Why did Mobileye stock jump today? Thank heavier than normal volume
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Mobileye Global (NASDAQ:MBLY) shares closed up nearly 10% on Tuesday as traders piled into the autonomous vehicle technology company.
Nearly 2.7M shares changed hands on Tuesday, well above the average daily volume of just over 2.2M. The increase in volume comes one day after investment firm Robert W. Baird raised its per-share price target on Mobileye (MBLY) to $50.
Last month, Mobileye (MBLY) said it earned an adjusted 27 cents per share on $565M in revenue during the fourth-quarter, topping estimates of 17 cents per share and $535.3M in revenue.
The company said its advanced driver assistance systems had an average system price of $56.20 in the fourth-quarter, up from $48.30 in the year-ago period.
In addition, Mobileye (MBLY) said its future backlog continues to grow as its 2022 advanced driver assistance system design wins are projected to generate $6.7B in revenue across 64M units by 2030.
Looking to 2023, Mobileye (MBLY), which was spun off by Intel (INTC) in late 2022 but is still majority owned by the chip giant, said it expects full-year revenue to be between $2.19B and $2.228B.
In January, Deutsche Bank started coverage on Mobileye (MBLY), adding that it is "ahead of the curve."