Short Interest in Innoviz Technologies Ltd. (NASDAQ:INVZ) Rises By 8.1%

Innoviz Technologies Ltd. (NASDAQ:INVZ) saw a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 13,310,000 shares, a growth of 8.1% from the May 31st total of 12,310,000 shares. Currently, 8.4% of the company’s shares are short sold. Based on an average trading volume of 1,940,000 shares, the days-to-cover ratio is presently 6.9 days.

Institutional Trading of Innoviz Technologies

A number of hedge funds have recently bought and sold shares of the business. Virtu Financial LLC lifted its holdings in Innoviz Technologies by 85.2% during the first quarter. Virtu Financial LLC now owns 86,171 shares of the company’s stock worth $116,000 after acquiring an additional 39,633 shares during the period. Tidal Investments LLC bought a new stake in Innoviz Technologies during the first quarter worth $258,000. FIFTHDELTA Ltd lifted its holdings in Innoviz Technologies by 64.9% during the first quarter. FIFTHDELTA Ltd now owns 14,397,087 shares of the company’s stock worth $19,436,000 after acquiring an additional 5,668,684 shares during the period. Koshinski Asset Management Inc. raised its stake in shares of Innoviz Technologies by 232.1% in the first quarter. Koshinski Asset Management Inc. now owns 200,308 shares of the company’s stock valued at $270,000 after buying an additional 140,000 shares during the period. Finally, Kovack Advisors Inc. bought a new stake in shares of Innoviz Technologies in the first quarter valued at $28,000. 63.26% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on INVZ shares. Cantor Fitzgerald restated an “overweight” rating and set a $3.00 price objective on shares of Innoviz Technologies in a research report on Monday. JPMorgan Chase & Co. restated an “overweight” rating and set a $7.00 price objective (down from $13.00) on shares of Innoviz Technologies in a research report on Tuesday, March 26th.

Innoviz Technologies Stock Performance

Innoviz Technologies stock traded down $0.01 during mid-day trading on Tuesday, reaching $0.91. The stock had a trading volume of 390,748 shares, compared to its average volume of 2,495,256. Innoviz Technologies has a fifty-two week low of $0.83 and a fifty-two week high of $4.39. The stock’s 50-day simple moving average is $1.07 and its 200-day simple moving average is $1.49. The firm has a market capitalization of $123.38 million, a PE ratio of -1.19 and a beta of 1.01.

Innoviz Technologies (NASDAQ:INVZ) last announced its earnings results on Wednesday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.05). The company had revenue of $7.06 million for the quarter, compared to analysts’ expectations of $5.99 million. Innoviz Technologies had a negative net margin of 441.23% and a negative return on equity of 79.64%. On average, research analysts forecast that Innoviz Technologies will post -0.75 earnings per share for the current fiscal year.

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.