Innoviz Technologies Sees Unusually High Options Volume (NASDAQ:INVZ)

Innoviz Technologies Ltd. (NASDAQ:INVZ) was the target of some unusual options trading on Friday. Stock traders acquired 67,480 put options on the stock. This represents an increase of approximately 717% compared to the average volume of 8,261 put options.

Innoviz Technologies Stock Performance

Shares of Innoviz Technologies stock opened at $0.93 on Friday. Innoviz Technologies has a one year low of $0.83 and a one year high of $4.39. The company has a market cap of $126.31 million, a price-to-earnings ratio of -1.20 and a beta of 1.03. The business’s 50 day moving average price is $1.07 and its 200 day moving average price is $1.52.

Innoviz Technologies (NASDAQ:INVZ) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.05). The company had revenue of $7.06 million for 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, analysts predict that Innoviz Technologies will post -0.75 EPS for the current fiscal year.

Institutional Investors Weigh In On Innoviz Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Virtu Financial LLC increased its stake in Innoviz Technologies by 85.2% during the first quarter. Virtu Financial LLC now owns 86,171 shares of the company’s stock worth $116,000 after acquiring an additional 39,633 shares during the last quarter. Tidal Investments LLC acquired a new stake in Innoviz Technologies during the first quarter worth $258,000. FIFTHDELTA Ltd increased its stake in Innoviz Technologies by 64.9% during the first quarter. FIFTHDELTA Ltd now owns 14,397,087 shares of the company’s stock worth $19,436,000 after acquiring an additional 5,668,684 shares during the last quarter. Koshinski Asset Management Inc. increased its stake in Innoviz Technologies by 232.1% during the first quarter. Koshinski Asset Management Inc. now owns 200,308 shares of the company’s stock worth $270,000 after acquiring an additional 140,000 shares during the last quarter. Finally, Kovack Advisors Inc. acquired a new stake in Innoviz Technologies during the first quarter worth $28,000. Institutional investors and hedge funds own 63.26% of the company’s stock.

Analyst Ratings Changes

INVZ has been the topic of several research reports. Cantor Fitzgerald decreased their target price on Innoviz Technologies from $4.00 to $3.00 and set an “overweight” rating on the stock in a research report on Thursday, May 9th. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $7.00 price objective (down previously from $13.00) on shares of Innoviz Technologies in a research report on Tuesday, March 26th.

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.