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

Mobileye Global Inc. (NASDAQ:MBLY)’s share price 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 changing hands.

MBLY has been the subject of several other research reports. Wolfe Research lowered shares of Mobileye Global from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. Daiwa America downgraded shares of Mobileye Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 5th. Barclays cut their price objective on shares of Mobileye Global from $40.00 to $27.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Hsbc Global Res raised Mobileye Global to a “strong-buy” rating in a report on Monday, July 15th. Finally, Daiwa Capital Markets downgraded Mobileye Global from a “buy” rating to a “neutral” rating in a research report on Monday, August 5th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $29.10.

Insider Activity at Mobileye Global

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

Hedge Funds Weigh In On Mobileye Global

A number of large investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company raised 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 period. Baillie Gifford & Co. raised its holdings 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 buying an additional 7,560,929 shares during the period. Wellington Management Group LLP lifted 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 acquiring an additional 2,266,438 shares during the last quarter. Janus Henderson Group PLC purchased a new position in Mobileye Global during the 1st quarter valued at $69,638,000. Finally, 1832 Asset Management L.P. grew its position in Mobileye Global by 5,308.1% in the 1st quarter. 1832 Asset Management L.P. now owns 2,206,500 shares of the company’s stock valued at $70,939,000 after acquiring an additional 2,165,700 shares during the last quarter. 13.25% of the stock is owned by hedge funds and other institutional investors.

Mobileye Global Trading Down 3.7 %

The company has a market cap of $10.47 billion, a P/E ratio of -64.00 and a beta of 0.08. The company has a 50-day simple moving average of $14.51 and a 200 day simple moving average of $23.68.

Mobileye Global (NASDAQ:MBLY) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. The company 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%. The firm’s revenue was down 3.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.11 EPS. On average, equities analysts forecast that Mobileye Global Inc. will post -0.06 EPS for the current fiscal 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.