Another red day on Wall Street with all three indices declining by more than 1%, but shares of Mobileye NV (NYSE:MBLY), TASER International, Inc. (NASDAQ:TASR), Barrick Gold Corporation (USA) (NYSE:ABX), Yamana Gold Inc. (USA) (NYSE:AUY), and Conatus Pharmaceuticals Inc (NASDAQ:CNAT) are registering gains. So let’s take a closer look at the developments that sent these stocks higher and see the hedge fund sentiment towards them.
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The first on the list is Mobileye NV (NYSE:MBLY), whose stock is well in the green on news regarding the development of a new technology, Road Experience Management (REM), which, through real-time data source location and other high-definition data, will provide information for fully-autonomous driving. Moreover, the company has signed an agreement with Volkswagen AG to include the new technology into the Volkswagen’s fleet. It also plans to integrate REM into existing program launches of General Motors.
“We leveraged advanced artificial intelligence, used for creating environmental models from camera input, in order to create maps based on local coordinate systems while requiring very low bandwidth,” Prof. Amnon Shashua, co-founder, chairman and Chief Technology Officer of Mobileye was quoted as saying in a statement.
Among the funds we follow, 32 reported long positions in Mobileye NV as of the end of September, down by seven funds from a quarter earlier.
Second in our list is TASER International, Inc. (NASDAQ:TASR), whose shares are up by around 5.5% today after the analysts at JPMorgan Chase upgraded the company to ‘Overweight’ from ‘Neutral’, while maintaining the price target at $25 per share (a 40% upside potential from the current price and 70% higher than the consensus price target). The analyst Mark Strouse added that in terms of the Sum-Of-The-Parts (SOTP) Valuation, the $25 price target includes $20 for the weapons business, with the remainder – for the company’s video segment. The upgrade is based on a proper risk-reward relationship, as well as new contracts.
During the third quarter, TASER International, Inc. (NASDAQ:TASR) registered a decrease in popularity among the funds we track, with 15 investors holding long positions at the end of September, versus 18 funds a quarter earlier. Peter Rathjens, Bruce Clarke and John Campbell‘s Arrowstreet Capital is the largest shareholder of the company among the investors we follow, with 1.39 million shares valued at $30.7 million as of the end of the third quarter.