Mobileye Global (NASDAQ:MBLY) Shares Down 6.5% on Analyst Downgrade

Key Points

• Mobileye Global's stock fell 6.5% after Mizuho downgraded its price target from $18.00 to $17.00, maintaining a neutral rating on the stock.
• Various analysts have differing views, with TD Cowen maintaining a buy rating but reducing their price target from $22.00 to $20.00, while Goldman Sachs downgraded the stock to neutral.
• Insider trading saw EVP Boaz Ouriel selling over 67,000 shares, representing a significant ownership decrease, and major shareholder Intel selling over 63 million shares.
• Mobileye Global reported a profit of $0.13 per share for the last quarter, exceeding analyst estimates, with revenue of $506 million, marking a 15.3% increase compared to the previous year.

Shares of Mobileye Global Inc. (NASDAQ:MBLY - Get Free Report) were down 6.5% during trading on Friday after Mizuho lowered their price target on the stock from $18.00 to $17.00. Mizuho currently has a neutral rating on the stock. Mobileye Global traded as low as $14.40 and last traded at $14.42. Approximately 8,527,417 shares were traded during trading, an increase of 57% from the average daily volume of 5,426,323 shares. The stock had previously closed at $15.42.

MBLY has been the subject of several other research reports. Wall Street Zen raised Mobileye Global to a "sell" rating in a report on Tuesday, April 29th. BNP Paribas raised Mobileye Global from an "underperform" rating to a "neutral" rating and set a $11.00 price objective for the company in a report on Wednesday, April 23rd. TD Cowen decreased their price objective on Mobileye Global from $22.00 to $20.00 and set a "buy" rating for the company in a report on Friday. JPMorgan Chase & Co. lifted their price objective on Mobileye Global from $10.00 to $12.00 and gave the stock an "underweight" rating in a report on Thursday, July 17th. Finally, Wells Fargo & Company lifted their price objective on Mobileye Global from $18.00 to $24.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, Mobileye Global presently has an average rating of "Hold" and a consensus price target of $19.58.

Insider Activity at Mobileye Global

In other Mobileye Global news, EVP Boaz Ouriel sold 67,493 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $16.09, for a total value of $1,085,962.37. Following the completion of the sale, the executive vice president owned 107,853 shares of the company's stock, valued at $1,735,354.77. This represents a 38.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 completion of the sale, the insider directly 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 disclosure for this sale can be found here. 1.80% of the stock is owned by corporate insiders.

Institutional Trading of Mobileye Global

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Janney Montgomery Scott LLC bought a new stake in Mobileye Global in the first quarter valued at approximately $2,207,000. Vanguard Group Inc. lifted its position 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 purchasing an additional 45,756 shares during the last quarter. Arcadia Investment Management Corp MI lifted its position in Mobileye Global by 42.3% in the first quarter. Arcadia Investment Management Corp MI now owns 75,036 shares of the company's stock valued at $1,080,000 after purchasing an additional 22,300 shares during the last quarter. DAVENPORT & Co LLC lifted its position in Mobileye Global by 7.6% in the first quarter. DAVENPORT & Co LLC now owns 2,369,612 shares of the company's stock valued at $34,111,000 after purchasing an additional 167,333 shares during the last quarter. Finally, Needham Investment Management LLC bought a new position in shares of Mobileye Global during the fourth quarter valued at approximately $996,000. Hedge funds and other institutional investors own 13.25% of the company's stock.

Mobileye Global Stock Down 5.4%

The company has a market cap of $11.67 billion, a P/E ratio of -3.93, a P/E/G ratio of 15.31 and a beta of 0.54. The business has a fifty day moving average of $16.54 and a 200 day moving average of $15.76.

Mobileye Global (NASDAQ:MBLY - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $0.13 EPS for the quarter, beating analysts' consensus estimates of $0.11 by $0.02. The company had revenue of $506.00 million during the quarter, compared to the consensus estimate of $466.42 million. Mobileye Global had a positive return on equity of 0.73% and a negative net margin of 153.91%. The firm's revenue for the quarter was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.09 earnings per share. On average, sell-side analysts anticipate 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.