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

Innoviz Technologies Ltd. (NASDAQ:INVZ) was the recipient of a significant growth in short interest in 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. Approximately 8.4% of the company’s stock are short sold. Based on an average daily trading volume, of 1,940,000 shares, the short-interest ratio is presently 6.9 days.

Innoviz Technologies Stock Performance

Innoviz Technologies stock traded up $0.01 during mid-day 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 1 year low of $0.83 and a 1 year high of $4.39. The business has a fifty day moving average of $1.07 and a 200 day moving average of $1.48.

Innoviz Technologies (NASDAQ:INVZ) last announced 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 net margin of 441.23% and a negative return on equity of 79.64%. Research analysts forecast that Innoviz Technologies will post -0.75 EPS for the current fiscal year.

Hedge Funds Weigh In On Innoviz Technologies

A number of hedge funds have recently modified their holdings of INVZ. Crown Wealth Group LLC purchased a new position in shares of Innoviz Technologies during the fourth quarter worth approximately $28,000. Tower Research Capital LLC TRC purchased a new position in shares of Innoviz Technologies during the fourth quarter worth approximately $28,000. Kovack Advisors Inc. purchased a new position in shares of Innoviz Technologies during the first quarter worth approximately $28,000. Victory Capital Management Inc. purchased a new position in shares of Innoviz Technologies during the fourth quarter worth approximately $54,000. Finally, Jump Financial LLC purchased a new position in shares of Innoviz Technologies during the fourth quarter worth approximately $106,000. 63.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

INVZ has been the topic of a number of recent research reports. JPMorgan Chase & Co. restated an “overweight” rating and set a $7.00 target price (down from $13.00) on shares of Innoviz Technologies in a research note on Tuesday, March 26th. Cantor Fitzgerald restated an “overweight” rating and set a $3.00 target price on shares of Innoviz Technologies in a research note on Monday.

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.