Unusual Options Trading Activity for Innoviz Technologies (NASDAQ:INVZ)

Innoviz Technologies Ltd. (NASDAQ:INVZ) experienced a significant surge in options trading this past Monday. Traders purchased a total of 12,194 call options on the stock, marking an approximate 49% increase over the usual volume of 8,170 call options.

Recent Changes in Analyst Ratings

Recently, several equities research analysts have provided updates on their ratings for Innoviz Technologies. On November 14th, Cantor Fitzgerald downgraded the stock from an "overweight" rating to a "neutral" rating. Conversely, on December 20th, Rosenblatt Securities upgraded the company from a "neutral" rating to a "buy" and raised their price target from $3.25 to $4.00. In addition, Westpark Capital began coverage on Innoviz Technologies on November 27th, giving it a "buy" rating with a target price of $1.30. However, on the same day as Cantor's downgrade, The Goldman Sachs Group also reduced their price target from $1.00 to $0.75, maintaining a "neutral" rating. Presently, two analysts have given a hold rating while three have rated the stock as a buy. According to data from MarketBeat.com, the average rating for the stock is a "Moderate Buy" with an average target price of $3.01.

Price Performance Overview

As of Tuesday, NASDAQ:INVZ opened at $1.18. The stock has a 50-day simple moving average of $1.46 and a 200-day simple moving average of $0.97. Innoviz Technologies has seen a 1-year low of $0.45 and a high of $3.14, with a market capitalization of approximately $160.69 million. The company reports a price-to-earnings ratio of -1.84, and its beta is at 0.72.

Institutional Investor Activity

In recent months, several institutional investors have taken significant actions in Innoviz Technologies' stock. For instance, Migdal Insurance & Financial Holdings Ltd. increased its holdings by 13.5% in the fourth quarter, now owning 6,805,731 shares valued at about $11,434,000 after acquiring an additional 810,731 shares. In the third quarter, Polar Asset Management Partners Inc. raised its share count by 29.6%, owning 3,219,400 shares now valued at $2,665,000 after adding 735,300 shares. Summit X LLC saw a remarkable 218.3% increase in its stake during the fourth quarter, owning 275,417 shares worth approximately $463,000 after purchasing 188,876 more shares. Meanwhile, Koshinski Asset Management Inc. and SBI Securities Co. Ltd. also bought new positions in the fourth quarter at values of $169,000 and $156,000, respectively. Currently, institutional investors hold approximately 63.26% of Innoviz Technologies' stock.

About Innoviz Technologies

Innoviz Technologies Ltd. specializes in manufacturing and selling automotive-grade LiDAR sensors and perception software aimed at facilitating safe and widespread autonomous driving. The company’s flagship product, the InnovizOne, is designed to be a solid-state LiDAR sensor that meets the automotive industry's rigorous standards, suitable for applications in automakers, robotaxis, shuttles, trucks, and delivery services seeking reliable and scalable solutions for autonomy.

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