Mobileye Rallies 8%+ as Intel-Backed AI Play Rebounds from Recent All-Time Low
$Mobileye Global(MBLY.US$ rallied more than 8% Tuesday as the autonomous-driving firm continued to rebound after recently hitting its lowest level since $Intel(INTC.US$ spun out the company in 2022.
MBLY rose to as high as $26.49, up 8.6% on the day and 12.8% since the stock hit a $23.49 all-time intraday low last Friday.
Mobileye rebounded on little apparent news Tuesday other than a positive mention by The Motley Fool, which included MBLY in its list of three AI stocks to consider instead of soaring $NVIDIA(NVDA.US$.
The publication called Mobileye, which is developing systems for self-driving cars, an “AI stock that many have investors completely forgetting about.” Motley Fool noted that MBLY could see a 203% upside given Citi’s $72 price target on the stock.
Mobileye went public in 2014, then went private for a time when Intel bought the company for $15.3 billion.
INTC then spun Mobileye out as a separate company in October 2022 through a $21-a-share initial public offering, although the chip giant retained about an 88% stake in the firm.
MBLY initially garnered huge investor interest, rising almost 130% from its IPO price to peak at $48.11 in February 2023. However, the stock has given back some 45% of its value since then.
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