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

Innoviz Technologies (NASDAQ:INVZ)‘s stock had its “overweight” rating reiterated by stock analysts at Cantor Fitzgerald in a report released on Monday, Benzinga reports. They currently have a $3.00 target price on the stock. Cantor Fitzgerald’s price objective suggests a potential upside of 221.72% from the stock’s current price.

Separately, JPMorgan Chase & Co. restated an “overweight” rating and issued a $7.00 price objective (down previously from $13.00) on shares of Innoviz Technologies in a report on Tuesday, March 26th.

Innoviz Technologies Stock Performance

Shares of NASDAQ INVZ traded up $0.01 during mid-day trading on Monday, hitting $0.93. The stock had a trading volume of 341,370 shares, compared to its average volume of 2,509,115. The company has a 50 day moving average of $1.07 and a two-hundred day moving average of $1.51. The firm has a market cap of $126.99 million, a PE ratio of -1.21 and a beta of 1.01. Innoviz Technologies has a twelve month low of $0.83 and a twelve month high of $4.39.

Innoviz Technologies (NASDAQ:INVZ) last issued its earnings results on Wednesday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.05). The business 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%. Equities research analysts predict that Innoviz Technologies will post -0.75 EPS for the current fiscal year.

Hedge Funds Weigh In On Innoviz Technologies

Several institutional investors have recently bought and sold shares of the company. Crown Wealth Group LLC acquired a new position in shares of Innoviz Technologies during the 4th quarter worth $28,000. Tower Research Capital LLC TRC purchased a new position in Innoviz Technologies in the fourth quarter valued at about $28,000. Kovack Advisors Inc. purchased a new position in Innoviz Technologies in the first quarter valued at about $28,000. Victory Capital Management Inc. purchased a new stake in shares of Innoviz Technologies during the 4th quarter worth approximately $54,000. Finally, Jump Financial LLC acquired a new position in Innoviz Technologies during the fourth quarter worth $106,000. 63.26% of the stock is owned by institutional investors and hedge funds.

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.