Engineers Gate Manager LP Cuts Holdings in Mobileye Global Inc. $MBLY

Key Points

• Engineers Gate Manager LP reduced its Mobileye Global stake by 23.1% in the second quarter, selling 487,886 shares and retaining 1.62 million shares worth approximately $15.7 million.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating with a $12.16 target price, while recent targets from TD Cowen and JPMorgan were lowered to $9.00.
• Mobileye exceeded quarterly expectations, reporting $0.19 in EPS versus $0.06 expected and $508 million in revenue, though the company posted a negative net margin of 201.49%. Shares opened at $8.10, near the lower end of their 52-week range.

Engineers Gate Manager LP lowered its position in Mobileye Global Inc. (NASDAQ:MBLY - Free Report) by 23.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,624,153 shares of the company's stock after selling 487,886 shares during the quarter. Engineers Gate Manager LP owned 0.19% of Mobileye Global worth $15,722,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Two Sigma Investments LP lifted its stake in shares of Mobileye Global by 131.9% in the 3rd quarter. Two Sigma Investments LP now owns 4,383,735 shares of the company's stock valued at $61,898,000 after purchasing an additional 2,493,181 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its holdings 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 valued at $24,634,000 after buying an additional 705,400 shares during the period. DNB Asset Management AS raised its holdings in Mobileye Global by 23.1% in the fourth quarter. DNB Asset Management AS now owns 3,506,480 shares of the company's stock valued at $36,608,000 after buying an additional 658,585 shares during the period. Vanguard Group Inc. grew its stake in Mobileye Global by 65.5% during the third quarter. Vanguard Group Inc. now owns 3,065,586 shares of the company's stock worth $43,286,000 after buying an additional 1,213,448 shares during the period. Finally, Burkehill Global Management LP acquired a new stake in shares of Mobileye Global in the third quarter worth $42,360,000. Hedge funds and other institutional investors own 13.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MBLY. TD Cowen decreased their price target on shares of Mobileye Global from $11.50 to $9.00 and set a "buy" rating for the company in a research report 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. Needham & Company LLC restated a "buy" rating and issued a $13.00 price target on shares of Mobileye Global in a report on Friday, July 24th. Zacks Research downgraded shares of Mobileye Global from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 18th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Mobileye Global from $10.00 to $9.00 and set a "neutral" rating on the stock in a research note on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $12.16.

Mobileye Global Stock Performance

NASDAQ:MBLY opened at $8.10 on Thursday. Mobileye Global Inc. has a one year low of $6.47 and a one year high of $15.81. The business's 50-day simple moving average is $8.78 and its 200 day simple moving average is $8.66. The stock has a market cap of $6.80 billion, a price-to-earnings ratio of -1.62, a price-to-earnings-growth ratio of 2.80 and a beta of 1.22.

Mobileye Global (NASDAQ:MBLY - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.19 EPS for the quarter, beating 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 firm had revenue of $508.00 million during the quarter, compared to the consensus estimate of $480.51 million. During the same quarter in the prior year, the business posted ($0.08) earnings per share. Mobileye Global's revenue for the quarter was up .4% on a year-over-year basis. On average, equities research analysts predict that Mobileye Global Inc. will post 0.11 EPS for the current year.

Insider Activity at Mobileye Global

In other Mobileye Global news, Director Safroadu Yeboah-Amankwah bought 11,841 shares of Mobileye Global stock in a transaction dated Thursday, August 6th. The stock was bought at an average cost of $8.46 per share, for a total transaction of $100,174.86. Following the purchase, the director owned 84,336 shares in the company, valued at $713,482.56. This represents a 16.33% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Frank Yeary purchased 12,360 shares of the firm's stock in a transaction dated Thursday, July 30th. The shares were bought at an average cost of $7.98 per share, with a total value of $98,632.80. Following the transaction, the director directly owned 12,360 shares of the company's stock, valued at approximately $98,632.80. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 10.00% of the company's stock.

Mobileye Global Company 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.

Founded in 1999 by Prof.

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