Foresight Autonomous (NASDAQ:FRSX) shared some big news on Monday that sent FRSX stock up more than 30% on heavy trading volume. What was the news? And what else do you need to know?
For those unfamiliar, Foresight Autonomous is all about the world of safe, self-driving vehicles. The Israeli company specializes in developing different sensor systems for the automotive industry, such as sensors for inclement weather and pre-collision alerts. Importantly, this specialty has made FRSX stock a favorite of retail investors.
Today, the company got another big boost. Foresight shared that its subsidiary Eye-Net Mobile successfully completed a trial. So what was the trial? According to the company, the solution at hand was Eye-Net Protect, a cellular-based accident prevention product. Specifically, Eye-Net Mobile was testing this solution for the intelligent transport system division of a multibillion-dollar Japanese vehicle manufacturer. Foresight did not name the manufacturer.
Essentially, Foresight and Eye-Net want to protect vehicles from oncoming collisions. To do this, they streamed trial results in real time from Israel to Japan. If everything goes well, the solution could be integrated into a smart city project. And thus far, things are looking good. Eye-Net Protect had a 95.4% success rate in the test scenarios. Plus, Foresight says that all users were alerted on time, which counts as 2.4 seconds before reaching the intersection. The solution also was operable 100% of the time during the tests.
The Bottom Line on FRSX Stock
What should you do here? Keep FRSX stock on your radar. As we wait for more information about the tests and possible integration with the Japanese auto manufacturer, this is certainly an intriguing story.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.