Innoviz Technologies (NASDAQ:INVZ) Shares Down 2.4% – Should You Sell?

Shares of Innoviz Technologies Ltd. (NASDAQ:INVZ) were down 2.4% during trading on Tuesday . The stock traded as low as $0.9743 and last traded at $0.9860. Approximately 1,466,213 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 2,941,426 shares. The stock had previously closed at $1.01.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on INVZ shares. Wall Street Zen downgraded Innoviz Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, December 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Innoviz Technologies in a report on Monday, December 29th. Finally, The Goldman Sachs Group cut their target price on shares of Innoviz Technologies from $2.50 to $2.00 and set a “buy” rating for the company in a report on Wednesday, November 26th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $3.10.

Innoviz Technologies Stock Performance

The company has a market cap of $205.86 million, a PE ratio of -2.82 and a beta of 1.34. The company has a fifty day moving average of $1.09 and a two-hundred day moving average of $1.51.

Institutional Trading of Innoviz Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Caprock Group LLC purchased a new position in shares of Innoviz Technologies during the third quarter valued at approximately $26,000. Forefront Wealth Partners LLC purchased a new position in Innoviz Technologies during the 4th quarter valued at $29,000. Corsair Capital Management L.P. bought a new position in Innoviz Technologies in the 2nd quarter valued at $41,000. Quadrature Capital Ltd purchased a new stake in Innoviz Technologies in the second quarter worth $44,000. Finally, Envestnet Asset Management Inc. bought a new stake in shares of Innoviz Technologies during the third quarter worth $44,000. 63.26% of the stock is owned by hedge funds and other institutional investors.

Innoviz Technologies Company Profile

Innoviz Technologies Ltd. (NASDAQ: INVZ) is a developer of high-performance solid-state LiDAR sensors and perception software designed to support advanced driver assistance systems (ADAS) and autonomous driving applications. The company’s core business focuses on providing automotive-grade LiDAR hardware, along with software algorithms that enable accurate 3D mapping, object detection and environmental perception in real time. Innoviz’s technology is tailored for integration into passenger vehicles, commercial fleets and other mobility platforms seeking improved safety and autonomy.

Founded in 2016 and headquartered in Rosh Ha’ayin, Israel, Innoviz has emerged as a key supplier to leading global automakers and Tier 1 suppliers.