Shares of Innoviz Technologies Ltd. (INVZ) shot up 11.88% in very active premarket trading Monday toward a four-month high, after the Israel-based lidar technology company said it has been selected to become the direct lidar supplier to "one of the largest vehicle manufacturers in the world."
Trading volume spiked to 9.6 million shares, compared with the full-day average of about 669,000 shares, and enough to make it the most active stock in the premarket. Innoviz said the selection will boost its forward-looking order book by $4.0 billion to $6.6 billion. The company said it will provide more details on the order when it reports first-quarter results on May 11.
The stock has rocketed 37.4% amid a five-day win streak through Friday, which started after it closed at a record low of $2.94 on April 22, but it has tumbled 36.3% year to date. In comparison, shares of rival lidar companies Luminar Technologies Inc. $(LAZR)$ have shed 26.9% this year and of Velodyne Lidar Inc. (VLDR) have plunged 59.5%, while the S&P 500 has dropped 13.3%.
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