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

Shares of Mobileye Global Inc. (NASDAQ:MBLY) 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 trading hands.

Other research analysts have also issued reports about the stock. Evercore ISI reiterated an “outperform” rating and issued a $35.00 target price on shares of Mobileye Global in a research note on Monday, August 26th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $15.00 price objective on shares of Mobileye Global in a research report on Tuesday, September 10th. Fox Advisors lowered Mobileye Global from an “overweight” rating to an “equal weight” rating in a report on Thursday, August 1st. Morgan Stanley raised Mobileye Global from an “underweight” rating to an “equal weight” rating and dropped their price target for the stock from $25.00 to $18.00 in a research report on Friday, August 2nd. Finally, Daiwa America cut Mobileye Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 5th. Three analysts have rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $29.10.

Insiders Place Their Bets

In related news, CEO Amnon Shashua purchased 631,963 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were acquired at an average price of $16.51 per share, with a total value of $10,433,709.13. Following the purchase, the chief executive officer now directly owns 4,080,097 shares in the company, valued at $67,362,401.47. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Amnon Shashua purchased 631,963 shares of Mobileye Global stock in a transaction on Friday, August 2nd. The shares were purchased at an average cost of $16.51 per share, for a total transaction of $10,433,709.13. Following the completion of the transaction, the chief executive officer now directly owns 4,080,097 shares in the company, valued at $67,362,401.47. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Patrick P. Gelsinger acquired 6,400 shares of the firm’s stock in a transaction on 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 directly owns 139,106 shares of the company’s stock, valued at approximately $2,153,360.88. The disclosure for this purchase can be found here. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Mobileye Global

Several institutional investors have recently bought and sold shares of the business. Green Alpha Advisors LLC raised its holdings in shares of Mobileye Global by 2.6% in the first quarter. Green Alpha Advisors LLC now owns 19,609 shares of the company’s stock valued at $630,000 after buying an additional 500 shares during the last quarter. Perigon Wealth Management LLC grew its stake in shares of Mobileye Global by 6.7% during the first quarter. Perigon Wealth Management LLC now owns 10,592 shares of the company’s stock valued at $341,000 after purchasing an additional 664 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Mobileye Global by 9.9% in the first quarter. Advisors Asset Management Inc. now owns 8,608 shares of the company’s stock valued at $277,000 after purchasing an additional 774 shares in the last quarter. Register Financial Advisors LLC bought a new position in Mobileye Global in the 1st quarter worth approximately $32,000. Finally, Pinnacle Associates Ltd. lifted its holdings in Mobileye Global by 15.7% during the 1st quarter. Pinnacle Associates Ltd. now owns 8,840 shares of the company’s stock worth $284,000 after buying an additional 1,200 shares in the last quarter. Institutional investors own 13.25% of the company’s stock.

Mobileye Global Stock Performance

The stock has a 50-day simple moving average of $14.33 and a 200 day simple moving average of $23.61. The stock has a market capitalization of $10.03 billion, a P/E ratio of -59.00 and a beta of 0.08.

Mobileye Global (NASDAQ:MBLY) last issued its quarterly 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 business had revenue of $439.00 million for the quarter, compared to analyst estimates of $424.34 million. Mobileye Global had a positive return on equity of 1.32% and a negative net margin of 12.14%. The firm’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.11 earnings per share. Equities analysts predict that Mobileye Global Inc. will post -0.06 earnings per share for the current year.

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.