Friday, October 4, 2024
Stock Market

Intel CEO Pat Gelsinger Just Bought 3,600 Shares of Mobileye Stock

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2024 hasn’t exactly been kind to Mobileye (NASDAQ:MBLY). Earlier this year, Mobileye warned in its preliminary fourth-quarter results that its customers had excess inventory of its EyeQ System-on-Chip (SoC), a chip built for automotive mobility solutions.

“Based on our discussions, we understand that much of this excess inventory reflects decisions by Tier 1 customers to build inventory in the Basic ADAS category due to supply chain constraints in 2021 and 2022 and a desire to avoid part shortages, as well as lower than-expected production at certain OEM’s during 2023,” said Mobileye.

The company expects its customers to use up the inventory during Q1 and has guided for Q1 2024 revenue 50% below Q1 2023 revenue. Mobileye believes that revenue will normalize during the rest of the year. Meanwhile, MBLY stock is down more than 35% year-to-date (YTD).

MBLY Stock: Intel CEO Pat Gelsinger Buys 3,600 Shares

The near-term concerns haven’t phased Intel (NASDAQ:INTC) CEO and Mobileye Director Pat Gelsinger. Following a $1.5 billion sale in June 2023, Intel still owned 98.7% of Mobileye’s voting shares, down from 99.3%

According to a Form 4 filing dated Jan. 31, Gelsinger acquired 3,600 shares of MBLY stock at an average per share price of $27.75 on Jan. 29. In total, the transaction was worth $99,915. Following the purchase, Gelsinger now owns 129,095 shares through his trust.

Gelsinger has now acquired shares of MBLY four separate times since it became publicly traded in October 2022. His last purchase, excluding the most recent one, was on Oct. 27 when he picked up 2,845 shares at an average per share price of $35.18.

Meanwhile, Director Saf Yeboah-Amankwah also recently reported an insider buy. On Feb. 1, Yeboah-Amankwah acquired 940 shares at an average per share price of $25.67, bringing his total stake to 48,459 shares. The transaction marked Yeboah-Amankwah’s second purchase of MBLY stock since it became publicly traded.

During the past year, Mobileye insiders have sold $1.57 billion worth of shares while buying $1.32 million of shares. The $1.57 billion sale is attributed directly to the Intel sale. Without it, there would be $0 of insider sales for the past year.

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines

Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.

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