In a bold move amid a turbulent market, Amnon Shashua, CEO and co-founder of Mobileye, has acquired 631,963 shares of the company, according to an SEC filing released on Monday. This purchase boosts Shashua’s total stake in Mobileye to 4,080,097 shares.
The transaction occurred when Mobileye’s shares were trading at $16.51, following a sharp decline last week after the company reported disappointing second-quarter results.
Mobileye's stock has continued its downward spiral, with the company's market capitalization now at a record low of $12.24 billion. Over the past three months, Mobileye shares have plummeted nearly 50%, and they have dropped almost 65% since the beginning of the year.
The company has struggled due to a slowdown in the electric vehicle market in China and rising inventory levels, leading to another challenging quarter.
Mobileye reported second-quarter revenues of $439 million, down 3% from the same period in 2023. However, there is a glimmer of hope as revenues have surged by 84% compared to the previous weak quarter.
* Calcalist contributed to this report.