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

Mobileye Global Inc. (NASDAQ:MBLY) gapped down before the market opened 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 traded.

Other equities analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $15.00 price objective on shares of Mobileye Global in a report on Tuesday, September 10th. Daiwa America lowered shares of Mobileye Global from a “strong-buy” rating to a “hold” rating in a report on Monday, August 5th. Wolfe Research cut shares of Mobileye Global from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 5th. UBS Group lowered their price target on shares of Mobileye Global from $22.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, August 15th. Finally, Daiwa Capital Markets downgraded Mobileye Global from a “buy” rating to a “neutral” rating in a report on Monday, August 5th. Three analysts have rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $29.10.

Insider Activity at Mobileye Global

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

Hedge Funds Weigh In On Mobileye Global

Institutional investors and hedge funds have recently modified their holdings of the stock. Wells Fargo & Company MN grew its holdings in shares of Mobileye Global by 15.2% during the fourth quarter. Wells Fargo & Company MN now owns 263,855 shares of the company’s stock valued at $11,430,000 after buying an additional 34,763 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its stake in Mobileye Global by 41.2% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 15,706 shares of the company’s stock valued at $680,000 after purchasing an additional 4,585 shares during the last quarter. TD Asset Management Inc increased its holdings in shares of Mobileye Global by 59.2% in the 4th quarter. TD Asset Management Inc now owns 140,083 shares of the company’s stock worth $6,068,000 after purchasing an additional 52,088 shares in the last quarter. Bank of Nova Scotia purchased a new position in shares of Mobileye Global in the fourth quarter worth $402,000. Finally, Stephens Investment Management Group LLC lifted its holdings in shares of Mobileye Global by 1.1% during the fourth quarter. Stephens Investment Management Group LLC now owns 72,656 shares of the company’s stock valued at $3,147,000 after purchasing an additional 779 shares in the last quarter. 13.25% of the stock is currently owned by institutional investors.

Mobileye Global Price Performance

The firm has a 50-day moving average of $14.51 and a 200 day moving average of $23.68. The company has a market capitalization of $10.47 billion, a PE ratio of -64.00 and a beta of 0.08.

Mobileye Global (NASDAQ:MBLY) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. The firm had revenue of $439.00 million during the quarter, compared to analyst estimates of $424.34 million. Mobileye Global had a negative net margin of 12.14% and a positive return on equity of 1.32%. The business’s revenue for the quarter was down 3.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.11 earnings per share. Equities 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.