Mobileye Global Inc. $MBLY Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its Mobileye stake by 7.2% in the first quarter, selling 797,212 shares and retaining 10.3 million shares valued at approximately $70.8 million.
• Mobileye reported quarterly earnings of $0.19 per share, beating the $0.06 consensus estimate, while revenue of $508 million also exceeded expectations. Revenue increased 0.4% year over year.
• Analysts have lowered price targets, and the stock carries a consensus “Hold” rating with a $12.95 target. Shares opened at $8.01, compared with a 12-month range of $6.47 to $15.81; the company also authorized a $250 million share-buyback program.

The Manufacturers Life Insurance Company cut its holdings in Mobileye Global Inc. (NASDAQ:MBLY - Free Report) by 7.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,305,431 shares of the company's stock after selling 797,212 shares during the quarter. The Manufacturers Life Insurance Company owned about 1.22% of Mobileye Global worth $70,798,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. IFP Advisors Inc increased its holdings in shares of 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 acquired a new stake in Mobileye Global in the 1st quarter worth approximately $27,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Mobileye Global in the 2nd quarter worth approximately $31,000. Financial Management Professionals Inc. purchased a new stake in Mobileye Global during the 4th quarter worth approximately $32,000. Finally, Leonteq Securities AG acquired a new position in Mobileye Global during the 4th quarter valued at approximately $33,000. Institutional investors and hedge funds own 13.25% of the company's stock.

Analyst Upgrades and Downgrades

MBLY has been the subject of a number of research analyst reports. Canaccord Genuity Group decreased their price target on shares of Mobileye Global from $17.00 to $12.00 and set a "buy" rating for the company in a report on Friday, July 24th. Mizuho dropped their price objective on shares of Mobileye Global from $9.00 to $8.00 and set a "neutral" rating on the stock in a report on Friday, July 24th. BNP Paribas Exane reduced their target price on Mobileye Global from $11.50 to $8.50 and set a "neutral" rating for the company in a research note on Wednesday, April 22nd. Royal Bank Of Canada lowered their price target on Mobileye Global from $10.00 to $7.00 and set a "sector perform" rating for the company in a research report on Friday, July 24th. Finally, Wall Street Zen upgraded Mobileye Global from a "sell" rating to a "hold" rating in a research note on Saturday, April 25th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Mobileye Global currently has a consensus rating of "Hold" and a consensus price target of $12.95.

Mobileye Global Price Performance

MBLY stock opened at $8.01 on Thursday. The firm's fifty day simple moving average is $9.27 and its 200-day simple moving average is $8.91. The company has a market capitalization of $6.74 billion, a P/E ratio of -1.61, a price-to-earnings-growth ratio of 2.88 and a beta of 1.16. Mobileye Global Inc. has a 12 month low of $6.47 and a 12 month high of $15.81.

Mobileye Global (NASDAQ:MBLY - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.19 earnings per share for the quarter, topping 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%. The business's quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.08) earnings per share. As a group, sell-side analysts forecast that Mobileye Global Inc. will post 0.11 earnings per share for the current year.

Mobileye Global declared that its Board of Directors has initiated a stock buyback plan on Thursday, April 23rd that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to buy up to 3.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

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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