Mobility Global (NYSE:MBGL) Shares Gap Up on Earnings Beat

Key Points

• Mobility Global beat quarterly earnings expectations, reporting EPS of $0.40 versus the $0.38 consensus; revenue grew 7.4% year over year. Shares opened at $21.12 after closing at $19.92 and later traded at $22.345.
• The company declared a quarterly dividend of $0.06 per share, equivalent to a 1.1% annual yield; its payout ratio is 133.33%.
• Analysts’ consensus rating is Hold, with an average price target of $22.20.

Mobility Global, Inc. (NYSE:MBGL - Get Free Report)'s stock price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $19.92, but opened at $21.12. Mobility Global shares last traded at $22.3450, with a volume of 657,541 shares traded.

The company reported $0.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.02. Mobility Global's quarterly revenue was up 7.4% on a year-over-year basis.

Mobility Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 14th. Stockholders of record on Monday, November 30th will be given a $0.06 dividend. The ex-dividend date is Monday, November 30th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.1%. Mobility Global's payout ratio is 133.33%.

Analyst Ratings Changes

MBGL has been the subject of several research analyst reports. Wolfe Research raised Mobility Global to a "strong-buy" rating in a research note on Monday, July 20th. Robert W. Baird dropped their price target on shares of Mobility Global from $23.00 to $22.00 and set a "neutral" rating on the stock in a research note on Monday, August 10th. Evercore assumed coverage on shares of Mobility Global in a report on Wednesday, September 9th. They issued an "in-line" rating and a $22.00 price target for the company. Wall Street Zen upgraded shares of Mobility Global to a "hold" rating in a research report on Saturday, July 18th. Finally, Citigroup began coverage on shares of Mobility Global in a research report on Tuesday, August 11th. They set a "neutral" rating and a $23.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Mobility Global presently has a consensus rating of "Hold" and a consensus price target of $22.20.

Institutional Investors Weigh In On Mobility Global

Several large investors have recently bought and sold shares of the company. Boston Partners purchased a new position in shares of Mobility Global in the third quarter valued at approximately $201,882,000. State Street Corp acquired a new stake in shares of Mobility Global in the third quarter worth approximately $175,280,000. William Blair Investment Management LLC purchased a new stake in shares of Mobility Global during the third quarter worth approximately $90,742,000. Mawer Investment Management Ltd. purchased a new stake in shares of Mobility Global during the third quarter worth approximately $63,568,000. Finally, Alberta Investment Management Corp acquired a new position in Mobility Global in the 3rd quarter valued at $38,899,000.

Mobility Global Stock Performance

The business's 50 day simple moving average is $18.97. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $6.58 billion and a PE ratio of 123.54.

Mobility Global Company Profile

Mobility Global is a blank-check company formed to pursue a merger, acquisition, share exchange or similar business combination with an operating business. It does not have established products or services of its own. The company's stated focus is the mobility sector, which may include businesses involved in transportation, automotive services, logistics and related technologies. Its activities are centered on identifying and completing a suitable business combination.

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