ARK Investment Management LLC Reduces Stake in Mobileye Global Inc. (NASDAQ:MBLY)

Key Points

• ARK Investment Management LLC reduced its stake in Mobileye Global Inc. by 18.2%, selling 25,825 shares, bringing its total holdings to approximately 115,987 shares valued at $1,670,000.
• Major stakeholder Corp Intel sold 63,731,985 shares of Mobileye at an average price of $16.05, significantly decreasing its ownership by 56.04%.
• Mobileye Global's stock price recently fell by 3.9%, with analysts adjusting target prices and maintaining a general "Hold" rating for the stock.

ARK Investment Management LLC cut its stake in shares of Mobileye Global Inc. (NASDAQ:MBLY - Free Report) by 18.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 115,987 shares of the company's stock after selling 25,825 shares during the period. ARK Investment Management LLC's holdings in Mobileye Global were worth $1,670,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Mystic Asset Management Inc. raised its holdings in shares of Mobileye Global by 3.6% in the 1st quarter. Mystic Asset Management Inc. now owns 20,175 shares of the company's stock worth $290,000 after buying an additional 700 shares in the last quarter. Perigon Wealth Management LLC raised its stake in Mobileye Global by 4.6% in the first quarter. Perigon Wealth Management LLC now owns 20,892 shares of the company's stock valued at $301,000 after buying an additional 914 shares during the period. Rhumbline Advisers acquired a new stake in Mobileye Global during the first quarter worth approximately $27,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Mobileye Global in the 4th quarter valued at $40,000. Finally, Ancora Advisors LLC bought a new position in Mobileye Global during the 4th quarter worth $40,000. 13.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MBLY. Needham & Company LLC restated a "buy" rating and issued a $18.00 target price on shares of Mobileye Global in a research note on Friday, July 25th. Canaccord Genuity Group boosted their price objective on shares of Mobileye Global from $25.00 to $30.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Wells Fargo & Company boosted their price objective on shares of Mobileye Global from $18.00 to $24.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. The Goldman Sachs Group cut shares of Mobileye Global from a "buy" rating to a "neutral" rating and set a $17.00 price target on the stock. in a research note on Monday, June 9th. Finally, TD Cowen dropped their target price on shares of Mobileye Global from $22.00 to $20.00 and set a "buy" rating on the stock in a research note on Friday, July 25th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $19.58.

Insider Buying and Selling at Mobileye Global

In other news, major shareholder Corp Intel sold 63,731,985 shares of the firm's 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 completion of the transaction, the insider directly owned 50,000,000 shares in the company, valued at $802,500,000. This trade represents a 56.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Boaz Ouriel sold 67,493 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $16.09, for a total value of $1,085,962.37. Following the completion of the sale, the executive vice president directly owned 107,853 shares of the company's stock, valued at $1,735,354.77. This trade represents a 38.49% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.80% of the company's stock.

Mobileye Global Trading Down 2.3%

Shares of Mobileye Global stock traded down $0.33 during trading on Wednesday, reaching $14.04. The company's stock had a trading volume of 2,958,002 shares, compared to its average volume of 5,502,738. The stock has a 50-day moving average price of $16.51 and a two-hundred day moving average price of $15.75. The stock has a market capitalization of $11.40 billion, a P/E ratio of -3.85, a price-to-earnings-growth ratio of 15.68 and a beta of 0.54. Mobileye Global Inc. has a one year low of $10.48 and a one year high of $22.51.

Mobileye Global (NASDAQ:MBLY - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.11 by $0.02. Mobileye Global had a positive return on equity of 0.73% and a negative net margin of 153.91%. The firm had revenue of $506.00 million during the quarter, compared to the consensus estimate of $466.42 million. During the same quarter in the prior year, the firm posted $0.09 EPS. The business's revenue was up 15.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Mobileye Global Inc. will post 0.01 EPS for the current fiscal 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.