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Thursday, December 16, 2021 8:34:55 AM
Shalu Sara, Dec 16, 2021, 07:01 AM
https://www.tipranks.com/news/article/innoviz-lidar-sensors-driving-growth?utm_source=advfn.com&utm_medium=referral
Innoviz Technologies (NASDAQ:INVZ) is an Israeli technology firm that makes light detection and ranging (LiDAR) sensors for autonomous vehicles.
InnovizOne and InnovizTwo are solid-state LiDAR sensors built exclusively for automotive applications by Innoviz. They’re tough, light, and suitable with Level 3-5 self-driving cars.
In April, the firm went public through a SPAC merger in order to generate fresh funds from investors searching for innovative options in the advanced automotive sector.
Strong LiDAR Market Growth
In recent years, LiDAR technology has become a critical sensor for producers of self-driving cars and vehicles with advanced driver assist systems (ADAS), as it helps to ensure their safety.
According to a report from MarketsandMarkets, the LiDAR market is expected to grow from $1.3 billion in 2021 to $3.4 billion in 2026.
The need for LiDAR is expected to rise in the near future as more vehicles are equipped with ADAS or, possibly, autonomous highway driving capabilities.
Given the stupendous growth in this market, Innoviz is sure to gain from it.
Growth Catalysts
Innoviz’s rising presence in the LIDAR industry, bolstered by its unique product range and constant efforts to win new contracts, should act as major catalysts.
Last month, the business announced a partnership with JueFX, an AI-driven technology firm, to deploy InnovizOne LiDAR on traffic poles and bridges to monitor traffic behavior in real-time.
The latest agreement should strengthen Innoviz’s foothold in the LIDAR market.
Innoviz recently released its 3Q21 earnings, which showed a 106% rise in overall revenues from the year-ago quarter. On the cash front, the company’s cash position climbed to $324.6 million in the third quarter, up from $58.0 million in the year-ago quarter.
Aside from that, the quarterly report served as a reminder to investors that Innoviz is working hard to maintain its position as the industry’s top LiDAR provider. Indeed, the company showed continued progress on key automotive programs.
Furthermore, Innoviz CEO Omer Keilaf expressed optimism about forming additional collaborations in the future.
He said, “As the global LiDAR market moves towards the convergence on multiple programs, Innoviz is uniquely positioned to secure new design wins due to our extensive automotive experience, our growing capabilities, and our portfolio of products.”
Wall Street’s Take
Turning to Wall Street, the stock has a Strong Buy consensus rating, based on 3 unanimous Buys assigned in the past three months. Meanwhile, the average Innoviz price target of $10 implies 63.7% upside potential to current levels.
Recent INVZ News
- Innoviz Sets Second Quarter 2024 Conference Call for Wednesday, August 7 at 9:00 a.m. ET • PR Newswire (US) • 07/17/2024 01:00:00 PM
- Innoviz Technologies and Major OEM Collaborate on New Short-Range LiDAR for L4 Autonomous Vehicles • PR Newswire (US) • 06/26/2024 12:00:00 PM
- Innoviz Technologies Releases its First Impact Report • PR Newswire (US) • 06/25/2024 12:00:00 PM
- Innoviz Collaborating with Ecomotion Community to Host the Annual Assembly • PR Newswire (US) • 05/28/2024 12:00:00 PM
- Innoviz Technologies Ltd. Sued for Securities Law Violations - Contact The Gross Law Firm Before May 14, 2024 to Discuss Your Rights - INVZ • PR Newswire (US) • 05/14/2024 09:45:00 AM
- Innoviz Reports First-Quarter 2024 Results, Exceeds Revenue Guidance for Second Consecutive Quarter and Expands Key Partner and Customer Relationships • PR Newswire (US) • 05/08/2024 11:00:00 AM
- The Gross Law Firm Notifies Innoviz Technologies Ltd. Investors of a Class Action Lawsuit and Upcoming Deadline - INVZ • PR Newswire (US) • 05/07/2024 09:45:00 AM
- Innoviz Technologies Ltd. Sued for Securities Law Violations - Investors Should Contact The Gross Law Firm Before May 14, 2024 to Discuss Your Rights - INVZ • PR Newswire (US) • 05/03/2024 05:17:00 PM
- Shareholders that lost money on Innoviz Technologies Ltd.(INVZ) Urged to Join Class Action - Contact The Gross Law Firm to Learn More • PR Newswire (US) • 04/26/2024 09:45:00 AM
- Shareholders that lost money on Innoviz Technologies Ltd. (INVZ) Urged to Join Class Action - Contact The Gross Law Firm to Learn More • PR Newswire (US) • 04/26/2024 09:45:00 AM
- The Gross Law Firm Reminds Innoviz Technologies Ltd. Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of May 14, 2024 - INVZ • PR Newswire (US) • 04/19/2024 10:05:00 AM
- Innoviz Reaches a Key Milestone with Successful Winter Test of InnovizTwo LiDAR and AI-Powered Perception Software, Showcasing Significant Progress and New Opportunities • PR Newswire (US) • 04/18/2024 01:01:00 PM
- Innoviz Sets First Quarter 2024 Conference Call for Wednesday, May 8 at 9:00 a.m. ET • PR Newswire (US) • 04/17/2024 01:00:00 PM
- Contact The Gross Law Firm by May 14, 2024 Deadline to Join Class Action Against Innoviz Technologies Ltd. (INVZ) • PR Newswire (US) • 04/16/2024 09:55:00 AM
- Investors in Innoviz Technologies Ltd. Should Contact The Gross Law Firm Before May 14, 2024 to Discuss Your Rights - INVZ • PR Newswire (US) • 04/12/2024 09:45:00 AM
- May 14, 2024 Deadline: Contact The Gross Law Firm to Join Class Action Suit Against INVZ • PR Newswire (US) • 04/09/2024 10:15:00 AM
- Class Action Filed Against Innoviz Technologies Ltd. (INVZ) Seeking Recovery for Investors - Contact The Gross Law Firm • PR Newswire (US) • 04/05/2024 09:45:00 AM
- The Gross Law Firm Reminds Innoviz Technologies Ltd. Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of May 14, 2024 - INVZ • PR Newswire (US) • 04/02/2024 09:45:00 AM
- Innoviz Technologies Ltd. Class Action: The Gross Law Firm Reminds Innoviz Technologies Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of May 14, 2024 - INVZ • PR Newswire (US) • 03/29/2024 09:45:00 AM
- The Gross Law Firm Notifies Shareholders of Innoviz Technologies Ltd.(INVZ) of a Class Action Lawsuit and an Upcoming Deadline • PR Newswire (US) • 03/26/2024 09:45:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/28/2024 09:08:32 PM
- Innoviz Reports Fourth Quarter and Full Year 2023 Results, Exceeding Revenue Guidance • PR Newswire (US) • 02/28/2024 12:00:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/28/2024 11:13:44 AM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/13/2024 02:49:43 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/12/2024 08:36:33 PM
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