Innoviz Shares Continue To Climb: What Investors Are Watching

Innoviz Technologies Ltd (NASDAQ:INVZ) shares are moving higher Wednesday. The company announced a partnership with AIoT and robotics cloud platform company Cogniteam.

What To Know: Innoviz announced a collaboration with Cogniteam that aims to provide turnkey observation solutions for a range of safety and security applications using InnovizSMART long-range lidar (light detection and ranging).

Innoviz’s lidar system will be integrated with Cogniteam’s AI-powered analytics to offer a solution that allows real-time monitoring and enhanced threat detection through instant notifications on a customer’s mobile device.

“InnovizSMART’s high-performance LiDAR, combined with Cogniteam’s AI-powered analytics, offers an improved solution for real-time monitoring, object detection, and threat identification. This partnership aligns with our commitment to providing intelligent tools that enhance safety and security across various industries,” said Elad Hofstetter, chief business officer at Innoviz.

Innoviz shares were up more than 17% at last check, adding to gains from Tuesday after the company announced it signed an agreement with a top five passenger automotive manufacturer.

Innoviz will supply advanced lidar units for the undisclosed OEM's series-production program, with start of production anticipated in 2027. The company expects to supply several hundred lidar units under the agreement over the coming months.

Innoviz shares may also be getting a boost from positive analyst coverage. WestPark Capital analyst Casey Ryan maintained Innoviz with a Buy rating on Wednesday and raised the price target from $2.22 to $2.53, suggesting significant upside from current levels.

INVZ Price Action: Innoviz shares were up 21.9% at $1.34 at the time of publication Wednesday, according to Benzinga Pro.

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Photo: courtesy of Innoviz.