PNC Financial Services Group Inc. Buys New Holdings in Innoviz Technologies Ltd. (NASDAQ:INVZ)

PNC Financial Services Group Inc. bought a new stake in Innoviz Technologies Ltd. (NASDAQ:INVZ) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 100,950 shares of the company’s stock, valued at approximately $255,000.

Other large investors have also modified their holdings of the company. Schonfeld Strategic Advisors LLC raised its stake in shares of Innoviz Technologies by 154.5% in the third 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 in the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its stake in Innoviz Technologies by 38.1% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 5,795,000 shares of the company’s stock worth $14,661,000 after acquiring an additional 1,600,000 shares in the last quarter. Jump Financial LLC acquired a new position in Innoviz Technologies during the fourth quarter worth $106,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake 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 acquiring an additional 260,373 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its stake in Innoviz Technologies by 57.2% during the fourth quarter. Daiwa Securities Group Inc. now owns 45,713 shares of the company’s stock worth $116,000 after acquiring an additional 16,629 shares in the last quarter. 63.26% of the stock is currently owned by institutional investors and hedge funds.

Innoviz Technologies Stock Performance

Shares of INVZ stock opened at $0.92 on Tuesday. The stock’s fifty day moving average is $1.07 and its 200-day moving average is $1.49. The stock has a market capitalization of $124.82 million, a PE ratio of -1.19 and a beta of 1.01. Innoviz Technologies Ltd. has a 52 week low of $0.83 and a 52 week high of $4.39.

Innoviz Technologies (NASDAQ:INVZ) last announced 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 business had revenue of $7.06 million for the quarter, compared to the consensus estimate of $5.99 million. Innoviz Technologies had a negative return on equity of 79.64% and a negative net margin of 441.23%. As a group, analysts forecast that Innoviz Technologies Ltd. will post -0.75 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.