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Why Foresight Autonomous Holdings Stock Jumped Friday

By Howard Smith - Updated Mar 12, 2021 at 12:28PM

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The self-driving technology company has completed the first phase of a pilot project.

What happened

Shares of Foresight Autonomous Holdings (FRSX -5.17%) spiked as much as 18% Friday morning before paring some of those gains. As of 11:30 a.m. EST today, shares were still 12% higher than Thursday's closing price. 

So what

The company focuses on driver-assistance and autonomous-driving technologies, and said it has now completed the pilot phase with a Japanese automotive manufacturer for its Eye-Net Mobile subsidiary product. The results have enabled the unnamed global Japanese carmaker to conclude that Eye-Net will be suitable for the traffic-safety system of a smart-city project. 

autonomous vehicles on city highway

Image source: Getty Images.

Now what

Foresight says its autonomous technology is achieved by "fusing stereo visible-light cameras with thermal long-wave infrared sensors that provide depth perception and obtain a clear 3D view." The intelligent-transport division of the carmaker is working on the traffic-safety system for the smart-city project. 

With Eye-Net's success in the pilot phase, the auto manufacturer will now engage in technical discussions with Eye-Net and the smart-city project developer, possibly integrating the technology into the project. "This project has the potential to become a critical catalyst for integrating our solution into similar smart-city projects around the world," Dror Elbaz, deputy CEO of Eye-Net Mobile said in a statement. 

Shares of Foresight, the Israel-based parent company, are up 670% since the start of 2020, growing the five-year-old company's market cap to over $500 million. 

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