Innoviz Technologies Ltd. (NASDAQ:INVZ) Sees Large Growth in Short Interest

Innoviz Technologies Ltd. (NASDAQ:INVZ) saw a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 12,150,000 shares, an increase of 20.9% from the December 15th total of 10,050,000 shares. Currently, 7.2% of the shares of the company are short sold. Based on an average daily trading volume, of 6,220,000 shares, the days-to-cover ratio is currently 2.0 days.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Cantor Fitzgerald lowered Innoviz Technologies from an “overweight” rating to a “neutral” rating in a report on Thursday, November 14th. Rosenblatt Securities upgraded Innoviz Technologies from a “neutral” rating to a “buy” rating and lifted their price target for the company from $3.25 to $4.00 in a research note on Friday, December 20th. The Goldman Sachs Group cut their price objective on Innoviz Technologies from $1.00 to $0.75 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Finally, Westpark Capital started coverage on shares of Innoviz Technologies in a research report on Wednesday, November 27th. They set a “buy” rating and a $1.30 target price on the stock. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $3.01.

Institutional Trading of Innoviz Technologies

A number of hedge funds have recently bought and sold shares of the company. Polar Asset Management Partners Inc. increased its stake in shares of Innoviz Technologies by 29.6% during 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 acquiring an additional 735,300 shares during the last quarter. Interval Partners LP grew its holdings 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. SkyView Investment Advisors LLC acquired a new position in Innoviz Technologies during the second quarter worth approximately $371,000. Choreo LLC purchased a new position in Innoviz Technologies during the second quarter worth approximately $185,000. Finally, Koshinski Asset Management Inc. acquired a new position in shares of Innoviz Technologies in the 4th quarter valued at $169,000. Institutional investors and hedge funds own 63.26% of the company’s stock.

Innoviz Technologies Trading Down 5.8 %

INVZ stock opened at $1.62 on Friday. The company’s 50 day simple moving average is $1.14 and its 200-day simple moving average is $0.89. Innoviz Technologies has a 12 month low of $0.45 and a 12 month high of $3.14.

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.