mobileye (NASDAQ:MBLY) the stock went public (Initial Public Offering) on October 26. That day, MBLY stock opened at $26.71, more than $5 higher than its original offering price of $21 per share. Shares then closed the day up 38% at $28.97. Mobileye had previously gone public in 2014 at a valuation of $5.3 billion. In 2017, however, the company was acquired by the chipmaker Intel (NASDAQ:INTC).
This company has picked an interesting time to go public again, as several other private companies have chosen to postpone their IPOs in light of the macro environment. That said, Mobileye was the fourth out of 199 companies this year to price its IPO above the target range, which was between $18 and $20 per share.
Mobileye is a spin-off from Intel and focuses on autonomous driving (AD) and advanced driver assistance systems (ADAS). It seeks to solve the difficult challenge of AD using cameras, radar and lidar. Using these three technologies can fill the gaps if one technology fails.
Mobileye’s ADAS has already been used in over 125 million vehicles. By 2030, CEO and co-founder Amnon Shashua estimates that an additional 270 million vehicles will use the company’s system, per Bloomberg.
In the 12 months ended Dec. 25, Mobileye posted revenue of $1.39 billion. It also posted a net loss of $75 million. Its cash and cash equivalents were $774 million in July 2022.
Now, insiders have submitted Forms 4 to document their ownership of MBLY shares. Let’s get into the details.
5 investors are betting big on MBLY shares
Data on institutional ownership of MBLY shares is not yet available since the company went public in the third quarter. Institutional ownership as of September 30 will be available on November 14.
Still, several Mobileye insiders have disclosed their holdings, with Shashua holding the largest ownership among them. Let’s take a look at the insiders with the most skin in the game.
- Amnon Shashua, CEO: 476,191 shares purchased at $21. Shashua also owns 2.1 million restricted stock units (RSUs) that vest within six months to five years of the Oct. 26 grant date. Each RSU can be exchanged for one common share.
- Patrick Gelsinger, director: 120,000 shares purchased at $21.
- Christine Pambianchi, director: 70,000 shares purchased at $21.
- Safroadu Yeboah-Amankwah, Director: 47,519 shares purchased at $21.
- Claire McCaskill, director: 41,000 shares purchased at $21. McCaskill also holds 9,523 PSUs which vest within one to three years from the date of grant.
At the date of publication, Eddie Pan held (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.