Innoviz Technologies (NASDAQ:INVZ) Cut to “Neutral” at JPMorgan Chase & Co.

Innoviz Technologies (NASDAQ:INVZ) was downgraded by JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a note issued to investors on Thursday, MarketBeat Ratings reports.

Separately, Weiss Ratings cut Innoviz Technologies from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, September 28th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Innoviz Technologies presently has a consensus rating of “Hold” and an average target price of $2.00.

Innoviz Technologies Trading Down 18.2%

Shares of Innoviz Technologies stock opened at $0.18 on Thursday. The firm’s 50-day moving average price is $0.29 and its 200 day moving average price is $0.58. The firm has a market capitalization of $38.68 million, a PE ratio of -0.47 and a beta of 1.58. Innoviz Technologies has a twelve month low of $0.13 and a twelve month high of $1.76.

Innoviz Technologies (NASDAQ:INVZ) last announced its quarterly earnings results on Wednesday, November 11th. The company reported ($0.07) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.07). Innoviz Technologies had a negative net margin of 153.10% and a negative return on equity of 118.08%. The business had revenue of $12.10 million during the quarter, compared to the consensus estimate of $19.00 million. On average, sell-side analysts predict that Innoviz Technologies will post -0.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Commonwealth Equity Services LLC acquired a new position in Innoviz Technologies during the third quarter worth $51,000. Aberdeen Group plc bought a new position in Innoviz Technologies in the third quarter worth $807,000. Phoenix Financial Ltd. acquired a new position in shares of Innoviz Technologies in the 3rd quarter valued at $1,228,000. Finally, Renaissance Technologies LLC boosted its position in shares of Innoviz Technologies by 59.5% during the 1st quarter. Renaissance Technologies LLC now owns 3,076,666 shares of the company’s stock valued at $1,946,000 after acquiring an additional 1,148,013 shares in the last quarter. Hedge funds and other institutional investors own 63.26% of the company’s stock.

Innoviz Technologies Company Profile

Innoviz Technologies Ltd. (NASDAQ: INVZ) develops lidar sensors and perception software for the automotive industry. Its technology is designed to help vehicles detect and interpret their surroundings for advanced driver-assistance systems (ADAS) and autonomous driving applications. The company’s solutions are intended to provide three-dimensional sensing, object detection and mapping capabilities in a range of driving environments. Innoviz’s product portfolio includes the InnovizOne and InnovizTwo lidar platforms, along with related perception software and supporting technologies.