Mobileye Global (NASDAQ:MBLY) Shares Gap Down - What's Next?

Key Points

• Mobileye shares fell sharply, opening at $6.50 versus a prior close of $7.06 and later trading near $6.64. The stock remains below its 50-day and 200-day moving averages of $7.79 and $8.60, respectively.
• Analyst sentiment is mixed but averages a “Hold” rating, with a consensus price target of $11.08. Recent targets range from $7.50 at UBS to $12.00 at Piper Sandler.
• Mobileye exceeded quarterly expectations with earnings of $0.11 per share versus $0.10 expected and revenue of $492 million versus $476.78 million expected, although revenue declined 2.4% year over year and the company reported a significant negative net margin.

Mobileye Global Inc. (NASDAQ:MBLY - Get Free Report)'s stock price gapped down before the market opened on Thursday. The stock had previously closed at $7.06, but opened at $6.50. Mobileye Global shares last traded at $6.6350, with a volume of 1,631,885 shares.

Analysts Set New Price Targets

A number of research firms have recently commented on MBLY. 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 price objective for the company. Morgan Stanley cut their price objective on 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. Piper Sandler raised shares of Mobileye Global from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $10.00 to $12.00 in a research report on Monday, July 27th. The Goldman Sachs Group decreased their price target on shares of Mobileye Global from $9.00 to $8.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 6th. Finally, UBS Group reduced their price objective on Mobileye Global from $9.00 to $7.50 and set a "neutral" rating for the company in a report on Wednesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $11.08.

Mobileye Global Price Performance

The stock has a 50-day moving average of $7.79 and a 200-day moving average of $8.60. The firm has a market cap of $5.52 billion, a price-to-earnings ratio of -1.32, a P/E/G ratio of 2.12 and a beta of 1.25.

Mobileye Global (NASDAQ:MBLY - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.01. The business had revenue of $492.00 million during the quarter, compared to analysts' expectations of $476.78 million. Mobileye Global had a negative net margin of 201.49% and a positive return on equity of 0.70%. Mobileye Global's revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.09 earnings per share. On average, equities analysts expect that Mobileye Global Inc. will post 0.11 EPS for the current fiscal year.

Insider Buying and Selling at Mobileye Global

In other Mobileye Global news, Director Safroadu Yeboah-Amankwah purchased 11,841 shares of the firm's stock in a transaction dated Thursday, August 6th. The shares were bought at an average price of $8.46 per share, for a total transaction of $100,174.86. Following the purchase, the director owned 84,336 shares in the company, valued at approximately $713,482.56. This trade represents a 16.33% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 10.00% of the company's stock.

Hedge Funds Weigh In On Mobileye Global

A number of institutional investors have recently modified their holdings of MBLY. Allworth Financial LP raised its holdings in Mobileye Global by 63.6% during the second quarter. Allworth Financial LP now owns 3,947 shares of the company's stock worth $38,000 after buying an additional 1,535 shares during the last quarter. Financial Management Professionals Inc. grew its stake in shares of Mobileye Global by 176.4% during the 3rd quarter. Financial Management Professionals Inc. now owns 4,231 shares of the company's stock worth $31,000 after acquiring an additional 2,700 shares during the period. Bogart Wealth LLC lifted its stake in shares of Mobileye Global by 5,000.0% during the 1st quarter. Bogart Wealth LLC now owns 5,100 shares of the company's stock valued at $35,000 after buying an additional 5,000 shares in the last quarter. Nykredit A S bought a new stake in shares of Mobileye Global during the 2nd quarter valued at $77,000. Finally, PNC Financial Services Group Inc. boosted its holdings in Mobileye Global by 204.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,686 shares of the company's stock valued at $60,000 after purchasing an additional 5,837 shares during the period. Institutional investors and hedge funds own 13.25% of the company's stock.

Mobileye Global Company Profile

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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