Mobileye Global (NASDAQ:MBLY) Shares Gap Down Following Analyst Downgrade

Mobileye Global Inc. (NASDAQ:MBLY)’s share price gapped down prior to trading on Wednesday after Royal Bank Of Canada downgraded the stock from a sector perform rating to an underperform rating. The stock had previously closed at $7.30, but opened at $7.04. Royal Bank Of Canada now has a $5.00 price target on the stock. Mobileye Global shares last traded at $7.0550, with a volume of 1,062,965 shares traded.

A number of other equities research analysts have also recently commented on the stock. Citigroup started coverage on shares of Mobileye Global in a report on Friday, October 16th. They set a “buy” rating and a $11.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Mobileye Global in a research note on Friday, October 2nd. Morgan Stanley lowered their price target on shares of Mobileye Global from $10.00 to $9.00 and set an “equal weight” rating on the stock in a report on Thursday, October 15th. Berenberg Bank upgraded shares of Mobileye Global from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research report on Monday, August 17th. Finally, UBS Group cut their price objective on shares of Mobileye Global from $9.00 to $7.50 and set a “neutral” rating for the company in a report on Wednesday, October 7th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Mobileye Global has a consensus rating of “Hold” and an average price target of $11.08.

Insider Activity at Mobileye Global

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

Institutional Investors Weigh In On Mobileye Global

Institutional investors have recently modified their holdings of the company. Harel Insurance Investments & Financial Services Ltd. raised its holdings in shares of Mobileye Global by 24.5% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,585,733 shares of the company’s stock valued at $24,634,000 after buying an additional 705,400 shares during the period. Assenagon Asset Management S.A. lifted its stake in Mobileye Global by 6.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,586,131 shares of the company’s stock worth $19,112,000 after acquiring an additional 166,392 shares in the last quarter. Bank of America Corp DE boosted its holdings in Mobileye Global by 5.8% during the 1st quarter. Bank of America Corp DE now owns 2,036,548 shares of the company’s stock valued at $13,991,000 after acquiring an additional 111,215 shares during the period. Counterpoint Mutual Funds LLC purchased a new position in Mobileye Global during the 3rd quarter valued at about $9,074,000. Finally, First Trust Advisors LP boosted its holdings in Mobileye Global by 27.7% during the 1st quarter. First Trust Advisors LP now owns 1,152,499 shares of the company’s stock valued at $7,918,000 after acquiring an additional 249,921 shares during the period. 13.25% of the stock is owned by institutional investors and hedge funds.

Mobileye Global Stock Performance

The company has a market capitalization of $5.87 billion, a price-to-earnings ratio of -1.40, a P/E/G ratio of 2.39 and a beta of 1.25. The firm has a 50-day simple moving average of $8.03 and a two-hundred day simple moving average of $8.61.

Mobileye Global (NASDAQ:MBLY) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.13. The company had revenue of $508.00 million for the quarter, compared to analyst estimates 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 revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.08) earnings per share. As a group, equities analysts forecast that Mobileye Global Inc. will post 0.11 EPS for the current fiscal year.

About Mobileye Global

Mobileye Global Inc (NASDAQ:MBLY) develops advanced driver-assistance systems and autonomous driving technologies for vehicle manufacturers worldwide. Founded in 1999 and headquartered in Jerusalem, Israel, the company provides computer-vision and artificial-intelligence solutions designed to improve vehicle safety and support automated driving.

Its product portfolio includes EyeQ system-on-chips, camera-based driver-assistance features, and software for functions such as automatic emergency braking, lane-keeping assistance, adaptive cruise control, and traffic-sign recognition.