Amnon Shashua, President and CEO of Mobileye Global (MBLY), recently bought 631,963 shares. The buy increased his position by 18%, and came to a total cost of $10.4 million.
This is the most recent insider buy since a director bought shares in late April, paying just over $100,000 for 3,611 shares. Other directors have been buyers this year and into last year. The last inside sale occurred over a year ago, from a major holder who exited their position.
Overall, Mobileye Global insiders own 1.9% of shares.
The autonomous vehicle technology developer has slid over 60% in the past year. Investors have turned more towards AI than self-driving or EV technologies.
Operationally, Mobileye saw revenues decline by 3%. As an early-stage company, they’re far from turning a profit. But for now, they’re continuing to develop and roll out their technology.
Action to take: Investors may like shares here as a speculative position. The recent market weakness and massive insider buy point to a potentially strong entry point. If the market starts to show more interest in automotive tech, shares could substantially rally from here.
For traders, the November $20 calls, last trading for about $0.95, could see high double-digit returns over the coming months on a rebound in shares from here.
Disclosure: The author of this article has no position in the company mentioned here, but may trade after the next 72 hours. The author receives no compensation from any company mentioned in this article.