Cantor Fitzgerald Reaffirms “Overweight” Rating for Innoviz Technologies (NASDAQ:INVZ)

Cantor Fitzgerald reissued their overweight rating on shares of Innoviz Technologies (NASDAQ:INVZ) in a report published on Monday morning, Benzinga reports. The firm currently has a $3.00 price target on the stock.

Separately, JPMorgan Chase & Co. reiterated an overweight rating and issued a $7.00 price target (down from $13.00) on shares of Innoviz Technologies in a research note on Tuesday, March 26th.

Innoviz Technologies Price Performance

INVZ opened at $0.91 on Monday. The company has a market capitalization of $124.10 million, a price-to-earnings ratio of -1.18 and a beta of 1.01. Innoviz Technologies has a 1 year low of $0.83 and a 1 year high of $4.39. The business’s 50-day moving average price is $1.06 and its two-hundred day moving average price is $1.48.

Innoviz Technologies (NASDAQ:INVZ) last released its earnings results on Wednesday, May 8th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.05). The firm had revenue of $7.06 million during the quarter, compared to the consensus estimate of $5.99 million. Innoviz Technologies had a negative net margin of 441.23% and a negative return on equity of 79.64%. Sell-side analysts anticipate that Innoviz Technologies will post -0.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Innoviz Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. bought a new stake in Innoviz Technologies during the fourth quarter worth $255,000. Schonfeld Strategic Advisors LLC raised its holdings in shares of Innoviz Technologies by 154.5% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 624,600 shares of the company’s stock valued at $1,218,000 after purchasing an additional 379,200 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its stake in Innoviz Technologies by 38.1% in the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 5,795,000 shares of the company’s stock valued at $14,661,000 after purchasing an additional 1,600,000 shares during the last quarter. Jump Financial LLC bought a new position in Innoviz Technologies during the fourth quarter worth about $106,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Innoviz Technologies by 22.3% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,427,590 shares of the company’s stock worth $3,498,000 after buying an additional 260,373 shares during the last quarter. 63.26% of the stock is owned by 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.