Mobileye Global (NASDAQ:MBLY) Trading Down 6.5% Following Analyst Downgrade

Mobileye Global Inc. (NASDAQ:MBLY) shares fell 6.5% during trading on Friday after Mizuho lowered their price target on the stock from $18.00 to $17.00. Mizuho currently has a neutral rating on the stock. Mobileye Global traded as low as $14.40 and last traded at $14.42. 8,527,417 shares were traded during mid-day trading, an increase of 57% from the average session volume of 5,426,323 shares. The stock had previously closed at $15.42.

Several other analysts have also issued reports on MBLY. UBS Group raised their price target on shares of Mobileye Global from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, July 14th. TD Cowen decreased their price target on shares of Mobileye Global from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday. Barclays raised their price target on shares of Mobileye Global from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 16th. Wall Street Zen upgraded shares of Mobileye Global to a “sell” rating in a research report on Tuesday, April 29th. Finally, Wells Fargo & Company raised their price target on shares of Mobileye Global from $18.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 9th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Mobileye Global has an average rating of “Hold” and an average price target of $19.26.

Insider Transactions at Mobileye Global

In other Mobileye Global news, major shareholder Corp Intel sold 63,731,985 shares of the business’s stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $16.05, for a total value of $1,022,898,359.25. Following the transaction, the insider directly owned 50,000,000 shares in the company, valued at $802,500,000. The trade was a 56.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Boaz Ouriel sold 67,493 shares of the business’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $16.09, for a total transaction of $1,085,962.37. Following the completion of the transaction, the executive vice president owned 107,853 shares in the company, valued at approximately $1,735,354.77. This trade represents a 38.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Mobileye Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company boosted its position in Mobileye Global by 4.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 14,211,880 shares of the company’s stock valued at $283,101,000 after buying an additional 621,062 shares in the last quarter. Norges Bank acquired a new position in Mobileye Global in the fourth quarter valued at about $95,937,000. DAVENPORT & Co LLC boosted its position in Mobileye Global by 7.6% in the first quarter. DAVENPORT & Co LLC now owns 2,369,612 shares of the company’s stock valued at $34,111,000 after buying an additional 167,333 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Mobileye Global by 32.7% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,002,257 shares of the company’s stock worth $28,822,000 after acquiring an additional 493,281 shares during the last quarter. Finally, Primecap Management Co. CA raised its stake in shares of Mobileye Global by 9.0% in the first quarter. Primecap Management Co. CA now owns 1,966,200 shares of the company’s stock worth $28,303,000 after acquiring an additional 161,800 shares during the last quarter. 13.25% of the stock is currently owned by institutional investors and hedge funds.

Mobileye Global Price Performance

The company has a market capitalization of $12.04 billion, a P/E ratio of -4.06, a P/E/G ratio of 15.93 and a beta of 0.54. The stock’s 50 day simple moving average is $16.55 and its two-hundred day simple moving average is $15.78.

Mobileye Global (NASDAQ:MBLY) last announced its earnings results on Thursday, July 24th. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. Mobileye Global had a negative net margin of 153.91% and a positive return on equity of 0.73%. The company had revenue of $506.00 million during the quarter, compared to the consensus estimate of $466.42 million. During the same period in the previous year, the firm posted $0.09 earnings per share. The company’s revenue was up 15.3% on a year-over-year basis. As a group, equities research analysts expect that Mobileye Global Inc. will post 0.01 earnings per share for the current year.

Mobileye Global Company Profile

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.