Mobileye Global (NASDAQ:MBLY) Given New $8.00 Price Target at The Goldman Sachs Group

Key Points

• Goldman Sachs cut Mobileye Global’s price target to $8.00 from $9.00 while maintaining a “neutral” rating, implying roughly 5.5% upside from the prior close.
• Analyst sentiment is mixed, with the stock carrying a consensus “Hold” rating and an average price target of $11.48. Targets from other firms range from $8.00 to $13.00.
• Mobileye reported quarterly EPS of $0.19, beating the $0.06 consensus estimate, while revenue reached $508 million versus expectations of $480.5 million. Shares opened at $7.58 and remain near the lower end of their 52-week range.

Mobileye Global (NASDAQ:MBLY - Get Free Report) had its price objective reduced by analysts at The Goldman Sachs Group from $9.00 to $8.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a "neutral" rating on the stock. The Goldman Sachs Group's target price would suggest a potential upside of 5.54% from the company's previous close.

Other analysts have also issued research reports about the company. Needham & Company LLC restated a "buy" rating and issued a $13.00 target price on shares of Mobileye Global in a report on Friday, July 24th. Berenberg Bank upgraded Mobileye Global from a "hold" rating to a "buy" rating and set a $11.00 price target on the stock in a report on Monday, August 17th. TD Cowen dropped their price target on Mobileye Global from $11.50 to $9.00 and set a "buy" rating on the stock in a research report on Friday, July 24th. Weiss Ratings raised Mobileye Global from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, July 8th. Finally, Mizuho decreased their price objective on Mobileye Global from $9.00 to $8.00 and set a "neutral" rating for the company in a research report on Friday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $11.48.

Mobileye Global Price Performance

Mobileye Global stock opened at $7.58 on Tuesday. The firm's 50 day simple moving average is $8.30 and its 200-day simple moving average is $8.61. The company has a market cap of $6.37 billion, a P/E ratio of -1.52, a price-to-earnings-growth ratio of 2.44 and a beta of 1.25. Mobileye Global has a fifty-two week low of $6.47 and a fifty-two week high of $15.81.

Mobileye Global (NASDAQ:MBLY - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.06 by $0.13. Mobileye Global had a negative net margin of 201.49% and a positive return on equity of 0.70%. The business had revenue of $508.00 million for the quarter, compared to analyst estimates of $480.51 million. During the same quarter in the previous year, the business earned ($0.08) earnings per share. The firm's revenue was up .4% compared to the same quarter last year. On average, analysts expect that Mobileye Global will post 0.11 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Safroadu Yeboah-Amankwah bought 11,841 shares of the firm's stock in a transaction on Thursday, August 6th. The stock was bought at an average price of $8.46 per share, with a total value of $100,174.86. Following the purchase, the director directly owned 84,336 shares of the company's stock, valued at approximately $713,482.56. This represents a 16.33% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Frank Yeary purchased 12,360 shares of the stock in a transaction dated Thursday, July 30th. The shares were bought at an average price of $7.98 per share, for a total transaction of $98,632.80. Following the completion of the acquisition, the director owned 12,360 shares in the company, valued at $98,632.80. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 10.00% of the company's stock.

Institutional Trading of Mobileye Global

Institutional investors have recently bought and sold shares of the company. Engineers Gate Manager LP raised its stake in shares of Mobileye Global by 140.9% during the 4th quarter. Engineers Gate Manager LP now owns 3,577,407 shares of the company's stock worth $37,348,000 after purchasing an additional 2,092,250 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Mobileye Global by 24.5% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,585,733 shares of the company's stock valued at $24,634,000 after buying an additional 705,400 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Mobileye Global in the second quarter worth approximately $23,423,000. Pacer Advisors Inc. acquired a new position in Mobileye Global in the fourth quarter worth approximately $15,290,000. Finally, Bank of America Corp DE raised its position in Mobileye Global by 5.8% during the first quarter. Bank of America Corp DE now owns 2,036,548 shares of the company's stock valued at $13,991,000 after acquiring an additional 111,215 shares in the last quarter. Institutional investors and hedge funds own 13.25% of the company's stock.

About Mobileye Global

Mobileye Global Inc is a technology company focused on advanced driver-assistance systems (ADAS) and autonomous driving. Its technologies are designed to help improve road safety and support automated driving through computer vision, artificial intelligence, sensor fusion and mapping.

The company develops and supplies products for automakers and mobility providers, including EyeQ system-on-chips, camera-based driver-assistance features, SuperVision hands-free driving technology, and autonomous driving platforms.

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