Mobileye Global (NASDAQ:MBLY) Price Target Cut to $20.00 by Analysts at TD Cowen

Key Points

• TD Cowen has lowered its price target for Mobileye Global (NASDAQ:MBLY) from $22.00 to $20.00, while maintaining a "buy" rating, suggesting a potential upside of 29.70% from the previous close.
• Despite a recent earnings report beating analyst estimates, Mobileye Global's stock is down 4.2%, with the current trading price around $15.42.
• Insider trading activity includes Intel selling over 63 million shares, significantly reducing their stake, while institutional ownership stands at 13.25%.

Mobileye Global (NASDAQ:MBLY - Get Free Report) had its price objective reduced by research analysts at TD Cowen from $22.00 to $20.00 in a report released on Friday, MarketBeat Ratings reports. The brokerage currently has a "buy" rating on the stock. TD Cowen's price objective suggests a potential upside of 37.88% from the stock's current price.

MBLY has been the subject of several other reports. The Goldman Sachs Group cut shares of Mobileye Global from a "buy" rating to a "neutral" rating and set a $17.00 price objective for the company. in a research note on Monday, June 9th. BNP Paribas raised Mobileye Global from an "underperform" rating to a "neutral" rating and set a $11.00 price target for the company in a research report on Wednesday, April 23rd. UBS Group raised their price objective on Mobileye Global from $15.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. Wall Street Zen upgraded Mobileye Global to a "sell" rating in a report on Tuesday, April 29th. Finally, Mizuho increased their target price on shares of Mobileye Global from $15.00 to $18.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Mobileye Global currently has an average rating of "Hold" and a consensus target price of $19.58.

Mobileye Global Trading Down 4.4%

Shares of Mobileye Global stock traded down $0.68 during mid-day trading on Friday, hitting $14.51. 5,336,424 shares of the stock were exchanged, compared to its average volume of 5,496,080. The company has a 50-day simple moving average of $16.54 and a 200 day simple moving average of $15.76. The stock has a market capitalization of $11.79 billion, a price-to-earnings ratio of -3.98, a price-to-earnings-growth ratio of 15.31 and a beta of 0.54. Mobileye Global has a twelve month low of $10.48 and a twelve month high of $22.51.

Mobileye Global (NASDAQ:MBLY - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate 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 business 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 firm posted $0.09 EPS. The company's revenue was up 15.3% on a year-over-year basis. Equities research analysts forecast that Mobileye Global will post 0.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Mobileye Global news, major shareholder Corp Intel sold 63,731,985 shares of the firm's stock in a transaction on Friday, July 11th. The shares were sold at an average price of $16.05, for a total transaction of $1,022,898,359.25. Following the completion of the transaction, the insider directly owned 50,000,000 shares of the company's stock, valued at $802,500,000. This trade represents a 56.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 sale, 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 position. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Mobileye Global

Hedge funds have recently bought and sold shares of the company. The Manufacturers Life Insurance Company lifted its holdings in Mobileye Global by 4.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 14,211,880 shares of the company's stock worth $283,101,000 after buying an additional 621,062 shares during the last quarter. Norges Bank acquired a new stake in shares of Mobileye Global during the 4th quarter valued at approximately $95,937,000. DAVENPORT & Co LLC lifted its stake in Mobileye Global by 7.6% during the first quarter. DAVENPORT & Co LLC now owns 2,369,612 shares of the company's stock worth $34,111,000 after purchasing an additional 167,333 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Mobileye Global by 32.7% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,002,257 shares of the company's stock worth $28,822,000 after purchasing an additional 493,281 shares during the last quarter. Finally, Primecap Management Co. CA boosted its holdings in Mobileye Global by 9.0% in the first quarter. Primecap Management Co. CA now owns 1,966,200 shares of the company's stock worth $28,303,000 after purchasing an additional 161,800 shares during the period. 13.25% of the stock is currently owned by institutional investors and hedge funds.

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.