Mobileye Global (NASDAQ:MBLY) Shares Gap Up Following Strong Earnings

Mobileye Global Inc. (NASDAQ:MBLY - Get Free Report)'s share price gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $16.10, but opened at $17.01. Mobileye Global shares last traded at $15.35, with a volume of 10,013,595 shares trading hands.

The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.02. Mobileye Global had a negative net margin of 153.91% and a positive return on equity of 0.73%. The company had revenue of $506.00 million for the quarter, compared to analyst estimates of $466.42 million. During the same period in the prior year, the business earned $0.09 EPS. The firm's quarterly revenue was up 15.3% on a year-over-year basis.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MBLY. JPMorgan Chase & Co. lifted their price objective on Mobileye Global from $10.00 to $12.00 and gave the company an "underweight" rating in a research note on Thursday, July 17th. Wall Street Zen upgraded shares of Mobileye Global to a "sell" rating in a report on Tuesday, April 29th. Needham & Company LLC reissued a "buy" rating and issued a $18.00 price objective on shares of Mobileye Global in a research report on Friday. Barclays lifted their price objective on shares of Mobileye Global from $14.00 to $16.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Finally, TD Cowen dropped their target price on Mobileye Global from $22.00 to $20.00 and set a "buy" rating on the stock in a report on Friday. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $19.26.

Insider Activity at Mobileye Global

In related news, major shareholder Corp Intel sold 63,731,985 shares of the company's stock in a transaction that occurred 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 sale, the insider owned 50,000,000 shares of the company's stock, valued at approximately $802,500,000. This represents a 56.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Boaz Ouriel sold 67,493 shares of the company's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $16.09, for a total transaction of $1,085,962.37. Following the completion of the transaction, the executive vice president owned 107,853 shares in the company, valued at approximately $1,735,354.77. This trade represents a 38.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Mobileye Global

Several hedge funds have recently modified their holdings of MBLY. Janney Montgomery Scott LLC acquired a new position in shares of Mobileye Global in the 1st quarter valued at $2,207,000. Vanguard Group Inc. boosted its holdings in Mobileye Global by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 1,715,928 shares of the company's stock valued at $34,181,000 after acquiring an additional 45,756 shares during the last quarter. Arcadia Investment Management Corp MI grew its position in Mobileye Global by 42.3% during the first quarter. Arcadia Investment Management Corp MI now owns 75,036 shares of the company's stock valued at $1,080,000 after acquiring an additional 22,300 shares during the period. DAVENPORT & Co LLC grew its position in Mobileye Global by 7.6% during the first quarter. DAVENPORT & Co LLC now owns 2,369,612 shares of the company's stock valued at $34,111,000 after acquiring an additional 167,333 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Mobileye Global by 21.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,508,976 shares of the company's stock worth $32,745,000 after acquiring an additional 263,758 shares during the last quarter. 13.25% of the stock is owned by institutional investors and hedge funds.

Mobileye Global Trading Up 2.4%

The firm has a market capitalization of $12.33 billion, a price-to-earnings ratio of -4.16, a price-to-earnings-growth ratio of 15.31 and a beta of 0.54. The firm has a 50 day moving average price of $16.55 and a two-hundred day moving average price of $15.76.

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.