5 Best Lidar Stocks To Buy Now

3. Innoviz Technologies Ltd. (NASDAQ:INVZ)

Number of Hedge Fund Holders: 17

Innoviz Technologies Ltd. (NASDAQ:INVZ) is a leading provider of high-performance lidar sensors and perception software for autonomous vehicles. The company manufactures InnovizOne, a solid-state lidar sensor designed for automakers, shuttle, trucking, and delivery companies requiring an automotive-grade and mass-producible solution to achieve vehicle autonomy.

On October 26, Innoviz Technologies Ltd. (NASDAQ:INVZ) announced its partnership with software company Kudan, whose perception software allows machines to generate 3D maps of surrounding environments and gain autonomous mobility based on Innoviz lidars. The cooperation between the two companies addresses the growing need for 3D digital mapping solutions leveraging “Simultaneous Localization and Mapping” technology.

Earlier this September, Berenberg analyst Jared Maymon assumed coverage of Innoviz Technologies Ltd. (NASDAQ:INVZ) with a Buy rating and $12 price target as he took over coverage of the maker of lidar sensors for consumer vehicles. While Maymon understands that investors are skeptical regarding lidar adoption, his analysis suggests that automakers representing about 35% of annual vehicle production volumes have already selected lidar suppliers for series production. According to the analyst, Innoviz is “one of the best ways for investors to own a piece of the growing lidar adoption in automotive,” as production awards with BMW and Volkswagen Group combine to make the company a market leader.

According to the second quarter database of Insider Monkey, 17 hedge funds were bullish on Innoviz Technologies Ltd. (NASDAQ:INVZ), compared to 38 funds in the preceding quarter. Stephen Dubois’ Camber Capital Management is a significant position holder in the company, with 2.82 million shares worth $107 million.

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