Mobileye Global (NASDAQ:MBLY) Shares Down 6.7% – Here’s What Happened

Mobileye Global Inc. (NASDAQ:MBLY)’s stock price dropped 6.7% on Wednesday . The company traded as low as $12.35 and last traded at $12.38. Approximately 4,435,248 shares changed hands during trading, a decline of 8% from the average daily volume of 4,829,680 shares. The stock had previously closed at $13.27.

Analysts Set New Price Targets

MBLY has been the subject of a number of recent analyst reports. Morgan Stanley raised shares of Mobileye Global from an “underweight” rating to an “equal weight” rating and decreased their target price for the company from $25.00 to $18.00 in a research report on Friday, August 2nd. Needham & Company LLC decreased their target price on shares of Mobileye Global from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Friday. Wolfe Research downgraded shares of Mobileye Global from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. Westpark Capital reaffirmed a “hold” rating on shares of Mobileye Global in a research report on Wednesday, July 31st. Finally, Robert W. Baird raised their price objective on shares of Mobileye Global from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Friday. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Mobileye Global currently has an average rating of “Hold” and a consensus price target of $23.25.

Mobileye Global Trading Up 14.4 %

The firm has a fifty day moving average of $12.75 and a two-hundred day moving average of $20.93. The company has a market cap of $12.60 billion, a PE ratio of -52.53 and a beta of 0.08.

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

Insider Buying and Selling at Mobileye Global

In related news, Director Patrick P. Gelsinger bought 6,400 shares of Mobileye Global stock in a transaction on Monday, August 5th. The stock was acquired at an average price of $15.48 per share, with a total value of $99,072.00. Following the acquisition, the director now directly owns 139,106 shares of the company’s stock, valued at $2,153,360.88. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of MBLY. Advisors Asset Management Inc. lifted its position in Mobileye Global by 9.9% in the 1st quarter. Advisors Asset Management Inc. now owns 8,608 shares of the company’s stock worth $277,000 after buying an additional 774 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its position in Mobileye Global by 24.7% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 6,299 shares of the company’s stock worth $203,000 after buying an additional 1,248 shares during the last quarter. Guinness Atkinson Asset Management Inc lifted its position in Mobileye Global by 16.9% in the 3rd quarter. Guinness Atkinson Asset Management Inc now owns 8,700 shares of the company’s stock worth $119,000 after buying an additional 1,257 shares during the last quarter. Levin Capital Strategies L.P. lifted its position in Mobileye Global by 11.1% in the 2nd quarter. Levin Capital Strategies L.P. now owns 14,441 shares of the company’s stock worth $406,000 after buying an additional 1,441 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in Mobileye Global by 64.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,736 shares of the company’s stock worth $162,000 after buying an additional 1,470 shares during the last quarter. Hedge funds and other institutional investors own 13.25% of the company’s stock.

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.