3. Mobileye Global Inc. (NASDAQ:MBLY)
Number of Hedge Fund Holders: 29
Number of Hedge Funds That Bought: 29
Mobileye Global Inc. (NASDAQ:MBLY) is a leading global developer of advanced driver assistance systems (ADAS) and autonomous driving technologies. The company went public in October 2022 after Intel Corporation (NASDAQ:INTC) decided to spin it off. The company raised $16.7 billion at its IPO and began trading on the NASDAQ on October 26, 2022. As of March 10, Mobileye Global Inc. (NASDAQ:MBLY) is worth $31.49 billion on the open market and has returned 35.55% to investors over the past 6 months.
29 hedge funds bought stock in Mobileye Global Inc. (NASDAQ:MBLY) in the fourth quarter of 2022. The collective stakes of these hedge funds are valued at $334.2 million. Mobileye Global Inc. (NASDAQ:MBLY) is placed third among the top stocks hedge funds are buying right now.
Here is what Baron Funds had to say about Mobileye Global Inc. (NASDAQ:MBLY) in its Q4 2022 investor letter:
“During the fourth quarter, we participated in Mobileye Global Inc. (NASDAQ:MBLY)’s IPO. Mobileye is a leading ADAS and autonomous driving technologies and solutions provider with over 125 million vehicles across 800 models that have incorporated its products to date across 50-plus vehicle manufacturers (OEMs) including 13 of the top 15 global OEMs. The company was founded in 1999 and effectively pioneered the ADAS market introducing its first EyeQ system-on-chip (SoC) in 2007, enabling the vehicle to gain ADAS capabilities (such as real-time detection of vehicles, pedestrians, and lane markings) for a price of around $50. While the company remains a leader in ADAS today (with an approximate 70% market share), we believe the bigger opportunity is in leading the autonomous driving revolution. This would, in our view, significantly improve safety; meaningfully increase the vehicle utilization rate, which today is only around 4%; and dramatically grow the company’s content per vehicle. Mobileye’s SuperVision, a fully operational point-to-point assisted driving navigation solution, is the next step in the company’s progress towards autonomous driving, and it has a price tag of over 20 times that of its basic ADAS SoC. At the last Consumer Electronics Conference, the company announced a $3.5 billion backlog for its SuperVision solution across six OEMs and nine vehicle models. In addition, the company announced a $1.5 billion design win for its consumer AV program and a $3.5 billion backlog for its Mobility-as-a-Service or robotaxi solution. CEO and Founder, Amnon Shashua discussed his long-term vision in the company’s shareholder letter:
“More than two decades ago, I founded Mobileye on the belief that computer vision technology could help prevent automobile crashes and save lives. From that simple idea, a global industry was born… By 2030, we expect Mobileye driver-assistance systems to be deployed in another 270 million vehicles globally… We believe that we will be positioned to deliver an autonomous driving solution that can enable the mass adoption of AVs [Autonomous Vehicles] including both Mobileye-powered robotaxis and consumer-owned autonomous driving vehicles. And Mobileye will be well on the way to delivering the future I first envisioned more than two decades ago.””
