Mobileye Global (NASDAQ:MBLY) Sees Large Volume Increase - Here's What Happened

Key Points

• Mobileye shares saw elevated trading activity, with about 7.42 million shares changing hands—6% above the average daily volume. The stock traded at $5.305, up from its prior close of $5.13.
• Quarterly results topped expectations: Mobileye reported EPS of $0.11 versus the $0.10 consensus and revenue of $492 million versus estimates of $476.78 million. Revenue was nevertheless down 2.4% year over year.
• Analyst views remain mixed, with a consensus “Hold” rating and an average price target of $10.43. Recent firms cut price targets, while Citigroup initiated coverage with a Buy rating and an $11 target.

Mobileye Global Inc. (NASDAQ:MBLY - Get Free Report) shares saw unusually-strong trading volume on Friday. Approximately 7,419,245 shares traded hands during mid-day trading, an increase of 6% from the average daily volume of 7,009,722 shares. The stock last traded at $5.3050 and had previously closed at $5.13.

Analyst Upgrades and Downgrades

Several analysts recently commented on MBLY shares. Royal Bank Of Canada lowered shares of Mobileye Global from a "sector perform" rating to an "underperform" rating and dropped their price target for the company from $7.00 to $5.00 in a research report on Wednesday, October 21st. BNP Paribas Exane cut their price objective on shares of Mobileye Global from $7.50 to $6.50 and set a "neutral" rating for the company in a report on Monday. Morgan Stanley decreased their price objective on shares of Mobileye Global from $10.00 to $9.00 and set an "equal weight" rating for the company in a research report on Thursday, October 15th. Citigroup started coverage on shares of Mobileye Global in a research note on Friday, October 16th. They set a "buy" rating and a $11.00 target price on the stock. Finally, Zacks Research lowered shares of Mobileye Global from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $10.43.

Mobileye Global Stock Up 5.2%

The firm has a market capitalization of $4.53 billion, a PE ratio of -1.09, a PEG ratio of 1.75 and a beta of 1.30. The stock has a 50-day moving average price of $7.41 and a 200 day moving average price of $8.44.

Mobileye Global (NASDAQ:MBLY - Get Free Report) last announced its earnings results on Thursday, October 29th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. Mobileye Global had a positive return on equity of 0.66% and a negative net margin of 201.25%. The firm had revenue of $492.00 million for the quarter, compared to analyst estimates of $476.78 million. During the same quarter last year, the firm posted $0.09 EPS. The business's revenue was down 2.4% on a year-over-year basis. As a group, equities analysts predict that Mobileye Global Inc. will post 0.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Mobileye Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MBLY. Allworth Financial LP lifted its holdings in Mobileye Global by 63.6% in the 2nd quarter. Allworth Financial LP now owns 3,947 shares of the company's stock valued at $38,000 after purchasing an additional 1,535 shares in the last quarter. Integrated Wealth Concepts LLC grew its holdings in shares of Mobileye Global by 11.0% during the second quarter. Integrated Wealth Concepts LLC now owns 17,421 shares of the company's stock worth $169,000 after buying an additional 1,732 shares in the last quarter. Triumph Capital Management grew its holdings in shares of Mobileye Global by 7.1% during the second quarter. Triumph Capital Management now owns 30,988 shares of the company's stock worth $300,000 after buying an additional 2,062 shares in the last quarter. Cetera Investment Advisers grew its holdings in shares of Mobileye Global by 15.3% during the first quarter. Cetera Investment Advisers now owns 17,267 shares of the company's stock worth $119,000 after buying an additional 2,286 shares in the last quarter. Finally, Financial Management Professionals Inc. raised its position in shares of Mobileye Global by 176.4% in the third quarter. Financial Management Professionals Inc. now owns 4,231 shares of the company's stock valued at $31,000 after buying an additional 2,700 shares during the last quarter. 13.25% of the stock is owned by hedge funds and other institutional investors.

About Mobileye Global

Mobileye Global Inc NASDAQ: MBLY develops advanced driver-assistance systems and autonomous driving technologies for vehicle manufacturers worldwide. Founded in 1999 and headquartered in Jerusalem, Israel, the company provides computer-vision and artificial-intelligence solutions designed to improve vehicle safety and support automated driving.

Its product portfolio includes EyeQ system-on-chips, camera-based driver-assistance features, and software for functions such as automatic emergency braking, lane-keeping assistance, adaptive cruise control, and traffic-sign recognition.

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