The share price of Israeli advanced driving assistance systems (ADAS) company Mobileye Global Inc (Nasdaq: MBLY) rose 5.2% on Wall Street on Friday, giving a market cap of $12.655 billion, after reports that hedge fund Point72 Asset Management holds a 5% stake in the company. However, Jerusalem-based Mobileye’s share price was down 1% overall on the week.
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Point72, managed by Steve Cohen, has $36.9 billion under management. The value of Point72’s stake in Mobileye, managed by cofounder and CEO Prof. Amnon Shashua, is worth $78 million.
Point72’s entry into Mobileye is viewed as positive. Mobileye held its Nasdaq IPO at the end of 2022 at $21 per share, after it was acquired by Intel in 2017, which still holds a controlling stake in the company. The share price more than doubled to $47 before falling back to its current price of $15.59. In 2024, the company’s revenue fell 20.4% but Mobileye expects to return to growth this year.
Published by Globes, Israel business news – en.globes.co.il – on March 9, 2025.
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2025-03-09 08:57:51