On Monday the Relative Strength (RS) Rating for Mobileye Global climbed to 72, up nine points from 63 last week after the self-driving technology company gapped up last month on strong third quarter earnings and sales. Mobileye stock rose Monday.
Additionally, the Israel-based company said in its Oct. 26 third quarter earnings release that despite the Hamas attack on Oct. 7, the company is "on-track for 2023 to exceed the record design win activity generated in 2022 on a volume, revenue, and average system price basis."
Mobileye Stock Claws Up From Bottom, Forms Base
The upgraded 72 Relative Strength Rating shows that Mobileye stock performed better than 72% of all stocks in terms of price appreciation this past year. It's still shy of the 80 or better RS Rating that CAN SLIM investors often look for. Look for Mobileye to continue to show renewed price strength and clear that threshold.
See How IBD Helps You Make More Money In Stocks
Mobileye develops autonomous driving technology for automakers and also advanced driver assistance systems. To date, more than 150 million vehicles worldwide have been built with Mobileye technology inside, the company says on its website.
Mobileye stock traded near 30 after its IPO a little more than a year ago. It rose to an all-time high 48.11 on Feb. 15 this year. From there it dropped to a 29.63 low on April 27 then turned up again. It's clawed its way back to above 38, up about 2% for the day Monday afternoon, and up 28% from the February bottom.
Mobileye stock has moved more than 5% past a 31.88 entry in a first-stage IPO base, meaning it's now out of a proper buy range. Look for the stock to create a new buying opportunity like a three-weeks-tight base or pullback to the 50-day or 10-week moving average.
Feast Or Famine Earnings So Far
Mobileye, which went public in late October 2022, reported on Oct. 26 this year that Q3 earnings popped 57% year over year on an 18% increase in revenue to $530 million. It was a powerful reversal from the prior quarter's 19% dip in earnings on a 1% drop in revenue. The question now is whether the company is definitely on a fast-growth path or will it consolidate again this quarter.
Mobileye stock earns the No. 6 rank among its peers in the 37-stock Electronics-Semiconductor Fabless industry group. Rambus and Advanced Micro Devices are among the group's highest-rated stocks.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
This exclusive Relative Strength Rating from Investor's Business Daily tracks share price movement with a 1 (worst) to 99 (best) score. The grade shows how a stock's price behavior over the last 52 weeks holds up against all the other stocks in our database.
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