Canaccord Genuity Group Issues Pessimistic Forecast for Mobileye Global (NASDAQ:MBLY) Stock Price

Key Points

• Canaccord Genuity lowered Mobileye’s price target from $12 to $11 but maintained a “buy” rating, implying approximately 84.6% upside from the stock’s $5.96 price. The broader analyst consensus is “hold,” with a $10.71 target.
• Mobileye’s shares are near their 52-week low, trading below both their 50-day and 200-day moving averages. The stock has fallen substantially from its $14.33 high and carries a market capitalization of about $5.01 billion.
• The company slightly exceeded quarterly earnings and revenue expectations, reporting $0.11 EPS and $492 million in revenue, although revenue declined 2.4% year over year and the business posted a deeply negative net margin.

Mobileye Global (NASDAQ:MBLY - Get Free Report) had its price objective decreased by investment analysts at Canaccord Genuity Group from $12.00 to $11.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price target suggests a potential upside of 84.56% from the stock's current price.

A number of other brokerages have also recently issued reports on MBLY. Piper Sandler raised shares of Mobileye Global from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $10.00 to $12.00 in a research note on Monday, July 27th. TD Cowen lowered shares of Mobileye Global from a "buy" rating to a "hold" rating and cut their price target for the company from $8.00 to $7.00 in a research report on Friday. Berenberg Bank raised Mobileye Global from a "hold" rating to a "buy" rating and set a $11.00 price objective on the stock in a research note on Monday, August 17th. UBS Group decreased their price objective on Mobileye Global from $7.50 to $7.00 and set a "neutral" rating on the stock in a report on Friday. Finally, JPMorgan Chase & Co. lowered their target price on Mobileye Global from $10.00 to $9.00 and set a "neutral" rating for the company in a research note on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $10.71.

Mobileye Global Price Performance

MBLY opened at $5.96 on Friday. The business's fifty day simple moving average is $7.68 and its 200 day simple moving average is $8.55. Mobileye Global has a 52 week low of $5.76 and a 52 week high of $14.33. The stock has a market cap of $5.01 billion, a PE ratio of -1.20, a P/E/G ratio of 1.82 and a beta of 1.30.

Mobileye Global (NASDAQ:MBLY - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. The firm had revenue of $492.00 million during the quarter, compared to analysts' expectations of $476.78 million. Mobileye Global had a positive return on equity of 0.66% and a negative net margin of 201.25%. The company's revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.09 EPS. As a group, equities analysts anticipate that Mobileye Global will post 0.12 earnings per share for the current year.

Insider Activity at Mobileye Global

In other news, Director Safroadu Yeboah-Amankwah bought 11,841 shares of the stock in a transaction dated Thursday, August 6th. The stock was bought at an average price of $8.46 per share, for a total transaction of $100,174.86. Following the purchase, the director directly owned 84,336 shares in the company, valued at $713,482.56. This trade represents a 16.33% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Mobileye Global

A number of institutional investors and hedge funds have recently made changes to their positions in MBLY. Assenagon Asset Management S.A. purchased a new stake in shares of Mobileye Global during the second quarter valued at approximately $23,423,000. Counterpoint Mutual Funds LLC bought a new stake in Mobileye Global in the third quarter worth $9,074,000. Harel Insurance Investments & Financial Services Ltd. increased its stake in Mobileye Global by 24.5% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,585,733 shares of the company's stock worth $24,634,000 after purchasing an additional 705,400 shares during the period. First Trust Advisors LP lifted its holdings in shares of Mobileye Global by 27.7% in the 1st quarter. First Trust Advisors LP now owns 1,152,499 shares of the company's stock worth $7,918,000 after buying an additional 249,921 shares during the period. Finally, Y Intercept Hong Kong Ltd raised its position in shares of Mobileye Global by 977.4% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 218,016 shares of the company's stock worth $1,498,000 after acquiring an additional 197,781 shares in the last quarter. Institutional investors own 13.25% of the company's stock.

About Mobileye Global

Mobileye Global Inc NASDAQ: MBLY develops advanced driver-assistance systems and autonomous driving technologies for vehicle manufacturers worldwide. Founded in 1999 and headquartered in Jerusalem, Israel, the company provides computer-vision and artificial-intelligence solutions designed to improve vehicle safety and support automated driving.

Its product portfolio includes EyeQ system-on-chips, camera-based driver-assistance features, and software for functions such as automatic emergency braking, lane-keeping assistance, adaptive cruise control, and traffic-sign recognition.

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