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

Innoviz Technologies Ltd. (NASDAQ:INVZ) was the recipient of a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 13,310,000 shares, a growth of 8.1% from the May 31st total of 12,310,000 shares. Based on an average trading volume of 1,940,000 shares, the days-to-cover ratio is currently 6.9 days. Approximately 8.4% of the company’s shares are sold short.

Innoviz Technologies Trading Up 1.5 %

INVZ stock traded up $0.01 during trading on Wednesday, hitting $0.91. The company had a trading volume of 203,037 shares, compared to its average volume of 2,479,881. Innoviz Technologies has a 52-week low of $0.83 and a 52-week high of $4.39. The company has a 50 day simple moving average of $1.07 and a 200-day simple moving average of $1.48.

Innoviz Technologies (NASDAQ:INVZ) last posted its quarterly 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 company had revenue of $7.06 million during the quarter, compared to analysts’ expectations of $5.99 million. Innoviz Technologies had a negative return on equity of 79.64% and a negative net margin of 441.23%. On average, research analysts anticipate that Innoviz Technologies will post -0.75 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in INVZ. Crown Wealth Group LLC purchased a new position in Innoviz Technologies during the 4th quarter valued at about $28,000. Tower Research Capital LLC TRC purchased a new position in Innoviz Technologies during the 4th quarter valued at about $28,000. Kovack Advisors Inc. purchased a new position in Innoviz Technologies during the 1st quarter valued at about $28,000. Victory Capital Management Inc. purchased a new position in Innoviz Technologies during the 4th quarter valued at about $54,000. Finally, Jump Financial LLC purchased a new position in Innoviz Technologies during the 4th quarter valued at about $106,000. Hedge funds and other institutional investors own 63.26% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on INVZ. Cantor Fitzgerald restated an “overweight” rating and issued a $3.00 target price on shares of Innoviz Technologies in a report on Monday. JPMorgan Chase & Co. restated an “overweight” rating and issued a $7.00 target price (down previously from $13.00) on shares of Innoviz Technologies in a report on Tuesday, March 26th.

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.