Hsbc Holdings PLC Reduces Stake in Mobileye Global Inc. $MBLY

Key Points

• HSBC Holdings cut its Mobileye Global stake by 75.4% in the first quarter, selling 167,845 shares and retaining 54,908 shares valued at approximately $376,000.
• Analyst sentiment remains mixed, with Mobileye carrying a consensus “Hold” rating and an average price target of $12.64, despite several recent target-price reductions.
• Mobileye reported quarterly EPS of $0.19 and revenue of $508 million, exceeding expectations, while its board authorized a $250 million share-repurchase program.

Hsbc Holdings PLC lowered its stake in Mobileye Global Inc. (NASDAQ:MBLY - Free Report) by 75.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 54,908 shares of the company's stock after selling 167,845 shares during the quarter. Hsbc Holdings PLC's holdings in Mobileye Global were worth $376,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. IFP Advisors Inc grew its stake in Mobileye Global by 465.7% during the third quarter. IFP Advisors Inc now owns 1,816 shares of the company's stock valued at $26,000 after acquiring an additional 1,495 shares in the last quarter. Rhumbline Advisers purchased a new stake in shares of Mobileye Global in the first quarter worth $27,000. Northwestern Mutual Wealth Management Co. bought a new stake in Mobileye Global during the second quarter valued at $31,000. Financial Management Professionals Inc. purchased a new position in Mobileye Global during the fourth quarter worth about $32,000. Finally, Leonteq Securities AG bought a new position in Mobileye Global in the 4th quarter worth about $33,000. 13.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. The Goldman Sachs Group boosted their price objective on Mobileye Global from $8.00 to $9.00 and gave the stock a "neutral" rating in a report on Friday, April 24th. Zacks Research upgraded shares of Mobileye Global from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 20th. UBS Group dropped their price objective on shares of Mobileye Global from $10.00 to $9.00 and set a "neutral" rating for the company in a report on Friday, July 24th. BNP Paribas Exane cut their target price on shares of Mobileye Global from $11.50 to $8.50 and set a "neutral" rating for the company in a research report on Wednesday, April 22nd. Finally, TD Cowen dropped their price target on Mobileye Global from $11.50 to $9.00 and set a "buy" rating for the company in a research note on Friday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Mobileye Global presently has a consensus rating of "Hold" and a consensus price target of $12.64.

Mobileye Global Stock Performance

Shares of Mobileye Global stock opened at $7.94 on Friday. Mobileye Global Inc. has a 52-week low of $6.47 and a 52-week high of $15.81. The stock has a market capitalization of $6.67 billion, a price-to-earnings ratio of -1.59, a price-to-earnings-growth ratio of 2.71 and a beta of 1.16. The company has a fifty day moving average of $9.19 and a 200-day moving average of $8.88.

Mobileye Global (NASDAQ:MBLY - Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $0.19 EPS for the quarter, topping analysts' consensus estimates of $0.06 by $0.13. The company had revenue of $508.00 million for the quarter, compared to analysts' expectations of $480.51 million. Mobileye Global had a negative net margin of 201.49% and a positive return on equity of 0.70%. The firm's revenue was up .4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.08) EPS. On average, equities research analysts forecast that Mobileye Global Inc. will post 0.11 earnings per share for the current fiscal year.

Mobileye Global declared that its board has approved a stock buyback program on Thursday, April 23rd that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 3.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

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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