The Goldman Sachs Group Issues Pessimistic Forecast for Innoviz Technologies (NASDAQ:INVZ) Stock Price

Innoviz Technologies (NASDAQ:INVZ) had its price objective cut by The Goldman Sachs Group from $1.00 to $0.75 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target would indicate a potential upside of 49.88% from the company’s previous close.

A number of other equities analysts have also recently commented on INVZ. Cantor Fitzgerald cut Innoviz Technologies from an “overweight” rating to a “neutral” rating in a report on Thursday. Rosenblatt Securities restated a “neutral” rating and issued a $3.25 price objective on shares of Innoviz Technologies in a report on Tuesday, September 10th. Finally, Westpark Capital reiterated a “buy” rating and set a $6.00 target price on shares of Innoviz Technologies in a report on Tuesday, August 6th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Innoviz Technologies currently has a consensus rating of “Hold” and an average target price of $3.80.

Innoviz Technologies Price Performance

Shares of NASDAQ:INVZ traded down $0.01 during midday trading on Thursday, reaching $0.50. 741,754 shares of the company’s stock were exchanged, compared to its average volume of 2,055,468. The stock has a market cap of $68.14 million, a price-to-earnings ratio of -0.75 and a beta of 1.06. Innoviz Technologies has a fifty-two week low of $0.50 and a fifty-two week high of $2.99. The firm’s 50 day simple moving average is $0.71 and its two-hundred day simple moving average is $0.85.

Hedge Funds Weigh In On Innoviz Technologies

Hedge funds have recently added to or reduced their stakes in the stock. Ground Swell Capital LLC purchased a new stake in shares of Innoviz Technologies during the 2nd quarter worth approximately $26,000. Virtu Financial LLC boosted its stake in Innoviz Technologies by 85.2% in the first quarter. Virtu Financial LLC now owns 86,171 shares of the company’s stock valued at $116,000 after acquiring an additional 39,633 shares in the last quarter. Choreo LLC purchased a new position in shares of Innoviz Technologies during the second quarter worth about $185,000. Tidal Investments LLC acquired a new stake in shares of Innoviz Technologies during the first quarter worth about $258,000. Finally, Koshinski Asset Management Inc. lifted its holdings in shares of Innoviz Technologies by 232.1% in the 1st quarter. Koshinski Asset Management Inc. now owns 200,308 shares of the company’s stock valued at $270,000 after purchasing an additional 140,000 shares during the last quarter. 63.26% of the stock is currently owned by hedge funds and other institutional investors.

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.