Mobileye Global (NASDAQ:MBLY) Shares Up 6.2% – Here’s Why

Mobileye Global Inc. (NASDAQ:MBLY) shot up 6.2% on Thursday . The company traded as high as $12.90 and last traded at $12.88. 2,672,221 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 4,857,689 shares. The stock had previously closed at $12.13.

Analyst Ratings Changes

A number of brokerages recently weighed in on MBLY. Needham & Company LLC decreased their price objective on shares of Mobileye Global from $36.00 to $25.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Robert W. Baird decreased their price objective on shares of Mobileye Global from $40.00 to $29.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $10.00 target price (down from $16.00) on shares of Mobileye Global in a research note on Monday, October 7th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $15.00 target price on shares of Mobileye Global in a research note on Tuesday, September 10th. Finally, Fox Advisors lowered shares of Mobileye Global from an “overweight” rating to an “equal weight” rating in a research note on Thursday, August 1st. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $25.55.

Mobileye Global Stock Performance

The firm’s fifty day simple moving average is $13.18 and its 200 day simple moving average is $22.31. The firm has a market cap of $10.42 billion, a P/E ratio of -61.38 and a beta of 0.08.

Mobileye Global (NASDAQ:MBLY) last announced its earnings results on Thursday, August 1st. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. The firm had revenue of $439.00 million for the quarter, compared to analysts’ expectations 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 was down 3.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.11 EPS. On average, equities research analysts predict that Mobileye Global Inc. will post -0.06 earnings per share for the current year.

Insider Activity

In other news, CEO Amnon Shashua acquired 631,963 shares of Mobileye Global stock in a transaction that occurred on Friday, August 2nd. The shares were bought at an average cost of $16.51 per share, with a total value of $10,433,709.13. Following the transaction, the chief executive officer now directly owns 4,080,097 shares of the company’s stock, valued at $67,362,401.47. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. In other Mobileye Global news, Director Patrick P. Gelsinger acquired 6,400 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were purchased at an average cost of $15.48 per share, for a total transaction of $99,072.00. Following the completion of the purchase, the director now owns 139,106 shares in the company, valued at approximately $2,153,360.88. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Amnon Shashua acquired 631,963 shares of the company’s stock in a transaction dated 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 purchase, the chief executive officer now owns 4,080,097 shares of the company’s stock, valued at approximately $67,362,401.47. This 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 Investors Weigh In On Mobileye Global

Institutional investors have recently bought and sold shares of the company. Baillie Gifford & Co. increased its holdings in Mobileye Global by 89.8% in the first quarter. Baillie Gifford & Co. now owns 15,985,212 shares of the company’s stock valued at $513,925,000 after buying an additional 7,560,929 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Mobileye Global by 807.3% in the second quarter. The Manufacturers Life Insurance Company now owns 9,073,601 shares of the company’s stock valued at $254,832,000 after purchasing an additional 8,073,552 shares during the period. Wellington Management Group LLP grew its position in shares of Mobileye Global by 200.3% in the fourth quarter. Wellington Management Group LLP now owns 3,398,211 shares of the company’s stock valued at $147,210,000 after purchasing an additional 2,266,438 shares during the period. DAVENPORT & Co LLC grew its position in shares of Mobileye Global by 20.9% in the first quarter. DAVENPORT & Co LLC now owns 2,364,377 shares of the company’s stock valued at $76,519,000 after purchasing an additional 408,038 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Mobileye Global by 4.2% in the second quarter. Bank of New York Mellon Corp now owns 2,347,269 shares of the company’s stock valued at $65,923,000 after purchasing an additional 94,946 shares during the period. 13.25% of the stock is currently owned by institutional investors and hedge funds.

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.