Short Interest in Innoviz Technologies Ltd. (NASDAQ:INVZ) Decreases By 17.0%

Innoviz Technologies Ltd. (NASDAQ:INVZ) was the target of a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 9,450,000 shares, a decline of 17.0% from the October 31st total of 11,390,000 shares. Approximately 5.6% of the shares of the company are sold short. Based on an average daily volume of 1,500,000 shares, the short-interest ratio is currently 6.3 days.

Institutional Investors Weigh In On Innoviz Technologies

A number of hedge funds have recently made changes to their positions in the stock. Tidal Investments LLC purchased a new stake in Innoviz Technologies during the first quarter valued at approximately $258,000. Cowen AND Company LLC grew its stake in shares of Innoviz Technologies by 315.8% during the second quarter. Cowen AND Company LLC now owns 8,127,316 shares of the company’s stock worth $7,538,000 after acquiring an additional 6,172,864 shares during the last quarter. SkyView Investment Advisors LLC acquired a new position in shares of Innoviz Technologies during the second quarter valued at about $371,000. Virtu Financial LLC raised its position in shares of Innoviz Technologies by 85.2% in the 1st 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 last quarter. Finally, Choreo LLC acquired a new stake in Innoviz Technologies in the 2nd quarter worth approximately $185,000. 63.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

INVZ has been the topic of several recent research reports. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $3.25 price objective on shares of Innoviz Technologies in a research note on Tuesday, September 10th. Cantor Fitzgerald cut Innoviz Technologies from an “overweight” rating to a “neutral” rating in a research report on Thursday, November 14th. Westpark Capital assumed coverage on Innoviz Technologies in a research note on Wednesday, November 27th. They set a “buy” rating and a $1.30 target price on the stock. Finally, The Goldman Sachs Group decreased their target price on Innoviz Technologies from $1.00 to $0.75 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $2.86.

Innoviz Technologies Stock Performance

Innoviz Technologies stock traded down $0.05 during midday trading on Monday, hitting $0.71. 1,205,283 shares of the company’s stock were exchanged, compared to its average volume of 2,061,933. The firm has a 50-day moving average of $0.70 and a two-hundred day moving average of $0.80. Innoviz Technologies has a 12 month low of $0.45 and a 12 month high of $2.99. The company has a market cap of $96.87 million, a PE ratio of -1.11 and a beta of 1.06.

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.