Innoviz Technologies (NASDAQ:INVZ) Stock Rating Cut to Neutral at JPMorgan Chase & Co.

Innoviz Technologies (NASDAQ:INVZ) was downgraded by equities research analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report issued on Thursday, Marketbeat Ratings reports.

Separately, Weiss Ratings lowered Innoviz Technologies from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, September 28th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $2.00.

Innoviz Technologies Stock Performance

Shares of Innoviz Technologies stock opened at $0.18 on Thursday. The stock has a 50 day moving average price of $0.29 and a two-hundred day moving average price of $0.58. The stock has a market capitalization of $38.68 million, a PE ratio of -0.47 and a beta of 1.58. Innoviz Technologies has a 52 week low of $0.13 and a 52 week high of $1.76.

Innoviz Technologies (NASDAQ:INVZ) last released its quarterly earnings results on Wednesday, November 11th. The company reported ($0.07) EPS for the quarter, meeting analysts’ consensus estimates of ($0.07). Innoviz Technologies had a negative return on equity of 118.08% and a negative net margin of 153.10%. The business had revenue of $12.10 million during the quarter, compared to analyst estimates of $19.00 million. Research analysts forecast that Innoviz Technologies will post -0.35 EPS for the current year.

Hedge Funds Weigh In On Innoviz Technologies

A number of institutional investors and hedge funds have recently modified their holdings of INVZ. Commonwealth Equity Services LLC purchased a new stake in Innoviz Technologies during the 3rd quarter valued at approximately $51,000. Aberdeen Group plc bought a new position in Innoviz Technologies during the 3rd quarter worth about $807,000. Phoenix Financial Ltd. purchased a new position in Innoviz Technologies during the third quarter valued at approximately $1,228,000. Finally, Renaissance Technologies LLC increased its holdings in shares of Innoviz Technologies by 59.5% in the 1st quarter. Renaissance Technologies LLC now owns 3,076,666 shares of the company’s stock valued at $1,946,000 after acquiring an additional 1,148,013 shares during the period. 63.26% of the stock is currently owned by hedge funds and other institutional investors.

Innoviz Technologies Company Profile

Innoviz Technologies Ltd. (NASDAQ: INVZ) develops lidar sensors and perception software for the automotive industry. Its technology is designed to help vehicles detect and interpret their surroundings for advanced driver-assistance systems (ADAS) and autonomous driving applications. The company’s solutions are intended to provide three-dimensional sensing, object detection and mapping capabilities in a range of driving environments. Innoviz’s product portfolio includes the InnovizOne and InnovizTwo lidar platforms, along with related perception software and supporting technologies.