Innoviz Technologies jumps on supply deal with large auto group

Innoviz Technologies

02/05/2022 16:00

** Shares of LiDAR sensor maker  INVZ.O  rise as much as
15.8% to $4.68 after cracking a supply deal 
    ** Co selected by one of the largest vehicle manufacturers
in the world, which it did not name, as direct LiDAR supplier
across multiple brands 
    ** INVZ says supply deal increases forward-looking order
book by $4 bln to $6.6 bln
    ** We are expecting the scope of this deal to grow even
further as additional car brands within the group adopt our
platform - CEO Omer Keilaf
    ** Co most traded stock on the Nasdaq, with more than 21.3
mln shares traded, roughly 29.6 times their 25-day moving avg.
    ** YTD, stock down ~31% vs a 20.36% slide in the Nasdaq
composite  .IXIC  


 (Reporting by Sohini Podder in Bengaluru)
 ((sohini.podder@thomsonreuters.com))