Mobileye Global (NASDAQ:MBLY) Shares Gap Up After Analyst Upgrade

Key Points

• Mobileye shares opened higher after Berenberg upgraded the stock from Hold to Buy, with an $11 price target. The stock opened at $9.26 versus a prior close of $8.92.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $12.65, despite several neutral or negative ratings.
• Two directors recently purchased roughly $199,000 worth of shares, while Mobileye also has a $250 million share-repurchase authorization. The company’s latest quarterly results exceeded expectations on both earnings and revenue.

Mobileye Global Inc. (NASDAQ:MBLY - Get Free Report)'s stock price gapped up before the market opened on Monday after Berenberg Bank upgraded the stock from a hold rating to a buy rating. The stock had previously closed at $8.92, but opened at $9.26. Berenberg Bank now has a $11.00 price target on the stock. Mobileye Global shares last traded at $9.0740, with a volume of 828,099 shares changing hands.

Other equities research analysts have also recently issued reports about the stock. Weiss Ratings raised shares of Mobileye Global from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, July 8th. Jefferies Financial Group started coverage on shares of Mobileye Global in a research report on Monday, May 18th. They set an "underperform" rating and a $8.00 price target on the stock. BNP Paribas Exane cut their price objective on Mobileye Global from $11.50 to $8.50 and set a "neutral" rating on the stock in a research report on Wednesday, April 22nd. Zacks Research upgraded Mobileye Global from a "hold" rating to a "strong-buy" rating in a report on Monday, July 20th. Finally, The Goldman Sachs Group raised their target price on Mobileye Global from $8.00 to $9.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $12.65.

Insiders Place Their Bets

In other Mobileye Global news, Director Frank D. Yeary acquired 12,360 shares of the company's stock in a transaction that occurred on Thursday, July 30th. The shares were bought at an average price of $7.98 per share, with a total value of $98,632.80. Following the completion of the acquisition, the director owned 12,360 shares in the company, valued at $98,632.80. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Safroadu Yeboah-Amankwah bought 11,841 shares of Mobileye Global stock in a transaction on Thursday, August 6th. The shares were acquired at an average cost of $8.46 per share, with a total value of $100,174.86. Following the completion of the acquisition, the director owned 84,336 shares of the company's stock, valued at $713,482.56. The trade was a 16.33% increase in their position. The disclosure for this purchase is available in the SEC filing. 10.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Mobileye Global

Several institutional investors have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Mobileye Global in the second quarter worth about $31,000. IFP Advisors Inc increased its stake in Mobileye Global by 465.7% in the 3rd quarter. IFP Advisors Inc now owns 1,816 shares of the company's stock worth $26,000 after acquiring an additional 1,495 shares during the last quarter. Rhumbline Advisers bought a new stake in Mobileye Global in the 1st quarter worth approximately $27,000. Financial Management Professionals Inc. purchased a new stake in shares of Mobileye Global during the 4th quarter worth approximately $32,000. Finally, Leonteq Securities AG purchased a new stake in shares of Mobileye Global during the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors own 13.25% of the company's stock.

Mobileye Global Trading Up 1.7%

The business has a 50-day moving average price of $8.85 and a 200 day moving average price of $8.73. The stock has a market capitalization of $7.62 billion, a P/E ratio of -1.82, a P/E/G ratio of 3.04 and a beta of 1.21.

Mobileye Global (NASDAQ:MBLY - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.19 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.13. The firm had revenue of $508.00 million during the quarter, compared to the consensus estimate of $480.51 million. Mobileye Global had a negative net margin of 201.49% and a positive return on equity of 0.70%. The firm's revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.08) EPS. On average, sell-side analysts predict that Mobileye Global Inc. will post 0.11 earnings per share for the current fiscal year.

Mobileye Global declared that its board has approved a stock 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 purchase up to 3.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's leadership believes its stock is undervalued.

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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