Stock Traders Purchase High Volume of Call Options on Innoviz Technologies (NASDAQ:INVZ)

Innoviz Technologies Ltd. (NASDAQ:INVZ) was the recipient of some unusual options trading on Monday. Traders purchased 12,194 call options on the company. This is an increase of approximately 49% compared to the average daily volume of 8,170 call options.

Institutional Investors Weigh In On Innoviz Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Summit X LLC increased its holdings in Innoviz Technologies by 218.3% during the 4th quarter. Summit X LLC now owns 275,417 shares of the company’s stock worth $463,000 after purchasing an additional 188,876 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Innoviz Technologies during the fourth quarter worth approximately $87,000. SBI Securities Co. Ltd. bought a new stake in shares of Innoviz Technologies in the fourth quarter worth $156,000. Sprott Inc. acquired a new stake in Innoviz Technologies in the fourth quarter valued at $54,000. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its stake in Innoviz Technologies by 13.5% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 6,805,731 shares of the company’s stock valued at $11,434,000 after acquiring an additional 810,731 shares during the last quarter. Hedge funds and other institutional investors own 63.26% of the company’s stock.

Innoviz Technologies Stock Down 16.1 %

INVZ opened at $0.99 on Wednesday. The firm’s 50 day moving average is $1.47 and its 200-day moving average is $0.97. Innoviz Technologies has a 52-week low of $0.45 and a 52-week high of $3.14. The firm has a market capitalization of $134.82 million, a P/E ratio of -1.55 and a beta of 0.72.

Wall Street Analyst Weigh In

Several research analysts recently commented 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 dropped their price objective 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. Westpark Capital began coverage on shares of Innoviz Technologies in a report on Wednesday, November 27th. They set a “buy” rating and a $1.30 target price on the stock. Finally, Cantor Fitzgerald downgraded Innoviz Technologies from an “overweight” rating to a “neutral” rating in a report on Thursday, November 14th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target 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.