Innoviz Technologies Ltd. (NASDAQ:INVZ) Short Interest Up 20.9% in December

Innoviz Technologies Ltd. (NASDAQ:INVZ) saw a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 12,150,000 shares, an increase of 20.9% from the December 15th total of 10,050,000 shares. Approximately 7.2% of the shares of the company are short sold. Based on an average daily volume of 6,220,000 shares, the days-to-cover ratio is currently 2.0 days.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Cantor Fitzgerald downgraded shares of Innoviz Technologies from an “overweight” rating to a “neutral” rating in a research report on Thursday, November 14th. The Goldman Sachs Group lowered their price target on Innoviz Technologies from $1.00 to $0.75 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Rosenblatt Securities upgraded Innoviz Technologies from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $3.25 to $4.00 in a research report on Friday, December 20th. Finally, Westpark Capital started coverage on Innoviz Technologies in a research note on Wednesday, November 27th. They set a “buy” rating and a $1.30 target price for the company. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $3.01.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Polar Asset Management Partners Inc. lifted its stake in Innoviz Technologies by 29.6% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 3,219,400 shares of the company’s stock worth $2,665,000 after acquiring an additional 735,300 shares in the last quarter. Interval Partners LP lifted its position in shares of Innoviz Technologies by 19.6% during the second quarter. Interval Partners LP now owns 2,715,837 shares of the company’s stock worth $2,519,000 after purchasing an additional 444,823 shares in the last quarter. SkyView Investment Advisors LLC acquired a new stake in shares of Innoviz Technologies during the second quarter worth about $371,000. Choreo LLC purchased a new position in shares of Innoviz Technologies in the second quarter valued at approximately $185,000. Finally, Koshinski Asset Management Inc. acquired a new position in shares of Innoviz Technologies in the fourth quarter valued at approximately $169,000. Hedge funds and other institutional investors own 63.26% of the company’s stock.

Innoviz Technologies Trading Down 5.8 %

NASDAQ:INVZ opened at $1.62 on Friday. The company’s 50-day moving average is $1.14 and its two-hundred day moving average is $0.89. Innoviz Technologies has a 1-year low of $0.45 and a 1-year high of $3.14.

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.