Why Is Innoviz Technologies (INVZ) Stock Up Today?

Innoviz Technologies (NASDAQ:INVZ) stock is on the rise Monday after announcing a deal with one of the world’s largest vehicle manufacturers.

INVZ stock: Concept image of a self-driving car lidar system.

Source: temp-64GTX/Shutterstock.com

Innoviz Technologies has been selected as the LiDAR supplier for this company across its multiple brands. The announcement doesn’t reveal the name of this company but investors might learn more about it during its upcoming earnings call on May 11.

What we do know is Innoviz Technologies expects this deal to increase its forward-looking order book by $4 billion to $6.6 billion. It’s also worth noting this is the company’s third major design win.

Omer Keilaf, co-founder and CEO of Innoviz Technologies, said the following about the news.

“Being selected by a large-scale multi-brand global vehicle maker is a significant catalyst for Innoviz and we expect this will affect the entire industry which has been waiting for a decision of this magnitude. We are expecting the scope of this deal to grow even further as additional car brands within the group adopt our platform.”

INVZ stock is seeing heavy trading on today’s news. As of this writing, more than 18 million shares of the stock have changed hands. That’s quite the jump over its daily average trading volume of about 845,000 shares.

INVZ stock is up 13.5% as of Monday morning but is down 26.7% since the start of the year.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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