Investing.com -- Shares of Mobileye (NASDAQ:MBLY) climbed 3% in after-hours trading on Thursday following the disclosure that Steven Cohen’s hedge fund, Point72 Asset Management, L.P., has acquired a new 5% stake in the company. The stake amounts to 5,052,323 shares, as revealed in a 13G filing with the SEC after the market close.
The move by Point72, a notable investment firm led by high-profile investor Steven Cohen, suggests a significant vote of confidence in Mobileye, a company specializing in the development of autonomous driving technologies and advanced driver-assistance systems. The acquisition of a 5% stake is a substantial investment and may have been the catalyst for the stock’s positive performance in after-hours trading.
Mobileye, which has been gaining attention in the rapidly growing autonomous driving market, has seen its shares respond positively to such strategic investments. The involvement of a well-respected hedge fund like Point72 can often be interpreted by the market as a positive signal regarding the company’s future prospects and underlying value.
The company’s recent developments and the increasing interest from institutional investors like Point72 may contribute to Mobileye’s stock momentum moving forward. As the market digests the news of this significant investment, investors will likely keep a close eye on Mobileye’s performance and any further strategic moves by Point72 or other institutional players in the space.
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