Exploring Innoviz Technologies Ltd. (INVZ) Investor Profile: Who’s Buying and Why?

You're looking at Innoviz Technologies Ltd. (INVZ) and wondering if the big money is finally validating the LiDAR story, especially as we close out 2025. Honestly, the institutional interest is defintely picking up, but it's still a high-stakes bet on execution. We've seen the institutional ownership structure shift, with major players like Migdal Insurance & Financial Holdings Ltd. holding over 7.3 million shares and Millennium Management LLC making a significant entry, which tells you that smart money is tracking the transition from R&D to mass production volume. The opportunity is clear: the company is forecasting a massive revenue jump, targeting between $50 million and $60 million for the full fiscal year 2025, more than double the 2024 level, which is the kind of growth rate that grabs attention. But here's the quick math: while Q3 2025 revenue hit $15.3 million, operating expenses were still high at $18.1 million, so the focus shifts entirely to how they manage that $74.4 million in liquidity to convert their massive order book into profitable sales before the cash runway gets too short. Are these institutions buying the growth story, or are they just trading the volatility of the autonomous vehicle (AV) space? That's what we need to unpack.

Who Invests in Innoviz Technologies Ltd. (INVZ) and Why?

If you're looking at Innoviz Technologies Ltd. (INVZ), you're essentially betting on the future of autonomous vehicles, and you're in crowded company. The investor base is a fascinating mix, dominated by the retail crowd but anchored by sophisticated institutional money. The short answer is that investors are buying because they see a clear line of sight to mass-market adoption of LiDAR (Light Detection and Ranging) technology, despite the company still being in a heavy investment phase.

For the 2025 fiscal year, this is a classic growth story: high capital expenditure now for massive revenue later. Innoviz is forecasting a full-year revenue target between $50 million and $60 million, a significant jump that reflects the early stages of commercialization. That kind of growth potential is what attracts the big money, even with a Q3 2025 revenue of just $15.28 million.

Key Investor Types: The Retail-Institutional Split

The ownership structure of Innoviz Technologies Ltd. is unusual for a publicly traded company that emerged from a SPAC (Special Purpose Acquisition Company) merger. The vast majority of shares are held by the public and individual investors (the retail crowd), which is estimated to be around 93.03% of the stock. This means the stock price is highly sensitive to news, social media sentiment, and short-term trading pressures. It's a volitile stock, defintely.

The institutional side-the mutual funds, hedge funds, and asset managers-holds a smaller percentage, around 6.18%, but their collective stake is crucial for stability and long-term valuation. As of the latest filings, approximately 140 institutional owners hold a total of over 54.5 million shares. These aren't small players; they represent the professional conviction in the company's technology. The top holders include major names like Heights Capital Management, Migdal Mutual Funds Ltd., Morgan Stanley, and Millennium Management LLC, reflecting a mix of long-term funds and active traders.

Investment Motivations: Betting on Design Wins and NRE

The core motivation for buying Innoviz Technologies Ltd. is simple: they have secured major design wins with global automotive OEMs (Original Equipment Manufacturers). For institutional investors, this is the only thing that matters right now. These wins validate the technology and guarantee a revenue stream once mass production starts in the coming years.

A major driver of cash flow in the near term is Non-Recurring Engineering (NRE) revenue. This is essentially customer-funded R&D, where automakers pay Innoviz to customize their LiDAR for specific car models. Innoviz is forecasting NRE bookings for FY 2025 to range from $30 million to $60 million, which is vital cash flow that isn't diluting existing shareholders. This customer commitment is a strong signal.

• Growth Prospects: The LiDAR market is projected for massive expansion, and Innoviz is positioned with major Tier-1 and OEM partnerships.
• Customer-Funded R&D: NRE bookings provide a non-dilutive capital stream to fund development.
• Technology Validation: Design wins with global automakers prove the reliability and scalability of the InnovizTwo™ platform.
• Strategic Vision: Investors are aligned with the company's long-term goal of enabling safe, mass-market autonomous driving, which you can read about in their Mission Statement, Vision, & Core Values of Innoviz Technologies Ltd. (INVZ).

Investment Strategies: The Long Game vs. The Short Squeeze

The dominant strategy among the large institutional holders is a long-term growth investment. They are willing to overlook the current net losses-analyst consensus for 2025 earnings is around -$60.27 million-because they are focused on the projected revenue ramp in 2027 and beyond. They are buying the company's future, not its present. They are essentially patient capital.

On the flip side, the high retail ownership and significant short interest create a different dynamic: short-term trading and speculation. A short squeeze-where a sudden positive surprise forces short sellers to buy back shares, rapidly driving the price up-is a constant, high-risk, high-reward possibility. For many retail traders, the strategy is simply to wait for a major new program win, which Innoviz is targeting 1 to 3 of by the end of fiscal year 2025. This is pure event-driven speculation.

Here's the quick math: if the company secures a new, high-volume design win, the stock could move violently, as the shorts scramble to cover their positions. What this estimate hides, however, is the risk of production delays, which could just as easily send the stock the other way. You need a strong stomach for this kind of volatility.

Next Step: Review your portfolio's current allocation to high-growth, pre-profit technology stocks and determine if the risk profile of Innoviz Technologies Ltd. fits your long-term return objectives.

Institutional Ownership and Major Shareholders of Innoviz Technologies Ltd. (INVZ)

You're looking at Innoviz Technologies Ltd. (INVZ) and trying to figure out if the smart money is on board, which is defintely the right move. The short answer is yes, big institutions hold a significant stake, but the ownership structure is unusually balanced by a very active retail base. This balance creates a unique dynamic for the stock.

As of the third quarter of the 2025 fiscal year (September 30, 2025), a total of 140 institutional owners and funds have filed 13F forms with the SEC, holding a combined total of 54,556,814 shares. Based on the November 14, 2025, share price of $1.34, this institutional stake is valued at approximately $73.01 million.

Here's the quick math: that's a lot of shares, but it's not a dominant control position, especially when you consider that individual retail investors are estimated to hold between 57% and 69% of the company's shares. This high retail interest is a major factor in INVZ's volatility.

Top Institutional Investors and Their Shareholdings

The largest institutional holders are a mix of insurance companies, major banks, and hedge funds, reflecting a diverse view on the LiDAR sector's future. The presence of hedge funds, in particular, suggests a focus on near-to-medium-term catalysts like major automotive contract wins and the path to profitability.

The table below shows the top five institutional holders based on their Q3 2025 filings, which is the most recent comprehensive data we have:

You can see that Migdal Insurance & Financial Holdings Ltd. is the clear leader, with a stake that is almost 2.1 million shares larger than the next biggest holder, Morgan Stanley.

Recent Changes in Institutional Ownership Stakes

Institutional investors have been moving their money around, which is typical for a growth stock in a capital-intensive, pre-mass-market industry like LiDAR. The Q3 2025 data shows a mixed bag of buying and selling, but the most aggressive moves were on the buy side, signaling some funds are betting on a successful production ramp-up.

The most notable activity includes:

• Millennium Management LLC significantly increased its position, reflecting a strong conviction in the stock's near-term potential.
• New positions were established by firms like Jane Street Group, LLC and Sora Investors LLC, indicating fresh money is entering the stock.
• Goldman Sachs Group Inc. added 153,553 shares to its holding, a smaller but still positive sign from a major bank.
• On the flip side, some funds took profits or reduced exposure: Phoenix Holdings Ltd. cut its stake by 402,852 shares, and Citigroup Inc. reduced its holding by 462,714 shares.

The fact that a major hedge fund like Millennium Management LLC is building a large position is a signal that they see a potential for a 'short squeeze' or a major positive catalyst, like a new OEM win, to drive the stock higher. The selling, however, reminds us that not everyone agrees on the timeline for profitability.

Impact of Institutional Investors on Stock and Strategy

Institutional investors play a crucial role in Innoviz Technologies Ltd.'s stock price and corporate strategy, even with the high retail ownership. Their actions provide liquidity and a stamp of validation. When a major firm like Morgan Stanley or Goldman Sachs Group Inc. holds a significant stake, it lends credibility to the company's long-term vision, which you can read more about here: Mission Statement, Vision, & Core Values of Innoviz Technologies Ltd. (INVZ).

The impact is two-fold:

• Stock Price Volatility: Large-scale buying or selling by a handful of institutional investors can easily move the stock price, especially for a company like INVZ where the institutional float is smaller than the retail float. Their 13F filings often trigger a reaction as other investors try to front-run the smart money.
• Corporate Strategy Influence: The hedge fund presence, like the substantial holding by Millennium Management LLC, means there is pressure on management to deliver on key milestones, particularly the transition from high-margin Non-Recurring Engineering (NRE) revenue to high-volume, profitable hardware sales. These investors demand a clear, accelerated path to positive free cash flow, which was negative at approximately $20.7 million in Q1 2025.

What this estimate hides is the true power of the retail investor base, which is unusually large for a company of this size. Their collective sentiment can often override institutional action in the short term, but the institutions are the ones who will ultimately fund the company's growth through future equity raises if the cash burn rate continues.

Finance: draft a quick analysis of the Q3 2025 institutional net flow (buys vs. sells) to see if accumulation or distribution is the current trend.

Key Investors and Their Impact on Innoviz Technologies Ltd. (INVZ)

You want to know who is betting big on Innoviz Technologies Ltd. (INVZ) and why. The short answer is that the investor base is a mix of long-term strategic partners and powerful, but often volatile, institutional money, which together hold a significant stake. This ownership structure creates a dynamic tension between the long-term vision of the LiDAR technology and the near-term financial pressures.

As of the most recent filings (Q3 2025), a total of 140 institutional owners hold a combined 54,556,814 shares of Innoviz Technologies Ltd.. This institutional presence is critical, as it accounts for a large portion of the trading volume and provides a stamp of legitimacy to the company's long-term growth story, despite the current market skepticism.

The Anchor Investors: Who Holds the Largest Stakes

The biggest players in Innoviz Technologies Ltd. are not the typical Silicon Valley venture funds anymore; they are large financial institutions and insurance groups. These investors often signal a longer-term horizon, focusing on the company's potential to scale its automotive-grade LiDAR technology into mass production.

The top institutional holders as of September 30, 2025, show a clear picture of who is anchoring the stock:

• Migdal Insurance & Financial Holdings Ltd.: The largest holder, with 7,305,731 shares valued at approximately $8.621 million. This is a massive vote of confidence from a major financial institution.
• Morgan Stanley: Holding 5,208,525 shares.
• Millennium Management LLC: A major hedge fund holding 4,788,688 shares.
• Neuberger Berman Group LLC: A significant asset manager with 4,399,220 shares.

You can see the full story of the company's journey and underlying structure in Innoviz Technologies Ltd. (INVZ): History, Ownership, Mission, How It Works & Makes Money.

Recent Moves: Buying, Selling, and Market Sentiment

Looking at the Q3 2025 activity, you see a mixed bag, which is typical for a pre-profitability growth stock. Some major players are trimming their positions, while others are adding aggressively, suggesting a split view on the near-term risk-reward.

Here's the quick math on some notable moves:

Goldman Sachs Group Inc. adding shares, while Citigroup Inc. and Phoenix Financial Ltd. reduced their stakes, shows a classic institutional divergence. Also, a smaller firm, Caitong International Asset Management Co. Ltd, increased its position by a staggering +26,982.5% in a single quarter, though their total holding value is only around $98K. That's a small position, but it defintely shows high conviction from a new entrant.

Investor Influence: The Pressure for Performance

While there are no public Schedule 13D filings from a traditional activist investor demanding a board seat or a sale, the influence of the current investor base is felt through two main channels: strategic partners and market forces.

• Strategic Partners: Early investors and partners like Magna International, Samsung, and Aptiv are not just financial backers; they are industry heavyweights who validate the technology and open doors to Tier-1 automotive relationships. Their continued involvement is crucial for securing new contracts.
• Market Skepticism: The high short interest is a form of market-driven activism. As of May 2025, approximately 23 million shares were sold short. This high short interest, which at one point represented a 7-day-to-cover ratio, signals that a large part of the market is betting the stock will fall. This pressure forces management to obsessively focus on reducing cash burn-which was successfully cut to approximately $7.3 million in Q2 2025-and delivering on their revenue guidance of $50 million to $60 million for the full fiscal year 2025.

The institutional money wants to see the company convert its technology wins-like the development agreement with a Top 5 passenger automotive OEM-into sustainable, high-margin revenue. If the company hits its raised NRE bookings target of $30 million to $60 million for 2025, that institutional confidence will solidify, and the short sellers will be forced to cover.

Market Impact and Investor Sentiment

You're looking at Innoviz Technologies Ltd. (INVZ) and trying to figure out if the big money is buying, holding, or running for the hills. Honestly, the sentiment among major shareholders is a story of cautious accumulation, which is typical for a pre-mass-production technology stock. They are definitely buying the long-term vision, but they are still realistic about the near-term cash burn.

Institutional ownership is actually quite strong for a company in this growth stage. Innoviz Technologies Ltd. has 140 institutional owners holding a total of 54,556,814 shares, representing a significant portion of the float. What's telling is the recent trend: the number of institutional owners increased by 16.95% in the most recent quarter, showing that new funds are starting to take positions. That's a clear signal of increasing conviction.

Who's Buying: The Institutional Conviction

The largest shareholders are mostly major financial institutions and hedge funds, which suggests a belief in the company's execution on its Tier-1 automotive deals. Migdal Insurance & Financial Holdings Ltd. is the top holder, with a position of 7,305,731 shares as of September 30, 2025. Other heavy hitters like Morgan Stanley and Millennium Management Llc are also among the top five, demonstrating that global banks and large multi-strategy funds are placing bets.

Here's a quick look at the top institutional holders and their positions from the Q3 2025 filings:

These firms aren't just passive investors; they're capital allocators who see a clear path to production revenue, which you can read more about in Innoviz Technologies Ltd. (INVZ): History, Ownership, Mission, How It Works & Makes Money.

Market Reactions to Investor Moves: A Volatile Year

The stock market's response to Innoviz Technologies Ltd. is defintely volatile, swinging hard on both good news and financial reality checks. For example, in June 2025, the stock surged by over 17.8% after the company announced a significant deal to supply LiDAR units for a Level 3 autonomous vehicle system to a major OEM. That's a pure market reaction to commercial validation.

But still, the market is a realist. When Q2 2025 earnings were released, the stock dropped sharply by 10.4% in pre-market trading, even though revenue of $9.7 million beat the consensus estimate of $9.18 million. Why the drop? Investors focused on the cash burn and the path to profitability, which is a major risk for pre-revenue tech companies. The stock also saw a drop of 13.63% in August 2025 following investor uncertainty after key leadership changes, showing that governance and stability matter just as much as technology wins.

Analyst Perspectives: The Path to $3.27

Wall Street analysts are generally bullish, but they're not blind to the risks. The consensus rating is a 'Moderate Buy' based on four analysts, with a collective 12-month price target of $3.27. That price target implies a massive upside from the November 2025 stock price of around $1.34 per share, but it hinges entirely on execution.

The bull case is simple: Innoviz Technologies Ltd. has the design wins and is moving toward mass production. The company reiterated its FY 2025 revenue target of $50 million to $60 million, and NRE (Non-Recurring Engineering) bookings are expected to be between $30 million and $60 million. They are executing on the commercial front.

• Bull Case: Analysts see a projected 2026 revenue of around $150 million, which justifies the higher price target.
• Bear Case: The company is expected to post a net loss of approximately -$60.27 million for the full fiscal year 2025, which means they are burning cash. Liquidity sits at about $74.4 million as of September 30, 2025, so they have runway, but they need to convert those NRE bookings into high-margin production revenue fast.

The key takeaway is that the smart money is accumulating shares because they believe the long-term automotive contracts will materialize into a significant revenue stream, but they know the next 12-18 months will be bumpy. Your action item: monitor the NRE bookings and the liquidity level every quarter. If that $74.4 million cash pile shrinks too quickly without new program wins, the risk profile changes dramatically.