Bank of America Corp DE Buys 111,215 Shares of Mobileye Global Inc. $MBLY

Key Points

• Bank of America increased its Mobileye stake by 5.8% in the first quarter, buying 111,215 shares to reach 2,036,548 shares valued at approximately $14 million.
• Mobileye’s latest quarterly results exceeded expectations, with earnings of $0.19 per share versus a $0.06 consensus and revenue of $508 million, up slightly year over year.
• Analyst sentiment remains mixed: Mobileye has an average “Hold” rating and a $12.65 consensus price target, while shares recently traded around $9.03. Two company directors also purchased shares in late July and early August.

Bank of America Corp DE increased its holdings in Mobileye Global Inc. (NASDAQ:MBLY - Free Report) by 5.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,036,548 shares of the company's stock after buying an additional 111,215 shares during the period. Bank of America Corp DE owned about 0.24% of Mobileye Global worth $13,991,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in the business. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Mobileye Global in the second quarter worth about $31,000. IFP Advisors Inc raised its position in shares of Mobileye Global by 465.7% in the third quarter. IFP Advisors Inc now owns 1,816 shares of the company's stock worth $26,000 after acquiring an additional 1,495 shares during the period. Rhumbline Advisers purchased a new stake in shares of Mobileye Global in the first quarter valued at approximately $27,000. Leonteq Securities AG acquired a new stake in shares of Mobileye Global in the fourth quarter worth approximately $33,000. Finally, Brown Brothers Harriman & Co. boosted its holdings in shares of Mobileye Global by 8,500.0% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 3,182 shares of the company's stock worth $45,000 after purchasing an additional 3,145 shares during the last quarter. 13.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MBLY. Wall Street Zen upgraded shares of Mobileye Global from a "sell" rating to a "hold" rating in a report on Saturday, April 25th. Zacks Research lowered Mobileye Global from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. Mizuho dropped their price objective on Mobileye Global from $9.00 to $8.00 and set a "neutral" rating for the company in a research note on Friday, July 24th. Weiss Ratings upgraded Mobileye Global from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, July 8th. Finally, TD Cowen decreased their target price on Mobileye Global from $11.50 to $9.00 and set a "buy" rating on the stock in a research note on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Mobileye Global presently has an average rating of "Hold" and a consensus target price of $12.65.

Mobileye Global Trading Up 1.7%

Shares of MBLY stock opened at $9.03 on Friday. Mobileye Global Inc. has a twelve month low of $6.47 and a twelve month high of $15.81. The business's 50 day moving average is $8.82 and its two-hundred day moving average is $8.72. The company has a market capitalization of $7.58 billion, a P/E ratio of -1.81, a price-to-earnings-growth ratio of 3.03 and a beta of 1.20.

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

Insider Buying and Selling

In other news, Director Frank D. Yeary acquired 12,360 shares of the business's stock in a transaction on Thursday, July 30th. The shares were purchased at an average price of $7.98 per share, for a total transaction of $98,632.80. Following the acquisition, the director directly owned 12,360 shares of the company's stock, valued at $98,632.80. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Safroadu Yeboah-Amankwah purchased 11,841 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The stock was acquired at an average price of $8.46 per share, for a total transaction of $100,174.86. Following the purchase, the director 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 SEC filing for this purchase provides additional information. 10.00% of the stock is currently owned by corporate insiders.

Mobileye Global Profile

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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