Mobileye Global (NASDAQ:MBLY) Stock Rating Lowered by Royal Bank Of Canada

Key Points

• Royal Bank of Canada downgraded Mobileye Global from “sector perform” to “underperform” and set a $5 price target, implying approximately 31.5% downside from the stock’s $7.30 opening price.
• Analyst sentiment remains mixed: Mobileye has an average “hold” rating and a consensus price target of $11.08, despite several firms recently lowering their targets.
• Mobileye beat quarterly expectations, reporting $0.19 in EPS versus a $0.06 estimate and $508 million in revenue versus a $480.5 million consensus. Directors also purchased roughly $199,000 of company shares in two transactions.

Mobileye Global (NASDAQ:MBLY - Get Free Report) was downgraded by equities research analysts at Royal Bank Of Canada from a "sector perform" rating to an "underperform" rating in a note issued to investors on Wednesday, Briefing.com reports. They currently have a $5.00 target price on the stock. Royal Bank Of Canada's price target points to a potential downside of 31.51% from the company's current price.

Several other brokerages have also issued reports on MBLY. Canaccord Genuity Group decreased their price target on Mobileye Global from $17.00 to $12.00 and set a "buy" rating on the stock in a research note on Friday, July 24th. Morgan Stanley decreased their target price on Mobileye Global from $10.00 to $9.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 15th. Tigress Financial dropped their target price on shares of Mobileye Global from $25.00 to $18.00 and set a "buy" rating for the company in a report on Thursday, July 30th. TD Cowen reduced their price target on shares of Mobileye Global from $9.00 to $8.00 and set a "buy" rating on the stock in a research note on Monday. Finally, Zacks Research upgraded shares of Mobileye Global from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $11.08.

Mobileye Global Price Performance

Shares of NASDAQ:MBLY opened at $7.30 on Wednesday. The business's 50 day simple moving average is $8.03 and its 200 day simple moving average is $8.61. Mobileye Global has a 1 year low of $6.47 and a 1 year high of $15.19. The company has a market capitalization of $6.13 billion, a P/E ratio of -1.46, a P/E/G ratio of 2.39 and a beta of 1.25.

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

Insider Buying and Selling

In other news, Director Frank Yeary acquired 12,360 shares of the firm's stock in a transaction dated Thursday, July 30th. The stock was purchased 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 directly owned 12,360 shares in the company, valued at $98,632.80. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Safroadu Yeboah-Amankwah acquired 11,841 shares of the stock in a transaction on Thursday, August 6th. The shares were acquired at an average price of $8.46 per share, for a total transaction of $100,174.86. Following the acquisition, the director owned 84,336 shares of the company's stock, valued at approximately $713,482.56. The trade was a 16.33% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 10.00% of the company's stock.

Institutional Investors Weigh In On Mobileye Global

Large investors have recently modified their holdings of the stock. Harel Insurance Investments & Financial Services Ltd. boosted 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 buying an additional 705,400 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in Mobileye Global in the 2nd quarter worth $23,423,000. Bank of America Corp DE increased its holdings in Mobileye Global by 5.8% during the 1st quarter. Bank of America Corp DE now owns 2,036,548 shares of the company's stock valued at $13,991,000 after purchasing an additional 111,215 shares during the period. Counterpoint Mutual Funds LLC purchased a new position in shares of Mobileye Global during the third quarter valued at approximately $9,074,000. Finally, First Trust Advisors LP raised its holdings in 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 purchasing an additional 249,921 shares in the last quarter. Hedge funds and other 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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