Top 10 ADR Stocks To Buy According to Hedge Funds

4. Mobileye Global (NYSE:MBLY)

Number of Hedge Fund Holders: 28

Stock Upside Potential: 55.73%

Mobileye Global (NYSE:MBLY) is one of the companies spearheading the autonomous car revolution. Headquartered in Israel and operating as an Intel Overseas Funding Corporation subsidiary, it develops and deploys advanced driver assistance systems (ADAS) and autonomous driving technologies and solutions worldwide.

Mobileye Global (NYSE:MBLY) stands out as one of the top 10 ADR stocks to buy according to hedge funds, as it generates a good chunk of its revenues from its advanced driver assistance system, developed more than ten years ago.

The self-driving firm has shipped its clients the initial batch of hardware and software for its latest EyeQ6 Lite system-on-chip. This EyeQ6 Lite system-on-chip is designed to “fuel sophisticated driver-assistance technologies across various models and is set to be introduced this year. In 2022, Mobileye Global (NYSE:MBLY) unveiled the EyeQ6 series, with the EyeQ6L model expected to be integrated into 46 million vehicles over the next few years. The EyeQ6 High-end system-on-chip is scheduled to go into production in the first quarter of 2025, the firm mentioned.

Mobileye Global (NYSE:MBLY) delivered $439 million in revenues in its second quarter, representing an 84% increase from the first quarter. The growth can be attributed to a 110% increase in the number of systems shipped compared to the first quarter. Given continued SuperVisionTM / ChauffeurTM progress, the company remains optimistic about the medium-term growth environment.

Based on 17 Wall Street analysts, Mobileye Global (NYSE:MBLY) is rated as a Buy with an average price target of $22.27, implying a 55.73% upside potential from current levels.

According to the Insider Monkey database, 28 hedge funds held stakes in the company as of the end of the second quarter.