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

Innoviz Technologies Ltd. (NASDAQ:INVZ) saw some unusual options trading activity on Wednesday. Stock investors bought 11,284 call options on the stock. This represents an increase of 52% compared to the typical daily volume of 7,415 call options.

Institutional Investors Weigh In On Innoviz Technologies

Several hedge funds have recently modified their holdings of INVZ. SkyView Investment Advisors LLC bought a new position in Innoviz Technologies in the second quarter worth approximately $371,000. Choreo LLC bought a new position in shares of Innoviz Technologies in the 2nd quarter worth $185,000. Polar Asset Management Partners Inc. lifted its stake in shares of Innoviz Technologies by 29.6% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 3,219,400 shares of the company’s stock worth $2,665,000 after purchasing an additional 735,300 shares during the last quarter. Interval Partners LP boosted its position in Innoviz Technologies by 19.6% during the second quarter. Interval Partners LP now owns 2,715,837 shares of the company’s stock valued at $2,519,000 after purchasing an additional 444,823 shares in the last quarter. Finally, FNY Investment Advisers LLC purchased a new position in Innoviz Technologies in the fourth quarter valued at about $25,000. Hedge funds and other institutional investors own 63.26% of the company’s stock.

Innoviz Technologies Stock Up 18.5 %

NASDAQ:INVZ traded up $0.27 during mid-day trading on Wednesday, reaching $1.70. The company’s stock had a trading volume of 10,139,121 shares, compared to its average volume of 19,227,563. Innoviz Technologies has a 1 year low of $0.45 and a 1 year high of $3.14. The stock has a fifty day moving average of $1.08 and a 200-day moving average of $0.87. The firm has a market capitalization of $230.83 million, a PE ratio of -2.65 and a beta of 0.73.

Analysts Set New Price Targets

INVZ has been the subject of several analyst reports. Cantor Fitzgerald downgraded shares of Innoviz Technologies from an “overweight” rating to a “neutral” rating in a research note on Thursday, November 14th. The Goldman Sachs Group dropped their price objective on Innoviz Technologies from $1.00 to $0.75 and set a “neutral” rating for the company in a report on Thursday, November 14th. Rosenblatt Securities upgraded Innoviz Technologies from a “neutral” rating to a “buy” rating and increased their target price for the stock from $3.25 to $4.00 in a research note on Friday, December 20th. Finally, Westpark Capital assumed coverage on shares of Innoviz Technologies in a research note on Wednesday, November 27th. They set a “buy” rating and a $1.30 target price for the company. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Innoviz Technologies has an average rating of “Moderate Buy” and a consensus target price of $3.01.

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.