Short Interest in Innoviz Technologies Ltd. (NASDAQ:INVZ) Increases By 20.9%

Innoviz Technologies Ltd. (NASDAQ:INVZ) was the target of a large growth in short interest in the month of December. As of December 31st, there was short interest totalling 12,150,000 shares, a growth of 20.9% from the December 15th total of 10,050,000 shares. Based on an average trading volume of 6,220,000 shares, the days-to-cover ratio is presently 2.0 days. Currently, 7.2% of the company’s stock are sold short.

Innoviz Technologies Stock Performance

INVZ stock traded down $0.10 during trading on Friday, reaching $1.62. The company had a trading volume of 7,615,049 shares, compared to its average volume of 17,256,648. The company has a market cap of $220.61 million, a price-to-earnings ratio of -2.53 and a beta of 0.73. Innoviz Technologies has a twelve month low of $0.45 and a twelve month high of $3.14. The firm has a 50-day simple moving average of $1.12 and a 200-day simple moving average of $0.88.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on INVZ shares. Westpark Capital assumed coverage on Innoviz Technologies in a research report on Wednesday, November 27th. They set a “buy” rating and a $1.30 price objective on the stock. Rosenblatt Securities upgraded shares of Innoviz Technologies from a “neutral” rating to a “buy” rating and raised their price target for the company from $3.25 to $4.00 in a report on Friday, December 20th. The Goldman Sachs Group cut their price objective on shares of Innoviz Technologies from $1.00 to $0.75 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Finally, Cantor Fitzgerald cut shares of Innoviz Technologies from an “overweight” rating to a “neutral” rating in a research report on Thursday, November 14th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $3.01.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Traynor Capital Management Inc. purchased a new stake in shares of Innoviz Technologies during the fourth quarter valued at $25,000. FNY Investment Advisers LLC purchased a new stake in Innoviz Technologies during the 4th quarter valued at about $25,000. Koshinski Asset Management Inc. purchased a new stake in Innoviz Technologies during the 4th quarter valued at about $169,000. Choreo LLC acquired a new position in shares of Innoviz Technologies in the second quarter valued at about $185,000. Finally, SkyView Investment Advisors LLC purchased a new position in shares of Innoviz Technologies in the second quarter worth about $371,000. Hedge funds and other institutional investors 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.