Mobileye Global (NASDAQ:MBLY) Trading Down 5.6% on 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) dropped 5.6% during 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 traded 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 recently issued reports about the company. Wells Fargo & Company lifted their price objective on Mobileye Global from $18.00 to $24.00 and gave the company an "overweight" rating in a report on Wednesday, July 9th. Mizuho lowered their target price on Mobileye Global from $18.00 to $17.00 and set a "neutral" rating for the company in a report on Friday, July 25th. Needham & Company LLC reiterated a "buy" rating and issued a $18.00 price target on shares of Mobileye Global in a research report on Friday, July 25th. Canaccord Genuity Group upped their target price on Mobileye Global from $25.00 to $30.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Finally, Robert W. Baird cut their price target on Mobileye Global from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Wednesday, September 3rd. Nine analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $19.59.

Insiders Place Their Bets

In other Mobileye Global news, major shareholder Corp Intel sold 63,731,985 shares of the stock in a transaction on Friday, July 11th. The stock was sold at an average price of $16.05, for a total value of $1,022,898,359.25. Following the completion of the sale, the insider owned 50,000,000 shares in the company, valued at approximately $802,500,000. This represents a 56.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.80% of the company's stock.

Institutional Trading of Mobileye Global

Institutional investors have recently added to or reduced their stakes in the company. Tiger Pacific Capital LP bought a new stake in shares of Mobileye Global during the fourth quarter valued at approximately $2,681,000. Tidal Investments LLC raised its stake in shares of Mobileye Global by 30.9% during the fourth quarter. Tidal Investments LLC now owns 47,885 shares of the company's stock valued at $954,000 after acquiring an additional 11,299 shares in the last quarter. Shufro Rose & Co. LLC raised its stake in shares of Mobileye Global by 100.0% during the fourth quarter. Shufro Rose & Co. LLC now owns 20,000 shares of the company's stock valued at $398,000 after acquiring an additional 10,000 shares in the last quarter. PKO Investment Management Joint Stock Co bought a new stake in shares of Mobileye Global during the fourth quarter valued at approximately $1,793,000. Finally, Rhumbline Advisers bought a new stake in shares of Mobileye Global during the first quarter valued at approximately $27,000. Institutional investors own 13.25% of the company's stock.

Mobileye Global Price Performance

The company has a market capitalization of $11.34 billion, a PE ratio of -3.81, a price-to-earnings-growth ratio of 8.56 and a beta of 0.52. The company's fifty day moving average is $14.80 and its 200-day moving average is $15.13.

Mobileye Global (NASDAQ:MBLY - Get Free Report) last released its quarterly 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 business had revenue of $506.00 million for the quarter, compared to analyst estimates of $466.42 million. Mobileye Global had a negative net margin of 153.91% and a positive return on equity of 0.73%. The business's revenue for the quarter was up 15.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.09 earnings per share. Mobileye Global has set its FY 2025 guidance at EPS. Equities research analysts forecast that Mobileye Global Inc. will post 0.01 EPS for the current fiscal year.

Mobileye Global Company Profile

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.