Stock Traders Buy Large Volume of Innoviz Technologies Call Options (NASDAQ:INVZ)

Innoviz Technologies Ltd. (NASDAQ:INVZ) saw some unusual options trading on Tuesday. Investors purchased 42,703 call options on the stock. This is an increase of 805% compared to the average volume of 4,717 call options.

Institutional Investors Weigh In On Innoviz Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Ground Swell Capital LLC purchased a new stake in shares of Innoviz Technologies in the 2nd quarter valued at approximately $26,000. Choreo LLC acquired a new position in Innoviz Technologies in the second quarter valued at approximately $185,000. SkyView Investment Advisors LLC acquired a new stake in Innoviz Technologies during the second quarter worth $371,000. Interval Partners LP raised its position in Innoviz Technologies by 19.6% in 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 during the period. Finally, Polar Asset Management Partners Inc. lifted its stake in shares of Innoviz Technologies by 29.6% in the 3rd quarter. Polar Asset Management Partners Inc. now owns 3,219,400 shares of the company’s stock valued at $2,665,000 after purchasing an additional 735,300 shares during the last quarter. 63.26% of the stock is currently owned by institutional investors and hedge funds.

Innoviz Technologies Trading Down 7.9 %

NASDAQ:INVZ traded down $0.15 during trading hours on Tuesday, hitting $1.70. The company had a trading volume of 5,978,610 shares, compared to its average volume of 2,673,829. Innoviz Technologies has a 1 year low of $0.45 and a 1 year high of $2.82. The company has a market cap of $230.83 million, a P/E ratio of -2.65 and a beta of 1.18. The company has a 50-day moving average of $0.81 and a 200 day moving average of $0.80.

Wall Street Analysts Forecast Growth

A number of analysts have commented on INVZ shares. Westpark Capital began coverage on Innoviz Technologies in a research report on Wednesday, November 27th. They set a “buy” rating and a $1.30 price target for the company. The Goldman Sachs Group reduced their price target on shares of Innoviz Technologies from $1.00 to $0.75 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Cantor Fitzgerald cut Innoviz Technologies from an “overweight” rating to a “neutral” rating in a report on Thursday, November 14th. Finally, Rosenblatt Securities raised Innoviz Technologies from a “neutral” rating to a “buy” rating and increased their target price for the company from $3.25 to $4.00 in a report on Friday, December 20th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $3.01.

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.