Innoviz Technologies Target of Unusually High Options Trading (NASDAQ:INVZ)

Innoviz Technologies Ltd. (NASDAQ:INVZ - Get Free Report) saw unusually large options trading on Tuesday. Stock traders purchased 42,703 call options on the stock. This is an increase of approximately 805% compared to the average daily volume of 4,717 call options.

Hedge Funds Weigh In On Innoviz Technologies

Several institutional investors and hedge funds have recently modified their holdings of INVZ. Cowen AND Company LLC grew its stake in shares of Innoviz Technologies by 315.8% in the 2nd quarter. Cowen AND Company LLC now owns 8,127,316 shares of the company's stock valued at $7,538,000 after buying an additional 6,172,864 shares in the last quarter. Polar Asset Management Partners Inc. raised its position in Innoviz Technologies by 29.6% during the third quarter. Polar Asset Management Partners Inc. now owns 3,219,400 shares of the company's stock valued at $2,665,000 after acquiring an additional 735,300 shares in the last quarter. Interval Partners LP lifted its stake in Innoviz Technologies by 19.6% in the second quarter. Interval Partners LP now owns 2,715,837 shares of the company's stock valued at $2,519,000 after acquiring an additional 444,823 shares during the last quarter. SkyView Investment Advisors LLC bought a new stake in Innoviz Technologies in the second quarter worth approximately $371,000. Finally, Choreo LLC acquired a new position in shares of Innoviz Technologies during the 2nd quarter worth $185,000. 63.26% of the stock is currently owned by hedge funds and other institutional investors.

Innoviz Technologies Price Performance

INVZ traded down $0.16 on Tuesday, reaching $1.68. 6,929,137 shares of the company traded hands, compared to its average volume of 2,677,720. The company has a market cap of $228.79 million, a price-to-earnings ratio of -2.63 and a beta of 1.18. The stock's 50 day moving average price is $0.85 and its 200-day moving average price is $0.81. Innoviz Technologies has a 52-week low of $0.45 and a 52-week high of $2.82.

Analyst Upgrades and Downgrades

Several equities analysts have commented on INVZ shares. The Goldman Sachs Group lowered their target price on shares of Innoviz Technologies from $1.00 to $0.75 and set a "neutral" rating on the stock in a research note on Thursday, November 14th. Cantor Fitzgerald lowered shares of Innoviz Technologies from an "overweight" rating to a "neutral" rating in a research note on Thursday, November 14th. Rosenblatt Securities upgraded shares of Innoviz Technologies from a "neutral" rating to a "buy" rating and raised their price objective for the company from $3.25 to $4.00 in a research report on Friday, December 20th. Finally, Westpark Capital assumed coverage on Innoviz Technologies in a report on Wednesday, November 27th. They issued a "buy" rating and a $1.30 target price on the stock. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $3.01.

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.