company’s stock traded hands, compared to its average volume of 1,790,929. The company has a debt-to-equity ratio of 0.02, a quick ratio of 8.13 and a current ratio of 8.29. The firm’s 50 day simple moving average is $5.08 and its 200 day simple moving average is $4.29. Innoviz Technologies has a 1 year low of $2.89 and a 1 year high of $8.03.
Innoviz Technologies (NASDAQ:INVZ – Get Rating) last released its quarterly earnings results on Wednesday, August 10th. The company reported ($0.21) earnings per share (EPS) for the quarter. Innoviz Technologies had a negative return on equity of 41.48% and a negative net margin of 1,625.51%. The firm had revenue of $1.80 million for the quarter. Equities analysts forecast that Innoviz Technologies will post -1 EPS for the current fiscal year.
About Innoviz Technologies
Innoviz Technologies Ltd. designs and manufactures solid-state LiDAR sensors and develops perception software that enables the mass production of autonomous vehicles. The company manufactures InnovizOne, a solid-state LiDAR sensor designed for automakers and robotaxi, shuttle, trucking, and delivery companies requiring an automotive-grade and mass-producible solution to achieve autonomy.