Ground Swell Capital LLC Makes New $26,000 Investment in Innoviz Technologies Ltd. (NASDAQ:INVZ)

Ground Swell Capital LLC purchased a new position in Innoviz Technologies Ltd. (NASDAQ:INVZ) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 28,523 shares of the company’s stock, valued at approximately $26,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Kovack Advisors Inc. acquired a new stake in Innoviz Technologies in the first quarter worth $28,000. Victory Capital Management Inc. bought a new stake in Innoviz Technologies in the 4th quarter valued at about $54,000. Jump Financial LLC acquired a new position in Innoviz Technologies during the 4th quarter valued at about $106,000. Vanguard Personalized Indexing Management LLC grew its position in Innoviz Technologies by 474.0% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 57,454 shares of the company’s stock worth $145,000 after purchasing an additional 47,445 shares during the last quarter. Finally, Virtu Financial LLC increased its stake in shares of Innoviz Technologies by 85.2% in the first quarter. Virtu Financial LLC now owns 86,171 shares of the company’s stock valued at $116,000 after purchasing an additional 39,633 shares during the period. 63.26% of the stock is owned by institutional investors and hedge funds.

Innoviz Technologies Stock Up 3.8 %

Shares of Innoviz Technologies stock opened at $0.57 on Thursday. The firm has a market cap of $77.04 million, a price-to-earnings ratio of -0.73 and a beta of 0.99. The business has a fifty day simple moving average of $0.75 and a 200-day simple moving average of $1.04. Innoviz Technologies Ltd. has a fifty-two week low of $0.50 and a fifty-two week high of $2.99.

Innoviz Technologies (NASDAQ:INVZ) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.01). The firm had revenue of $6.66 million during the quarter, compared to analyst estimates of $4.77 million. Innoviz Technologies had a negative net margin of 338.67% and a negative return on equity of 75.99%. During the same quarter last year, the company earned ($0.23) EPS. Analysts anticipate that Innoviz Technologies Ltd. will post -0.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

INVZ has been the subject of several analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $2.00 price objective on shares of Innoviz Technologies in a research report on Monday. Rosenblatt Securities reissued a “neutral” rating and issued a $3.25 price target on shares of Innoviz Technologies in a research note on Tuesday. Westpark Capital reissued a “buy” rating and issued a $6.00 price target on shares of Innoviz Technologies in a research note on Tuesday, August 6th. Finally, The Goldman Sachs Group cut Innoviz Technologies from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $2.25 to $1.00 in a research note on Thursday, July 11th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Innoviz Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $3.85.

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.