Royal Bank of Canada Downgrades Mobileye Global (NASDAQ:MBLY) to Sector Perform

Mobileye Global (NASDAQ:MBLY) was downgraded by analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research note issued to investors on Tuesday, Marketbeat.com reports. They presently have a $11.00 price objective on the stock, down from their prior price objective of $24.00. Royal Bank of Canada’s price objective indicates a potential downside of 9.32% from the stock’s previous close.

MBLY has been the topic of a number of other research reports. Westpark Capital reiterated a “hold” rating on shares of Mobileye Global in a research note on Wednesday, July 31st. Wolfe Research downgraded shares of Mobileye Global from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 5th. Robert W. Baird dropped their target price on shares of Mobileye Global from $40.00 to $29.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. HSBC assumed coverage on shares of Mobileye Global in a report on Monday, July 15th. They set a “buy” rating and a $33.00 price target for the company. Finally, Hsbc Global Res raised shares of Mobileye Global to a “strong-buy” rating in a research note on Monday, July 15th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $25.55.

Mobileye Global Price Performance

MBLY stock opened at $12.13 on Tuesday. The stock has a market capitalization of $9.82 billion, a price-to-earnings ratio of -57.76 and a beta of 0.08. The company has a 50-day moving average of $13.18 and a two-hundred day moving average of $22.31. Mobileye Global has a 52-week low of $10.48 and a 52-week high of $44.48.

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

Insider Buying and Selling

In other Mobileye Global news, Director Patrick P. Gelsinger acquired 6,400 shares of Mobileye Global stock in a transaction on Monday, August 5th. The shares were purchased at an average cost of $15.48 per share, with a total value of $99,072.00. Following the completion of the purchase, the director now owns 139,106 shares in the company, valued at $2,153,360.88. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Patrick P. Gelsinger purchased 6,400 shares of the stock in a transaction dated Monday, August 5th. The stock was bought at an average cost of $15.48 per share, with a total value of $99,072.00. Following the purchase, the director now directly owns 139,106 shares in the company, valued at $2,153,360.88. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Amnon Shashua acquired 631,963 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were purchased at an average price of $16.51 per share, with a total value 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 approximately $67,362,401.47. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.80% of the company’s stock.

Institutional Trading of Mobileye Global

Hedge funds have recently bought and sold shares of the stock. Mitsubishi UFJ Trust & Banking Corp bought a new stake in shares of Mobileye Global during the first quarter worth $1,294,000. AXA S.A. increased its holdings in Mobileye Global by 35.6% during the 2nd quarter. AXA S.A. now owns 518,076 shares of the company’s stock worth $14,550,000 after purchasing an additional 135,967 shares in the last quarter. Raymond James & Associates increased its holdings in Mobileye Global by 258.7% during the 2nd quarter. Raymond James & Associates now owns 336,417 shares of the company’s stock worth $9,448,000 after purchasing an additional 242,640 shares in the last quarter. M&G Plc raised its stake in shares of Mobileye Global by 8.9% in the 2nd quarter. M&G Plc now owns 1,350,945 shares of the company’s stock valued at $37,826,000 after purchasing an additional 110,032 shares during the period. Finally, Tobam bought a new stake in shares of Mobileye Global in the first quarter valued at about $7,168,000. 13.25% of the stock is currently owned by institutional investors and hedge funds.

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.