This ‘Strong Buy' Self-Driving Driving Car Stock Just Got a Major Nvidia Boost
The Israeli company plans on integrating Nvidia's Jetson Orin in its 3D perception systems. Jetson Orin refers to a grouping of computers produced by Nvidia that are tailored to robotics and edge computing use cases. Foresight is in the vision solution and accident prevention software business, touching self-driving cars and other unmanned vehicles like drones.
Despite today's rally, Foresight Autonomous stock is currently down more than 41% in the year to date.
What Nvidia Partnership Means for Foresight Stock
Using Nvidia's computing platform will enable Foresight Autonomous to improve the overall performance of its unmanned aerial vehicles (UAVs) and autonomous drones.
FRSX expects the NVDA partnership to help it create top-notch solutions that work well in 'challenging conditions, including low-light environments, heavy fog, and extreme weather.'
The AI darling's technology will ultimately expand Foresight's footprint in 'search and rescue missions and agriculture monitoring,' according to its press release on Monday.
Note that FRSX shares soared following the news on market open but have since pared back almost all of their intraday gains.
Foresight's Revenue Declined Sharply in Q3
Investors should practice caution in buying Foresight Autonomous stock after the Nvidia news since this self-driving technology company is a penny stock at the time of writing. Penny stocks are known to give up gains just as quickly as they accumulate them.
FRSX stock's price action this morning is coupled with a massive increase in trading volume. More than 10 million shares of Foresight Autonomous have exchanged hands at the time of writing, up sharply from their average trading volume of about 800,000.
In November, the Nasdaq-listed firm said it narrowed its net loss by about 21% to $3.33 million in its fiscal third quarter. Still, FRSX's revenue tanked an alarming 63% on a year-over-year basis to $111,000.
Analysts Remain Bullish on Foresight Autonomous
While Foresight Autonomous remains a high-risk investment, at least one analyst is convinced it could pay off.
There is only one analyst covering FRSX stock with a ' Strong Buy ' rating. Their price target of $4 indicates potential upside of some 345% from current levels.
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