HITE Hedge Asset Management LLC Buys New Stake in Innoviz Technologies Ltd. (NASDAQ:INVZ)

HITE Hedge Asset Management LLC bought a new position in shares of Innoviz Technologies Ltd. (NASDAQ:INVZ - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,173,842 shares of the company's stock, valued at approximately $1,972,000. HITE Hedge Asset Management LLC owned approximately 0.86% of Innoviz Technologies at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the business. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in Innoviz Technologies by 13.5% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 6,805,731 shares of the company's stock valued at $11,434,000 after acquiring an additional 810,731 shares during the period. Summit X LLC grew its position in Innoviz Technologies by 218.3% during the fourth quarter. Summit X LLC now owns 275,417 shares of the company's stock worth $463,000 after buying an additional 188,876 shares during the period. Koshinski Asset Management Inc. purchased a new position in Innoviz Technologies in the fourth quarter valued at about $169,000. New Age Alpha Advisors LLC acquired a new stake in shares of Innoviz Technologies during the 4th quarter valued at approximately $168,000. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Innoviz Technologies in the 4th quarter worth approximately $156,000. 63.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on INVZ. Westpark Capital reaffirmed a "buy" rating and set a $2.22 price objective on shares of Innoviz Technologies in a report on Tuesday, February 25th. Rosenblatt Securities reiterated a "buy" rating and issued a $4.00 price objective on shares of Innoviz Technologies in a research report on Thursday, February 27th.

Innoviz Technologies Stock Down 1.8 %

Shares of INVZ traded down $0.01 during mid-day trading on Monday, hitting $0.62. The company had a trading volume of 937,052 shares, compared to its average volume of 4,450,967. Innoviz Technologies Ltd. has a 1-year low of $0.45 and a 1-year high of $3.14. The business's 50-day simple moving average is $0.70 and its 200-day simple moving average is $0.96. The stock has a market cap of $123.36 million, a PE ratio of -0.97 and a beta of 0.86.

Innoviz Technologies (NASDAQ:INVZ - Get Free Report) last issued its earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). The business had revenue of $6.03 million for the quarter, compared to analyst estimates of $5.86 million. Innoviz Technologies had a negative return on equity of 87.40% and a negative net margin of 321.53%. On average, sell-side analysts expect that Innoviz Technologies Ltd. will post -0.6 earnings per share for the current year.

Innoviz Technologies Company Profile

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.