5 Investors Betting Big on Mobileye (MBLY) Stock

  • Mobileye Global (MBLY) stock is still trading healthily above its initial public offering (IPO) price of $21 per share.
  • CEO Amnon Shashua owns the largest stake among all insiders.
  • MBLY stock is currently down 9% from its IPO day closing price.
Transdev Mobileye (MBLY) autonomous driving shuttle bus showcased at the IAA Mobility 2021 motor show in Munich, Germany
Source: VanderWolf Images / Shutterstock.com

Mobileye (NASDAQ:MBLY) stock had its initial public offering (IPO) on Oct. 26. On that day, MBLY stock opened at $26.71, more than $5 up from its initial offering price of $21 per share. Shares then closed the day up 38% at $28.97. Mobileye had previously gone public in 2014 at a $5.3 billion valuation. In 2017, however, the company was bought out by chip manufacturer Intel (NASDAQ:INTC).

This company has picked an interesting time to become public again, as several other private companies have opted to push their IPOs back in light of the macroeconomic environment. That said, Mobileye was the fourth company out of 199 this year to price its IPO above the targeted range, which was between $18 and $20 per share.

Mobileye is a spinoff from Intel and focuses on providing autonomous driving (AD) technology and advanced driver-assistance systems (ADASs). It seeks to solve the difficult challenge of AD by using cameras, radar and lidar. The use of all three of these technologies can fill in the gaps if one technology fails.

Mobileye’s ADAS has already been used in more than 125 million vehicles. By 2030, CEO and co-founder Amnon Shashua believes an additional 270 million vehicles will utilize the company’s system, per Bloomberg.

In the 12 months ended Dec. 25, Mobileye posted revenue of $1.39 billion. It also posted a net loss of $75 million. Its cash and cash equivalents stand at $774 million as of July 2022.

Now, insiders have submitted Form 4s to document their ownership of MBLY stock. Let’s get into the details.

5 Investors Betting Big on MBLY Stock

Institutional ownership data for MBLY stock is not yet available since the company went public during the third quarter. Institutional ownership as of Sept. 30 will be available on Nov. 14.

Still, several Mobileye insiders have disclosed their stakes, with Shashua having the largest ownership among them. Let’s take a look at the insiders with the most skin in the game.

  1. Amnon Shashua, CEO: 476,191 shares purchased at $21. Shashua also owns 2.1 million restricted stock units (RSUs) that can be vested within six months to five years of the grant date of Oct. 26. Each RSU can be exchanged for one share of common stock.
  2. Patrick Gelsinger, Director: 120,000 shares purchased at $21.
  3. Christine Pambianchi, Director: 70,000 shares purchased at $21.
  4. Safroadu Yeboah-Amankwah, Director: 47,519 shares purchased at $21.
  5. Claire McCaskill, Director: 41,000 shares purchased at $21. McCaskill also owns 9,523 RSUs that can vest within one and three years of the grant date.

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.


Article printed from InvestorPlace Media, https://investorplace.com/2022/11/5-investors-betting-big-on-mobileye-mbly-stock/.

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