We recently compiled a list of the 10 Firms End Trading Week Defying Market Bloodbath. In this article, we are going to take a look at where Mobileye Global Inc. (NASDAQ:MBLY) stands against the other stocks.
A wave of selling gripped Wall Street this Friday, pushing major indices lower as investors shifted capital towards more attractive investment opportunities.
Ten companies bucked an overall bearish market sentiment, booking significant gains during the last trading day of the week. Let’s explore how they managed to buck the trend and what factors contributed to their remarkable performance amidst widespread market uncertainty.
A driverless vehicle navigating city traffic, equipped with ADAS and safety features.
Mobileye Global Inc. (NASDAQ:MBLY)
Mobileye Global (MBLY), an Israeli autonomous driving technology company, reported a 2.88-percent increase in share price on the last trading day of the week, ending at $20.03 apiece.
According to analysts, investor sentiment was buoyed by announcements that the company is close to securing significant automotive deals.
RBC Capital Markets cited a presentation from the company’s investor event in Germany recently that it was nearing the completion of a partnership with a Japanese automaker. RBC identified Honda, Toyota, Nissan, and Mazda as potential candidates among the Japanese manufacturers.
It said that a deal with Honda or Toyota could be particularly impactful given their production volumes.
MBLY also appears to be in advanced talks with a European automaker for Surround ADAS (advanced driver-assistance systems) and a US automaker, which is in the negotiation phase, according to RBC.
Overall MBLY ranks 3rd on our list of the firms that ended the trading week defying market bloodbath. While we acknowledge the potential of MBLY as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than MBLY but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.