Berenberg Bank Upgrades Mobileye Global (NASDAQ:MBLY) to Buy

Mobileye Global (NASDAQ:MBLY) was upgraded by analysts at Berenberg Bank from a “hold” rating to a “buy” rating in a report released on Monday, Marketbeat Ratings reports. The firm currently has a $11.00 price target on the stock. Berenberg Bank’s price objective points to a potential upside of 23.32% from the company’s current price.

MBLY has been the topic of a number of other reports. TD Cowen reduced their target price on shares of Mobileye Global from $11.50 to $9.00 and set a “buy” rating on the stock in a report on Friday, July 24th. Mizuho dropped their price target on shares of Mobileye Global from $9.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday, July 24th. The Goldman Sachs Group upped their price objective on Mobileye Global from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Friday, April 24th. Royal Bank Of Canada reduced their price objective on Mobileye Global from $10.00 to $7.00 and set a “sector perform” rating on the stock in a research note on Friday, July 24th. Finally, BNP Paribas Exane decreased their target price on Mobileye Global from $11.50 to $8.50 and set a “neutral” rating for the company in a report on Wednesday, April 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $12.65.

Mobileye Global Stock Performance

Shares of MBLY opened at $8.92 on Monday. The stock has a market capitalization of $7.49 billion, a PE ratio of -1.79, a P/E/G ratio of 3.04 and a beta of 1.21. Mobileye Global has a 1 year low of $6.47 and a 1 year high of $15.81. The company’s 50-day simple moving average is $8.85 and its 200-day simple moving average is $8.73.

Mobileye Global (NASDAQ:MBLY) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.13. The firm had revenue of $508.00 million during the quarter, compared to analysts’ expectations of $480.51 million. Mobileye Global had a negative net margin of 201.49% and a positive return on equity of 0.70%. The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.08) earnings per share. On average, sell-side analysts predict that Mobileye Global will post 0.11 earnings per share for the current year.

Mobileye Global declared that its Board of Directors has initiated a share repurchase program on Thursday, April 23rd that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to reacquire up to 3.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Mobileye Global

In other news, Director Safroadu Yeboah-Amankwah purchased 11,841 shares of the stock in a transaction on Thursday, August 6th. The stock was bought at an average price of $8.46 per share, for a total transaction of $100,174.86. Following the acquisition, the director directly owned 84,336 shares of the company’s stock, valued at approximately $713,482.56. The trade was a 16.33% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Frank D. Yeary acquired 12,360 shares of the company’s stock in a transaction on Thursday, July 30th. The stock was purchased at an average cost of $7.98 per share, for a total transaction of $98,632.80. Following the completion of the transaction, the director owned 12,360 shares in the company, valued at approximately $98,632.80. The trade was a ∞ increase in their position. The SEC filing for this purchase provides additional information. Insiders own 10.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Burkehill Global Management LP acquired a new stake in shares of Mobileye Global in the 3rd quarter worth approximately $42,360,000. Two Sigma Investments LP increased its stake in shares of Mobileye Global by 131.9% in the third quarter. Two Sigma Investments LP now owns 4,383,735 shares of the company’s stock worth $61,898,000 after acquiring an additional 2,493,181 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Mobileye Global during the 2nd quarter worth $23,423,000. Engineers Gate Manager LP lifted its holdings in Mobileye Global by 140.9% in the 4th quarter. Engineers Gate Manager LP now owns 3,577,407 shares of the company’s stock worth $37,348,000 after purchasing an additional 2,092,250 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its position in Mobileye Global by 436.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,489,803 shares of the company’s stock worth $35,156,000 after acquiring an additional 2,025,257 shares during the last quarter. Hedge funds and other institutional investors own 13.25% of the company’s stock.

About Mobileye Global

Mobileye Global Inc (NASDAQ: MBLY) is a leader in the development of advanced driver-assistance systems (ADAS) and autonomous driving technologies. Headquartered in Jerusalem, Israel, the company designs and supplies computer vision-based solutions that enable vehicles to detect and respond to road conditions, obstacles and signage. Mobileye’s core offering centers on its proprietary EyeQ system-on-a-chip (SoC) family, which processes video streams from automotive cameras to deliver features such as lane-keeping assist, adaptive cruise control, collision prevention and traffic sign recognition.

Founded in 1999 by Prof.