Mobileye Global (NASDAQ:MBLY) Stock Price Down 5.6% After Analyst Downgrade

Key Points

• Mobileye Global's shares dropped 5.6% after Bank of America downgraded their price target from $18.00 to $16.00, with the stock last trading at $14.07.
• Several analysts have also shifted their ratings on Mobileye Global, with a consensus that includes nine Buy ratings and eight Hold ratings, leading to an average target price of $19.59.
• Major shareholder Corp Intel sold over 63 million shares, significantly decreasing their ownership in the company by 56.04%.

Mobileye Global Inc. (NASDAQ:MBLY - Get Free Report) was down 5.6% during mid-day trading on Wednesday after Bank of America lowered their price target on the stock from $18.00 to $16.00. Bank of America currently has a neutral rating on the stock. Mobileye Global traded as low as $14.08 and last traded at $14.07. Approximately 2,406,127 shares changed hands during trading, a decline of 55% from the average daily volume of 5,311,374 shares. The stock had previously closed at $14.90.

Other equities analysts have also issued reports about the stock. Barclays boosted their target price on shares of Mobileye Global from $14.00 to $16.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Mizuho cut their price objective on shares of Mobileye Global from $18.00 to $17.00 and set a "neutral" rating for the company in a report on Friday, July 25th. JPMorgan Chase & Co. upped their price objective on shares of Mobileye Global from $10.00 to $12.00 and gave the stock an "underweight" rating in a research report on Thursday, July 17th. Canaccord Genuity Group increased their target price on shares of Mobileye Global from $25.00 to $30.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Finally, Wells Fargo & Company raised their target price on Mobileye Global from $18.00 to $24.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Nine research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Mobileye Global has a consensus rating of "Hold" and a consensus price target of $19.59.

Insider Transactions at Mobileye Global

In other news, major shareholder Corp Intel sold 63,731,985 shares of Mobileye Global stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $16.05, for a total value of $1,022,898,359.25. Following the sale, the insider owned 50,000,000 shares in the company, valued at $802,500,000. This trade represents a 56.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Rhumbline Advisers acquired a new stake in Mobileye Global in the 1st quarter worth about $27,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Mobileye Global in the second quarter valued at approximately $31,000. Tower Research Capital LLC TRC boosted its stake in shares of Mobileye Global by 464.0% in the second quarter. Tower Research Capital LLC TRC now owns 3,288 shares of the company's stock worth $59,000 after acquiring an additional 2,705 shares during the last quarter. KBC Group NV acquired a new stake in shares of Mobileye Global in the second quarter worth approximately $65,000. Finally, PNC Financial Services Group Inc. increased its position in shares of Mobileye Global by 1,799.7% during the first quarter. PNC Financial Services Group Inc. now owns 5,851 shares of the company's stock worth $84,000 after purchasing an additional 5,543 shares in the last quarter. Institutional investors and hedge funds own 13.25% of the company's stock.

Mobileye Global Stock Performance

The company has a 50 day moving average of $14.80 and a 200 day moving average of $15.15. The stock has a market capitalization of $11.09 billion, a price-to-earnings ratio of -3.73, a P/E/G ratio of 8.87 and a beta of 0.52.

Mobileye Global (NASDAQ:MBLY - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. The company had revenue of $506.00 million for the quarter, compared to analysts' expectations of $466.42 million. Mobileye Global had a negative net margin of 153.91% and a positive return on equity of 0.73%. The firm's quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.09 EPS. Mobileye Global has set its FY 2025 guidance at EPS. On average, equities analysts predict that Mobileye Global Inc. will post 0.01 EPS for the current fiscal year.

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.