Mirae Asset Global Investments Co. Ltd. Lowers Holdings in Innoviz Technologies Ltd. (NASDAQ:INVZ)

Mirae Asset Global Investments Co. Ltd. lowered its position in Innoviz Technologies Ltd. (NASDAQ:INVZ) by 8.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,746,838 shares of the company’s stock after selling 263,399 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Innoviz Technologies were worth $6,950,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in INVZ. Crown Wealth Group LLC purchased a new position in Innoviz Technologies in the fourth quarter worth approximately $28,000. US Bancorp DE lifted its stake in Innoviz Technologies by 71.5% in the second quarter. US Bancorp DE now owns 11,095 shares of the company’s stock worth $32,000 after acquiring an additional 4,626 shares during the last quarter. Private Advisor Group LLC purchased a new stake in shares of Innoviz Technologies during the 1st quarter worth approximately $35,000. LPL Financial LLC lifted its position in shares of Innoviz Technologies by 48.9% during the 3rd quarter. LPL Financial LLC now owns 18,608 shares of the company’s stock worth $36,000 after buying an additional 6,113 shares during the last quarter. Finally, Engineers Gate Manager LP purchased a new stake in shares of Innoviz Technologies during the 1st quarter worth approximately $38,000. Hedge funds and other institutional investors own 63.26% of the company’s stock.

Analyst Upgrades and Downgrades

INVZ has been the subject of several recent analyst reports. JPMorgan Chase & Co. restated an “overweight” rating and set a $7.00 price objective (down previously from $13.00) on shares of Innoviz Technologies in a research report on Tuesday, March 26th. The Goldman Sachs Group reduced their price objective on shares of Innoviz Technologies from $3.00 to $2.50 and set a “buy” rating for the company in a research report on Thursday, January 25th. Finally, Rosenblatt Securities reduced their price objective on shares of Innoviz Technologies from $5.00 to $3.25 and set a “neutral” rating for the company in a research report on Thursday, February 29th.

Innoviz Technologies Price Performance

Shares of Innoviz Technologies stock opened at $1.20 on Monday. The firm’s fifty day simple moving average is $1.49 and its 200-day simple moving average is $1.78. The stock has a market capitalization of $163.42 million, a price-to-earnings ratio of -1.41 and a beta of 1.04. Innoviz Technologies Ltd. has a 12 month low of $1.20 and a 12 month high of $4.39.

Innoviz Technologies (NASDAQ:INVZ) last announced its earnings results on Wednesday, February 28th. The company reported ($0.18) EPS for the quarter, meeting analysts’ consensus estimates of ($0.18). The business had revenue of $14.92 million for the quarter, compared to analysts’ expectations of $12.25 million. Innoviz Technologies had a negative net margin of 591.37% and a negative return on equity of 78.39%. Analysts anticipate that Innoviz Technologies Ltd. will post -0.85 earnings per share for the current 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.