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This Self-Driving Car Stock Is Heating Up as Tesla Puts the Spotlight on Robotaxis. Should You Buy It Here?

by TheAdviserMagazine
4 months ago
in Business
Reading Time: 3 mins read
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This Self-Driving Car Stock Is Heating Up as Tesla Puts the Spotlight on Robotaxis. Should You Buy It Here?
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A concept image of a self-driving car image by Gorodenkoff via Shutterstock

Innoviz (INVZ) shares have been in focus in recent sessions as Tesla’s (TSLA) upcoming launch of robotaxi services in Austin keeps investors particularly interested in self-driving car stocks.

However, the company that specializes in LiDAR sensors is not riding on speculation only. In fact, Innoviz has just landed two major agreements that could boost its capabilities as well as the stock price.

On Wednesday, Innoviz stock is up some 20% on the back of a deal with Cogniteam and another with a renowned global automaker.

www.barchart.com
www.barchart.com

Innoviz has signed a “Statement of Development Work” with a top-5 global automaker to supply its InnovizTwo LiDAR system for a Level 3 autonomous driving vehicle slated for production in 2027.

INVZ will soon begin delivering hundreds of tailored sensors and software modules, positioning the company as a Tier-1 partner. This agreement accelerates the Nasdaq-listed firm’s move into the mass-market automotive space and opens the door to large-scale production deals.

For Innoviz stock, this means three significant benefits: near-term revenue from early deliveries, long-term upside tied to a production contract, and validation from a blue-chip OEM.

As CEO Omer Keilaf said in a recent press release, working with “one of the most respected automotive manufacturers” boosts INVZ’s credibility and market positioning.

Innoviz’s collaboration with Cogniteam, announced this morning, integrates the latter’s AIoT analytics into InnovizSMART Long-Range LiDAR.

The outcome? A plug-and-play solution that finds far-reaching applications within the safety and security niche.

This deal helps diversify INVZ’s revenue streams beyond automotive manufacturing. It taps into the fast-growing security and surveillance market – which typically offers higher margins and quicker sales cycles.

In short, the Cogniteam partnership underscores Innoviz’s ability to leverage the same LiDAR tech in versatile, value-added applications – enhancing its competitive moat.

Despite an explosive rally over the past two months, Wall Street analysts continue to see significant further upside in Innoviz stock.

Story Continues

According to Barchart, the consensus rating on INVZ shares remain at “Strong Buy” with the mean target of $2.41 indicating potential upside of roughly 80% from current levels.

A graph on a screen

AI-generated content may be incorrect.
www.barchart.com

On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com



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