Innoviz Technologies (NASDAQ:INVZ) Stock Price Down 7.8% – Here’s What Happened

Innoviz Technologies Ltd. (NASDAQ:INVZ)’s share price dropped 7.8% during mid-day trading on Monday . The company traded as low as $0.5803 and last traded at $0.5848. 2,638,658 shares changed hands during trading, a decline of 15% from the average daily volume of 3,101,462 shares. The stock had previously closed at $0.6346.

Analyst Upgrades and Downgrades

INVZ has been the subject of several recent analyst reports. Weiss Ratings upgraded shares of Innoviz Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, June 18th. Wall Street Zen downgraded Innoviz Technologies from a “sell” rating to a “strong sell” rating in a research report on Saturday, April 11th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $2.65.

Innoviz Technologies Stock Performance

The business’s 50 day moving average price is $0.69 and its two-hundred day moving average price is $0.80. The company has a market capitalization of $135.58 million, a price-to-earnings ratio of -1.62 and a beta of 1.46.

Innoviz Technologies (NASDAQ:INVZ) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.06). The company had revenue of $7.13 million for the quarter, compared to analyst estimates of $13.50 million. Innoviz Technologies had a negative net margin of 181.46% and a negative return on equity of 101.64%. On average, sell-side analysts expect that Innoviz Technologies Ltd. will post -0.31 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. NewEdge Advisors LLC raised its position in Innoviz Technologies by 499.6% in the first quarter. NewEdge Advisors LLC now owns 70,021 shares of the company’s stock worth $46,000 after acquiring an additional 58,343 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Innoviz Technologies by 38.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 523,945 shares of the company’s stock worth $342,000 after purchasing an additional 144,822 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Innoviz Technologies by 97.5% in the 2nd quarter. Geode Capital Management LLC now owns 144,534 shares of the company’s stock worth $237,000 after purchasing an additional 71,334 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Innoviz Technologies by 3,440,684.4% during the second quarter. JPMorgan Chase & Co. now owns 1,101,051 shares of the company’s stock valued at $1,806,000 after purchasing an additional 1,101,019 shares during the last quarter. Finally, Invesco Ltd. acquired a new stake in Innoviz Technologies during the second quarter valued at approximately $67,000. Institutional investors own 63.26% of the company’s stock.

About Innoviz Technologies

Innoviz Technologies Ltd. (NASDAQ: INVZ) is a developer of high-performance solid-state LiDAR sensors and perception software designed to support advanced driver assistance systems (ADAS) and autonomous driving applications. The company’s core business focuses on providing automotive-grade LiDAR hardware, along with software algorithms that enable accurate 3D mapping, object detection and environmental perception in real time. Innoviz’s technology is tailored for integration into passenger vehicles, commercial fleets and other mobility platforms seeking improved safety and autonomy.

Founded in 2016 and headquartered in Rosh Ha’ayin, Israel, Innoviz has emerged as a key supplier to leading global automakers and Tier 1 suppliers.