Fred Alger Management LLC Sells 2,793,160 Shares of Mobileye Global Inc. (NASDAQ:MBLY)

Fred Alger Management LLC reduced its stake in Mobileye Global Inc. (NASDAQ:MBLY) by 98.4% during the 2nd quarter, Holdings Channel reports. The fund owned 44,920 shares of the company’s stock after selling 2,793,160 shares during the period. Fred Alger Management LLC’s holdings in Mobileye Global were worth $1,262,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Register Financial Advisors LLC bought a new position in shares of Mobileye Global during the first quarter worth approximately $32,000. Newbridge Financial Services Group Inc. bought a new position in shares of Mobileye Global during the fourth quarter worth approximately $77,000. Cranbrook Wealth Management LLC bought a new position in shares of Mobileye Global during the second quarter worth approximately $84,000. Natixis Investment Managers International bought a new position in shares of Mobileye Global during the first quarter worth approximately $99,000. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Mobileye Global by 64.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,736 shares of the company’s stock worth $162,000 after purchasing an additional 1,470 shares during the period. 13.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

MBLY has been the topic of several recent research reports. HSBC initiated coverage on shares of Mobileye Global in a report on Monday, July 15th. They set a “buy” rating and a $33.00 target price on the stock. Daiwa Capital Markets cut shares of Mobileye Global from a “buy” rating to a “neutral” rating in a research note on Monday, August 5th. Fox Advisors cut shares of Mobileye Global from an “overweight” rating to an “equal weight” rating in a research note on Thursday, August 1st. Royal Bank of Canada decreased their price objective on shares of Mobileye Global from $34.00 to $24.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 14th. Finally, BNP Paribas cut shares of Mobileye Global from an “outperform” rating to a “neutral” rating and set a $17.00 price objective on the stock. in a research note on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $30.81.

Mobileye Global Stock Performance

Shares of NASDAQ:MBLY opened at $14.39 on Friday. The firm has a market cap of $11.64 billion, a PE ratio of -68.52 and a beta of 0.08. The firm’s fifty day moving average is $14.91 and its 200-day moving average is $23.95. Mobileye Global Inc. has a 52 week low of $10.48 and a 52 week high of $44.48.

Mobileye Global (NASDAQ:MBLY) last issued 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 company had revenue of $439.00 million for 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%. Mobileye Global’s revenue was down 3.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.11 earnings per share. Sell-side analysts forecast that Mobileye Global Inc. will post -0.06 EPS for the current year.

Insider Transactions at Mobileye Global

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

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.