Mobileye Global (NASDAQ:MBLY) Rating Lowered to "Hold" at Zacks Research

Key Points

• Zacks Research downgraded Mobileye Global from “strong buy” to “hold.” Overall analyst sentiment is also “Hold,” with a consensus price target of $12.65.
• Mobileye shares opened at $9.10, up 2.6%, while the company’s latest quarterly results beat expectations: EPS was $0.19 versus a $0.06 estimate, and revenue reached $508 million.
• The company authorized a $250 million share repurchase program, while two directors recently purchased shares. Insiders own 10% of the company, compared with 13.25% held by institutional investors.

Mobileye Global (NASDAQ:MBLY - Get Free Report) was downgraded by research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Tuesday,Zacks.com reports.

MBLY has been the subject of a number of other reports. Needham & Company LLC restated a "buy" rating and set a $13.00 target price on shares of Mobileye Global in a report on Friday, July 24th. UBS Group dropped their target price on Mobileye Global from $10.00 to $9.00 and set a "neutral" rating on the stock in a report on Friday, July 24th. The Goldman Sachs Group raised their price target on Mobileye Global from $8.00 to $9.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Canaccord Genuity Group decreased their price target on Mobileye Global from $17.00 to $12.00 and set a "buy" rating for the company in a report on Friday, July 24th. Finally, Weiss Ratings raised Mobileye Global from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $12.65.

Mobileye Global Trading Up 2.6%

Shares of MBLY opened at $9.10 on Tuesday. The firm has a market cap of $7.64 billion, a P/E ratio of -1.82, a price-to-earnings-growth ratio of 3.03 and a beta of 1.20. Mobileye Global has a 12-month low of $6.47 and a 12-month high of $15.81. The company's 50-day moving average price is $8.84 and its 200 day moving average price is $8.72.

Mobileye Global (NASDAQ:MBLY - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.19 EPS for the quarter, topping the consensus estimate 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 revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.08) EPS. Equities research analysts forecast that Mobileye Global will post 0.11 earnings per share for the current year.

Mobileye Global declared that its board has initiated a share repurchase program on Thursday, April 23rd that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to buy up to 3.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Insider Activity at Mobileye Global

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Handelsbanken Fonder AB lifted its holdings in shares of Mobileye Global by 38.0% during the second quarter. Handelsbanken Fonder AB now owns 46,100 shares of the company's stock worth $446,000 after purchasing an additional 12,700 shares during the period. Gradient Investments LLC acquired a new position in Mobileye Global in the 2nd quarter valued at $921,000. FNY Investment Advisers LLC increased its stake in Mobileye Global by 260.5% in the 2nd quarter. FNY Investment Advisers LLC now owns 14,923 shares of the company's stock valued at $144,000 after buying an additional 10,784 shares during the period. Assenagon Asset Management S.A. purchased a new position in Mobileye Global during the 2nd quarter worth $23,423,000. Finally, 180 Wealth Advisors LLC raised its position in Mobileye Global by 18.3% during the 2nd quarter. 180 Wealth Advisors LLC now owns 25,909 shares of the company's stock worth $251,000 after buying an additional 4,017 shares during the last quarter. Institutional investors and hedge funds own 13.25% 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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