MBLY - Why Mobileye Shares Rocketed More Than 26% Higher in March
2024-04-05 09:07:00 ET
Shares of autonomous driving software and semiconductor company Mobileye Global (NASDAQ: MBLY) rallied 26.2% in March, according to data from S&P Global Market Intelligence .
Mobileye was perhaps poised for a rally at the beginning of the month. In early January, the company warned that its first-quarter revenue would decline about 50% sequentially, and eventually recover but still finish the year about 9% down from 2023, according to the midpoint of guidance.
Mobileye's stock promptly crashed on that news, and by the time March rolled around, the stock was down roughly 40% on the year. That set up Mobileye for a rally on good news, which it got.
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Why Mobileye Shares Rocketed More Than 26% Higher in March