The Goldman Sachs Group Forecasts Strong Price Appreciation for Innoviz Technologies (NASDAQ:INVZ) Stock

Innoviz Technologies (NASDAQ:INVZ) had its price objective upped by stock analysts at The Goldman Sachs Group from $0.75 to $1.00 in a report issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price suggests a potential upside of 1.46% from the company’s current price.

INVZ has been the topic of several other reports. Rosenblatt Securities reissued a “buy” rating and issued a $4.00 target price on shares of Innoviz Technologies in a research report on Thursday. Westpark Capital reissued a “buy” rating and issued a $2.22 target price on shares of Innoviz Technologies in a research report on Tuesday, May 13th.

Innoviz Technologies Stock Performance

NASDAQ INVZ opened at $0.99 on Friday. Innoviz Technologies has a one year low of $0.45 and a one year high of $3.14. The stock has a 50-day moving average of $0.69 and a 200 day moving average of $0.97. The company has a market capitalization of $196.10 million, a price-to-earnings ratio of -1.54 and a beta of 0.84.

Innoviz Technologies (NASDAQ:INVZ) last announced its earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.11). The business had revenue of $6.03 million for the quarter, compared to analysts’ expectations of $5.86 million. Innoviz Technologies had a negative return on equity of 87.40% and a negative net margin of 321.53%. On average, equities analysts predict that Innoviz Technologies will post -0.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. lifted its position in shares of Innoviz Technologies by 38.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 523,945 shares of the company’s stock valued at $342,000 after buying an additional 144,822 shares in the last quarter. Polar Asset Management Partners Inc. lifted its position in shares of Innoviz Technologies by 10.6% during the 1st quarter. Polar Asset Management Partners Inc. now owns 2,936,369 shares of the company’s stock valued at $1,914,000 after buying an additional 280,769 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of Innoviz Technologies by 499.6% during the 1st quarter. NewEdge Advisors LLC now owns 70,021 shares of the company’s stock valued at $46,000 after buying an additional 58,343 shares in the last quarter. Cresset Asset Management LLC lifted its position in shares of Innoviz Technologies by 10.1% during the 1st quarter. Cresset Asset Management LLC now owns 218,007 shares of the company’s stock valued at $142,000 after buying an additional 20,000 shares in the last quarter. Finally, Citizens Financial Group Inc. RI purchased a new position in shares of Innoviz Technologies during the 1st quarter valued at about $130,000. 63.26% of the stock is owned by hedge funds and other institutional investors.

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.