Alberta Investment Management Corp Lowers Stake in Mobileye Global Inc. (NASDAQ:MBLY)

Key Points

• Alberta Investment Management Corp significantly reduced its stake in Mobileye Global Inc. by selling 511,840 shares, resulting in a 90.3% decrease in ownership, leaving it with 54,897 shares valued at approximately $790,000.
• Other institutional investors have also been active, with several new positions acquired, including Rhumbline Advisers and Strategic Investment Solutions, which highlight increasing interest in Mobileye.
• Mobileye Global reported a quarterly earnings per share of $0.13, surpassing analyst expectations and showing a revenue increase of 15.3% year-over-year, indicating steady growth despite challenges in profitability.

Alberta Investment Management Corp lowered its position in shares of Mobileye Global Inc. (NASDAQ:MBLY - Free Report) by 90.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,897 shares of the company's stock after selling 511,840 shares during the quarter. Alberta Investment Management Corp's holdings in Mobileye Global were worth $790,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Rhumbline Advisers bought a new position in shares of Mobileye Global during the 1st quarter valued at about $27,000. Strategic Investment Solutions Inc. IL bought a new position in Mobileye Global during the fourth quarter valued at $40,000. Ancora Advisors LLC purchased a new position in shares of Mobileye Global during the fourth quarter valued at $40,000. Harel Insurance Investments & Financial Services Ltd. increased its stake in Mobileye Global by 108.4% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 6,053 shares of the company's stock valued at $87,000 after purchasing an additional 3,149 shares in the last quarter. Finally, Kestra Private Wealth Services LLC acquired a new position in Mobileye Global during the first quarter valued at $158,000. Institutional investors own 13.25% of the company's stock.

Analysts Set New Price Targets

MBLY has been the subject of a number of research analyst reports. TD Cowen lowered their price target on Mobileye Global from $22.00 to $20.00 and set a "buy" rating for the company in a report on Friday, July 25th. Barclays upped their price target on Mobileye Global from $14.00 to $16.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Royal Bank Of Canada boosted their price objective on Mobileye Global from $14.00 to $17.00 and gave the stock a "sector perform" rating in a research report on Tuesday, July 29th. JPMorgan Chase & Co. upped their price target on shares of Mobileye Global from $10.00 to $12.00 and gave the company an "underweight" rating in a research report on Thursday, July 17th. Finally, Wells Fargo & Company raised their price target on shares of Mobileye Global from $18.00 to $24.00 and gave the company an "overweight" rating in a report on Wednesday, July 9th. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $19.67.

Insider Activity at Mobileye Global

In other news, major shareholder Corp Intel sold 63,731,985 shares of Mobileye Global stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $16.05, for a total transaction of $1,022,898,359.25. Following the transaction, the insider owned 50,000,000 shares in the company, valued at $802,500,000. The trade was a 56.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Boaz Ouriel sold 67,493 shares of the company's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $16.09, for a total value of $1,085,962.37. Following the sale, the executive vice president owned 107,853 shares of the company's stock, valued at approximately $1,735,354.77. This represents a 38.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by insiders.

Mobileye Global Stock Down 3.5%

NASDAQ:MBLY traded down $0.50 during mid-day trading on Friday, reaching $13.49. The company's stock had a trading volume of 2,967,432 shares, compared to its average volume of 5,513,600. Mobileye Global Inc. has a 1 year low of $10.48 and a 1 year high of $22.51. The firm has a market capitalization of $10.99 billion, a PE ratio of -3.69, a price-to-earnings-growth ratio of 9.11 and a beta of 0.52. The stock has a fifty day moving average of $16.22 and a 200-day moving average of $15.65.

Mobileye Global (NASDAQ:MBLY - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $0.13 EPS for the quarter, beating analysts' consensus estimates of $0.11 by $0.02. The business had revenue of $506.00 million for the quarter, compared to analyst estimates of $466.42 million. Mobileye Global had a positive return on equity of 0.73% and a negative net margin of 153.91%. The business's revenue for the quarter was up 15.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.09 earnings per share. On average, analysts expect that Mobileye Global Inc. will post 0.01 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.