Migdal Insurance & Financial Holdings Ltd. Raises Position in Innoviz Technologies Ltd. (NASDAQ:INVZ)

Migdal Insurance & Financial Holdings Ltd. raised its holdings in Innoviz Technologies Ltd. (NASDAQ:INVZ) by 38.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,795,000 shares of the company’s stock after buying an additional 1,600,000 shares during the period. Migdal Insurance & Financial Holdings Ltd. owned approximately 3.51% of Innoviz Technologies worth $14,661,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Private Advisor Group LLC purchased a new position in Innoviz Technologies in the 1st quarter valued at approximately $35,000. Engineers Gate Manager LP purchased a new position in Innoviz Technologies in the 1st quarter valued at approximately $38,000. UBS Group AG purchased a new position in Innoviz Technologies in the 3rd quarter valued at approximately $57,000. LPL Financial LLC purchased a new position in Innoviz Technologies in the 2nd quarter valued at approximately $43,000. Finally, Crown Wealth Group LLC acquired a new stake in shares of Innoviz Technologies in the 4th quarter valued at $28,000. Hedge funds and other institutional investors own 63.26% of the company’s stock.

Innoviz Technologies Price Performance

NASDAQ:INVZ traded down $0.01 during midday trading on Wednesday, hitting $1.06. 2,539,602 shares of the company were exchanged, compared to its average volume of 2,968,744. The company has a fifty day simple moving average of $1.47 and a 200 day simple moving average of $1.77. Innoviz Technologies Ltd. has a fifty-two week low of $1.03 and a fifty-two week high of $4.39.

Innoviz Technologies (NASDAQ:INVZ) last announced its quarterly earnings results on Wednesday, February 28th. The company reported ($0.18) EPS for the quarter, hitting the consensus estimate of ($0.18). Innoviz Technologies had a negative net margin of 591.37% and a negative return on equity of 78.39%. The firm had revenue of $14.92 million for the quarter, compared to analyst estimates of $12.25 million. As a group, sell-side analysts predict that Innoviz Technologies Ltd. will post -0.85 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on INVZ. The Goldman Sachs Group reduced their price objective on shares of Innoviz Technologies from $3.00 to $2.50 and set a “buy” rating on the stock in a report on Thursday, January 25th. JPMorgan Chase & Co. restated an “overweight” rating and issued a $7.00 price objective (down from $13.00) on shares of Innoviz Technologies in a report on Tuesday, March 26th. Finally, Rosenblatt Securities reduced their price objective on shares of Innoviz Technologies from $5.00 to $3.25 and set a “neutral” rating on the stock in a report on Thursday, February 29th.

Innoviz Technologies 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.