Mobileye (MBLY), which is retreating 5% today, has tumbled 30% since its appearance at the Consumer Electronics Show (CES) on Tuesday.

Mobileye creates and markets advanced driver assistance systems (ADAS) and offerings related to autonomous driving.

A fleet of autonomous vehicles driving down a sun-drenched highway.

Disappointment With Mobileye's CES Appearance

After Mobileye at last year's CES  announced multiple design wins, the company failed to announce any new deals at this year's conference. The lack of such news appears to have sparked the large decline in MBLY stock this week.

However, Mobileye this week did disclose progress in the area of innovations related to autonomous-driving technology.

What's more, after attending the company's Capital Markets Day in December, RBC Capital was more bullish on the firm's ability to sell automakers its Level 2+ and Level 3 autonomous driving offerings. Moreover, the bank was upbeat about the company's demonstration of its products.

However, RBC kept a Sector Perform rating on the shares, although it did raise its price target on the name to $14 from $11.  The shares are currently trading around $16.

In the third quarter, Mobileye's revenue fell 8% versus the same period a year earlier to $486 million. But that was 11% above Q2's top line.

The Recent Price Action of MBLY Stock 

In the last month, MBLY stock has dropped 9%, but it is still up 31% in the last three months.

While we acknowledge the potential of MBLY, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than MBLY but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.