Renaissance Technologies LLC Sells 689,724 Shares of Mobileye Global Inc. $MBLY

Key Points

• Renaissance Technologies cut its Mobileye position by 16.8% in the first quarter, selling 689,724 shares and retaining 3.43 million shares valued at approximately $23.55 million.
• Analysts remain mixed, with a consensus “Hold” rating and an average price target of $12.95. Mobileye recently exceeded quarterly earnings and revenue estimates, reporting $0.19 in EPS on $508 million in revenue.
• Mobileye approved a $250 million share buyback, representing authorization to repurchase up to 3.8% of its outstanding shares, while the stock recently traded near $8.01.

Renaissance Technologies LLC lessened its position in shares of Mobileye Global Inc. (NASDAQ:MBLY - Free Report) by 16.8% in the first quarter, according to its most recent filing with the SEC. The firm owned 3,427,946 shares of the company's stock after selling 689,724 shares during the quarter. Renaissance Technologies LLC owned approximately 0.41% of Mobileye Global worth $23,550,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Mobileye Global in the 2nd quarter valued at $31,000. IFP Advisors Inc lifted its holdings in Mobileye Global by 465.7% in the third quarter. IFP Advisors Inc now owns 1,816 shares of the company's stock valued at $26,000 after buying an additional 1,495 shares during the period. Rhumbline Advisers bought a new stake in Mobileye Global during the first quarter valued at $27,000. Financial Management Professionals Inc. bought a new stake in Mobileye Global during the fourth quarter valued at $32,000. Finally, Leonteq Securities AG acquired a new stake in Mobileye Global during the 4th quarter worth about $33,000. Institutional investors own 13.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. The Goldman Sachs Group boosted their price objective on Mobileye Global from $8.00 to $9.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Berenberg Bank cut Mobileye Global from a "buy" rating to a "hold" rating and set a $10.80 target price for the company. in a research note on Thursday, May 21st. Canaccord Genuity Group lowered their target price on Mobileye Global from $17.00 to $12.00 and set a "buy" rating for the company in a report on Friday, July 24th. TD Cowen cut their price target on Mobileye Global from $11.50 to $9.00 and set a "buy" rating on the stock in a report on Friday, July 24th. Finally, Jefferies Financial Group initiated coverage on shares of Mobileye Global in a research report on Monday, May 18th. They set an "underperform" rating and a $8.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $12.95.

Mobileye Global Stock Performance

MBLY stock opened at $8.01 on Thursday. The stock's 50 day simple moving average is $9.27 and its 200 day simple moving average is $8.91. Mobileye Global Inc. has a fifty-two week low of $6.47 and a fifty-two week high of $15.81. The company has a market cap 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 (NASDAQ:MBLY - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.13. The business had revenue of $508.00 million for the quarter, compared to analyst estimates of $480.51 million. Mobileye Global had a positive return on equity of 0.70% and a negative net margin of 201.49%.The company's quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.08) earnings per share. Equities analysts predict that Mobileye Global Inc. will post 0.11 earnings per share for the current year.

Mobileye Global announced that its Board of Directors has approved a share buyback plan on Thursday, April 23rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to reacquire up to 3.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is 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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