Canaccord Genuity Group Has Lowered Expectations for Mobileye Global (NASDAQ:MBLY) Stock Price

Key Points

• Canaccord Genuity Group cut Mobileye’s price target from $17 to $12 but maintained a “buy” rating, implying roughly 49% upside from the stock’s $8.05 price.
• Analyst sentiment is mixed: Mobileye has a consensus “hold” rating and an average price target of $12.95, while several firms recently reduced their targets.
• Mobileye reported quarterly EPS of $0.19 versus the $0.06 estimate and revenue of $508 million, and its board authorized a $250 million share buyback covering up to 3.8% of outstanding shares.

Mobileye Global (NASDAQ:MBLY - Get Free Report) had its price target lowered by Canaccord Genuity Group from $17.00 to $12.00 in a research note issued on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective indicates a potential upside of 49.07% from the company's current price.

A number of other brokerages have also recently weighed in on MBLY. Wall Street Zen upgraded shares of Mobileye Global from a "sell" rating to a "hold" rating in a research note on Saturday, April 25th. Berenberg Bank lowered shares of Mobileye Global from a "buy" rating to a "hold" rating and set a $10.80 target price for the company. in a research report on Thursday, May 21st. Royal Bank Of Canada lowered their target price on shares of Mobileye Global from $10.00 to $7.00 and set a "sector perform" rating on the stock in a research note on Friday. TD Cowen dropped their price target on shares of Mobileye Global from $11.50 to $9.00 and set a "buy" rating on the stock in a research report on Friday. Finally, Zacks Research raised shares of Mobileye Global from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $12.95.

Mobileye Global Stock Performance

MBLY opened at $8.05 on Friday. The business's 50 day moving average is $9.36 and its 200-day moving average is $8.99. The stock has a market cap of $6.77 billion, a PE ratio of -1.61 and a beta of 1.16. Mobileye Global has a twelve month low of $6.47 and a twelve month high of $15.81.

Mobileye Global (NASDAQ:MBLY - Get Free Report) last issued 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. Mobileye Global had a positive return on equity of 0.70% and a negative net margin of 201.49%.The business had revenue of $508.00 million during the quarter, compared to analyst estimates of $480.51 million. During the same period in the prior year, the company posted ($0.08) EPS. The business's revenue for the quarter was up .4% compared to the same quarter last year. As a group, analysts forecast that Mobileye Global will post -0.09 EPS for the current year.

Mobileye Global declared that its Board of Directors has authorized a stock buyback plan on Thursday, April 23rd that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to reacquire up to 3.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

Institutional Investors Weigh In On Mobileye Global

Several hedge funds and other institutional investors have recently bought and sold shares of MBLY. SG Americas Securities LLC grew its stake in shares of Mobileye Global by 499.7% in the 4th quarter. SG Americas Securities LLC now owns 841,571 shares of the company's stock worth $8,786,000 after purchasing an additional 701,242 shares during the last quarter. BCGM Wealth Management LLC lifted its stake in Mobileye Global by 56.7% during the first quarter. BCGM Wealth Management LLC now owns 368,763 shares of the company's stock valued at $2,533,000 after purchasing an additional 133,471 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in Mobileye Global by 24.5% during 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. Engineers Gate Manager LP boosted its holdings in Mobileye Global by 140.9% during the fourth quarter. Engineers Gate Manager LP now owns 3,577,407 shares of the company's stock worth $37,348,000 after buying an additional 2,092,250 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd grew its position in Mobileye Global by 977.4% in the first quarter. Y Intercept Hong Kong Ltd now owns 218,016 shares of the company's stock worth $1,498,000 after buying an additional 197,781 shares during the last quarter. 13.25% of the stock is currently owned by institutional investors.

About Mobileye Global

Mobileye Global Inc NASDAQ: MBLY is a leader in the development of advanced driver-assistance systems (ADAS) and autonomous driving technologies. Headquartered in Jerusalem, Israel, the company designs and supplies computer vision-based solutions that enable vehicles to detect and respond to road conditions, obstacles and signage. Mobileye's core offering centers on its proprietary EyeQ system-on-a-chip (SoC) family, which processes video streams from automotive cameras to deliver features such as lane-keeping assist, adaptive cruise control, collision prevention and traffic sign recognition.

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