Mobileye Global (NASDAQ:MBLY) Stock Price Down 8.9% – Here’s What Happened

Mobileye Global Inc. (NASDAQ:MBLY) was down 8.9% on Wednesday . The company traded as low as $17.67 and last traded at $17.90. Approximately 5,753,279 shares changed hands during mid-day trading, an increase of 11% from the average daily volume of 5,202,554 shares. The stock had previously closed at $19.64.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on MBLY shares. JPMorgan Chase & Co. restated an “underweight” rating and issued a $10.00 price objective (down from $16.00) on shares of Mobileye Global in a report on Monday, October 7th. Royal Bank of Canada restated a “sector perform” rating and issued a $11.00 price objective on shares of Mobileye Global in a report on Thursday, December 5th. Barclays decreased their price objective on Mobileye Global from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Monday, November 4th. The Goldman Sachs Group decreased their price objective on Mobileye Global from $24.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $15.00 price target on shares of Mobileye Global in a report on Tuesday, September 10th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Mobileye Global currently has a consensus rating of “Hold” and a consensus price target of $23.38.

Mobileye Global Price Performance

The firm has a market cap of $14.07 billion, a P/E ratio of -4.75 and a beta of 0.44. The stock has a 50 day moving average of $15.58 and a 200 day moving average of $18.14.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. BCGM Wealth Management LLC grew its stake in shares of Mobileye Global by 178.0% during the third quarter. BCGM Wealth Management LLC now owns 190,595 shares of the company’s stock valued at $2,611,000 after buying an additional 122,031 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Mobileye Global by 168.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,526,234 shares of the company’s stock valued at $20,909,000 after buying an additional 957,565 shares during the last quarter. Raymond James & Associates grew its stake in shares of Mobileye Global by 258.7% during the second quarter. Raymond James & Associates now owns 336,417 shares of the company’s stock valued at $9,448,000 after buying an additional 242,640 shares during the last quarter. AXA S.A. grew its stake in shares of Mobileye Global by 35.6% during the second quarter. AXA S.A. now owns 518,076 shares of the company’s stock valued at $14,550,000 after buying an additional 135,967 shares during the last quarter. Finally, PFG Investments LLC bought a new stake in shares of Mobileye Global in the third quarter worth about $635,000. 13.25% of the stock is owned by institutional investors.

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.