Mobileye Global (NASDAQ:MBLY) Given New $30.00 Price Target at Canaccord Genuity Group

Key Points

• Mobileye Global had its price target increased by Canaccord Genuity Group from $25.00 to $30.00, indicating a potential upside of 101.67% from its previous close.
• Multiple analysts have given varying ratings, with Goldman Sachs lowering its rating to "neutral" and setting a price target of $17.00, while 14 analysts rated the stock as a hold.
• In Q2, Mobileye reported earnings of $0.13 per share, surpassing the expected $0.11, along with a revenue of $506 million, reflecting a 15.3% year-over-year increase.
• Insider trading activity included a significant sale of 63.7 million shares by a major shareholder, resulting in a noticeable decrease in their position in the company.

Mobileye Global (NASDAQ:MBLY - Get Free Report) had its target price increased by research analysts at Canaccord Genuity Group from $25.00 to $30.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective indicates a potential upside of 101.67% from the stock's previous close.

Several other analysts have also recently issued reports on the company. The Goldman Sachs Group cut Mobileye Global from a "buy" rating to a "neutral" rating and set a $17.00 price objective on the stock. in a research note on Monday, June 9th. BNP Paribas raised Mobileye Global from an "underperform" rating to a "neutral" rating and set a $11.00 price objective for the company in a research note on Wednesday, April 23rd. TD Cowen cut their price objective on Mobileye Global from $22.00 to $20.00 and set a "buy" rating for the company in a report on Friday. JPMorgan Chase & Co. raised their target price on Mobileye Global from $10.00 to $12.00 and gave the company an "underweight" rating in a report on Thursday, July 17th. Finally, Barclays lifted their target price on Mobileye Global from $14.00 to $16.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Mobileye Global presently has an average rating of "Hold" and an average price target of $19.26.

Mobileye Global Trading Down 3.5%

MBLY traded down $0.54 during mid-day trading on Friday, hitting $14.88. 11,977,103 shares of the stock were exchanged, compared to its average volume of 5,447,358. The firm's fifty day moving average is $16.57 and its two-hundred day moving average is $15.81. Mobileye Global has a 1-year low of $10.48 and a 1-year high of $22.51. The company has a market cap of $12.09 billion, a PE ratio of -4.05, a PEG ratio of 16.63 and a beta of 0.54.

Mobileye Global (NASDAQ:MBLY - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.02. Mobileye Global had a positive return on equity of 0.54% and a negative net margin of 160.50%. The business had revenue of $506.00 million for the quarter, compared to analyst estimates of $466.42 million. During the same quarter last year, the company earned $0.09 EPS. The business's quarterly revenue was up 15.3% on a year-over-year basis. As a group, research analysts anticipate that Mobileye Global will post 0.01 earnings per share for the current year.

Insider Buying and Selling at Mobileye Global

In other Mobileye Global news, EVP Boaz Ouriel sold 67,493 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $16.09, for a total value of $1,085,962.37. Following the transaction, the executive vice president directly owned 107,853 shares of the company's stock, valued at $1,735,354.77. This represents a 38.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Corp Intel sold 63,731,985 shares of the stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $16.05, for a total transaction of $1,022,898,359.25. Following the transaction, the insider owned 50,000,000 shares in the company, valued at approximately $802,500,000. The trade was a 56.04% decrease in their position. The disclosure for this sale can be found here. 2.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Rhumbline Advisers bought a new stake in shares of Mobileye Global in the first quarter valued at approximately $27,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Mobileye Global in the 4th quarter valued at $40,000. Ancora Advisors LLC purchased a new stake in shares of Mobileye Global in the 4th quarter valued at $40,000. Allianz SE purchased a new stake in Mobileye Global during the 4th quarter valued at $43,000. Finally, PNC Financial Services Group Inc. boosted its position in Mobileye Global by 1,799.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 5,851 shares of the company's stock valued at $84,000 after buying an additional 5,543 shares during the period. 13.25% of the stock is currently owned by institutional investors and hedge funds.

About Mobileye Global

Mobileye Global Inc develops and deploys advanced driver assistance systems (ADAS) and autonomous driving technologies and solutions worldwide. The company operates through Mobileye and Other segments. It offers Driver Assist comprising ADAS and autonomous vehicle solutions that covers safety features, such as real-time detection of road users, geometry, semantics, and markings to provide safety alerts and emergency interventions; Cloud-Enhanced Driver Assist, a solution for drivers with interpretations of a scene in real-time; Mobileye SuperVision Lite, a navigation and assisted driving solution; and Mobileye SuperVision, an operational point-to-point assisted driving navigation solution on various road types and includes cloud-based enhancements, such as road experience management.

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