Investors may want to play close attention to Mobileye Global (MBLY), we noted on March 6.
That’s when MBLY traded at just $42.
At the time, we noted, Intel CEO Pat Gelsinger was buying heavily. In fact, on October 28, he picked up 120,000 shares for $2.5 million. On October 28, MBLY CEO and President Amnon Shashua bought 476,190 shares; Director Christine Pambianchi bought 70,000 shares; Director Director Frank Yeary bought 27,500 shares; Director Claire McCaskill bought 41,000 shares; and Director Eyal Desheh bought 10,000 shares. Each bought at $21.
Helping, Barclays’ analysts are bullish. As noted by the firm, ““We believe MBLY is the highest-quality pure-play in the market leveraged to the secular megatrends of active safety/autonomous vehicles, which should drive robust earnings growth through at least the end of the decade. Moreover, we remain constructive on the catalyst backdrop this year, including continued positive momentum in SuperVision awards and potential for MBLY to exceed its FY23 guidance,” as quoted by TipRanks.com.
Today, MBLY is up to $46.01 – and we still believe it could push aggressively higher. If it can break above resistance around $48, it could see $55 shortly after.
Helping even more, Daiwa Securities initiated coverage on the MBLY stock with a buy rating, and a price target of $50 a share. “We are very positive on the future of ADAS and AV driving as both are being accepted by safety agencies, auto companies and eventually the public,” the analysts noted. “Mobileye, a leader in this space, should see strong growth through 2030.”