10 Best Lidar Stocks To Buy Now

7. Innoviz Technologies Ltd. (NASDAQ:INVZ)

Number of Hedge Fund Holders In Q2 2024: 6

Innoviz Technologies Ltd. (NASDAQ:INVZ) is an Israeli company that focuses on selling lidar sensors and software for autonomous driving. Its location is key, since if you read the intro to this piece, you’d know that Israeli autonomous driving firm Mobileye decided to stop its internal lidar development and switch to third party solutions instead. This means that Innoviz Technologies Ltd. (NASDAQ:INVZ) can see order growth in the future, and its shares shot up by 5.6% on the day of the announcement and are up by 48% since then. At the same time, while the firm might be seeing additions to its total addressable market due to the broader shift to third party lidar, its dependence exclusively on the auto industry means that Innoviz Technologies Ltd. (NASDAQ:INVZ) can face headwinds if lidar adoption is slow or if the industry moves to a different standard. While the firm is yet to turn a profit, its revenue grew by 448% during H1 2024 and sat at $13.7 million.