The Goldman Sachs Group cut shares of Innoviz Technologies (NASDAQ:INVZ – Free Report) from a buy rating to a neutral rating in a report published on Thursday morning, Marketbeat.com reports. The Goldman Sachs Group currently has $1.00 price target on the stock, down from their prior price target of $2.25.
A number of other research analysts have also commented on INVZ. JPMorgan Chase & Co. reissued an overweight rating and set a $7.00 price target (down from $13.00) on shares of Innoviz Technologies in a report on Tuesday, March 26th. Cantor Fitzgerald reaffirmed an overweight rating and set a $3.00 target price on shares of Innoviz Technologies in a research note on Monday, July 1st.
Get Our Latest Analysis on Innoviz Technologies
Innoviz Technologies Stock Performance
Innoviz Technologies (NASDAQ:INVZ – Get Free Report) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.05). The business had revenue of $7.06 million for the quarter, compared to analyst estimates of $5.99 million. Innoviz Technologies had a negative net margin of 441.23% and a negative return on equity of 79.64%. Analysts forecast that Innoviz Technologies will post -0.75 EPS for the current fiscal year.
Hedge Funds Weigh In On Innoviz Technologies
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Virtu Financial LLC boosted 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 period. Tidal Investments LLC acquired a new position in shares of Innoviz Technologies in the 1st quarter valued at $258,000. FIFTHDELTA Ltd boosted its position in shares of Innoviz Technologies by 64.9% in the 1st quarter. FIFTHDELTA Ltd now owns 14,397,087 shares of the company’s stock valued at $19,436,000 after purchasing an additional 5,668,684 shares during the period. Koshinski Asset Management Inc. boosted its position in shares of Innoviz Technologies by 232.1% in the 1st quarter. Koshinski Asset Management Inc. now owns 200,308 shares of the company’s stock valued at $270,000 after purchasing an additional 140,000 shares during the period. Finally, Kovack Advisors Inc. acquired a new position in shares of Innoviz Technologies in the 1st quarter valued at $28,000. Institutional investors and hedge funds own 63.26% of the company’s stock.
Innoviz Technologies Company Profile
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.
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