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

Mobileye Global Inc. (NASDAQ:MBLY)’s share price gapped down prior to trading on Wednesday after BNP Paribas downgraded the stock from a neutral rating to an underperform rating. The stock had previously closed at $13.44, but opened at $12.88. BNP Paribas now has a $12.00 price target on the stock. Mobileye Global shares last traded at $12.77, with a volume of 1,053,289 shares changing hands.

Other equities analysts have also recently issued research reports about the stock. Needham & Company LLC cut their target price on shares of Mobileye Global from $36.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. UBS Group reduced their price objective on Mobileye Global from $22.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, August 15th. HSBC assumed coverage on Mobileye Global in a research report on Monday, July 15th. They issued a “buy” rating and a $33.00 target price on the stock. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $15.00 price target on shares of Mobileye Global in a report on Tuesday, September 10th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $35.00 price objective on shares of Mobileye Global in a report on Monday, August 26th. Three analysts have rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Mobileye Global currently has an average rating of “Hold” and a consensus target price of $29.10.

Insider Activity

In other news, Director Patrick P. Gelsinger acquired 6,400 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average price of $15.48 per share, with a total value of $99,072.00. Following the purchase, the director now owns 139,106 shares of the company’s stock, valued at approximately $2,153,360.88. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Mobileye Global news, Director Patrick P. Gelsinger acquired 6,400 shares of Mobileye Global stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost of $15.48 per share, with a total value of $99,072.00. Following the purchase, the director now owns 139,106 shares in the company, valued at $2,153,360.88. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Amnon Shashua bought 631,963 shares of the stock in a transaction on Friday, August 2nd. The shares were acquired at an average cost of $16.51 per share, for a total transaction of $10,433,709.13. Following the purchase, the chief executive officer now owns 4,080,097 shares in the company, valued at $67,362,401.47. The disclosure for this purchase can be found here. 1.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mobileye Global

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MBLY. Baillie Gifford & Co. increased its stake in shares of Mobileye Global by 89.8% in the first quarter. Baillie Gifford & Co. now owns 15,985,212 shares of the company’s stock worth $513,925,000 after acquiring an additional 7,560,929 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Mobileye Global by 807.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,073,601 shares of the company’s stock worth $254,832,000 after purchasing an additional 8,073,552 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Mobileye Global by 200.3% during the 4th quarter. Wellington Management Group LLP now owns 3,398,211 shares of the company’s stock worth $147,210,000 after purchasing an additional 2,266,438 shares in the last quarter. DAVENPORT & Co LLC lifted its holdings in shares of Mobileye Global by 20.9% during the 1st quarter. DAVENPORT & Co LLC now owns 2,364,377 shares of the company’s stock valued at $76,519,000 after buying an additional 408,038 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Mobileye Global by 4.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,347,269 shares of the company’s stock valued at $65,923,000 after buying an additional 94,946 shares in the last quarter. Hedge funds and other institutional investors own 13.25% of the company’s stock.

Mobileye Global Price Performance

The stock has a market cap of $10.03 billion, a price-to-earnings ratio of -59.00 and a beta of 0.08. The business has a fifty day moving average of $14.33 and a 200 day moving average of $23.61.

Mobileye Global (NASDAQ:MBLY) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The business had revenue of $439.00 million for the quarter, compared to the consensus estimate of $424.34 million. Mobileye Global had a negative net margin of 12.14% and a positive return on equity of 1.32%. Mobileye Global’s revenue for the quarter was down 3.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.11 EPS. On average, analysts expect that Mobileye Global Inc. will post -0.06 EPS for the current year.

About Mobileye Global

Mobileye Global Inc develops and deploys advanced driver assistance systems (ADAS) and autonomous driving technologies and solutions worldwide. The company operates through Mobileye and Other segments. It offers Driver Assist comprising ADAS and autonomous vehicle solutions that covers safety features, such as real-time detection of road users, geometry, semantics, and markings to provide safety alerts and emergency interventions; Cloud-Enhanced Driver Assist, a solution for drivers with interpretations of a scene in real-time; Mobileye SuperVision Lite, a navigation and assisted driving solution; and Mobileye SuperVision, an operational point-to-point assisted driving navigation solution on various road types and includes cloud-based enhancements, such as road experience management.