Investors may want to play close attention to Mobileye Global (MBLY), we noted on Nov. 14.
Intel CEO Pat Gelsinger was buying heavily. In fact, on October 28, he picked up 120,000 shares for $2.5 million. Also, 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.
At the time, MBLY traded around $29 a share.
Today, the stock is up to $35.84, and could see higher highs.
For one, Mizuho analyst Vijay Rakesh just raised the firm’s price target to $40 from $35, with a buy rating. As noted by TheFly.com, “The analyst believes Mobileye is seeing upside from its SuperVision platform with ramps at Zeekr in 2022 and potentially Geely in 2023. While 2023 could see auto headwinds with a ‘stretched’ consumer, improving auto supply chains and multiple new product launches for the company ‘could remain a tailwind.’”
Two, the company just beat on revenue and EPS. Total revenue was up 38% to $450 million in the third quarter, as compared to expectations for $447 million. Net loss did widen to $45 million from $26 million. Adjusted, the company earned 15 cents a share, which was above expectations for 12 cents. In addition, the company forecast fourth-quarter revenue of between $527 million and $545 million. Analysts were expecting revenue of $483.7 million.
From a current price of $35.84, we’d like to see MBLY test $40 short-term.