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Innoviz Technologies Ltd. (INVZ) Stock Jumps 9.8%: Will It Continue to Soar?

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Innoviz Technologies Ltd. (INVZ - Free Report) shares soared 9.8% in the last trading session to close at $5.58. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 29.3% gain over the past four weeks.

Innoviz is riding on its solid product offerings including InnovizOne, InnovizTwo, Innoviz360 and the Perception Software. Frequent business wins for its LIDAR sensors are fueling the stock. In January, Innoviz clinched contracts with Swiss-based LOXO and France-based Exwayz. Contract will LOXO is for LIDAR sensors to enable driverless capabilities in a fleet of all-electric delivery vehicles. Exwayz intends to integrate the InnovizOne LiDAR system into a variety of non-automotive applications.  


This company is expected to post quarterly loss of $0.23 per share in its upcoming report, which represents a year-over-year change of -21.1%. Revenues are expected to be $2.2 million, up 32.5% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Innoviz Technologies Ltd., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on INVZ going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Innoviz Technologies Ltd. is part of the Zacks Automotive - Original Equipment industry. AEye, Inc. (LIDR - Free Report) , another stock in the same industry, closed the last trading session 0.5% lower at $0.63. LIDR has returned 30.8% in the past month.

For AEye, Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.14. This represents a change of -7.7% from what the company reported a year ago. AEye, Inc. currently has a Zacks Rank of #3 (Hold).

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