Mobileye Global (NASDAQ:MBLY) Trading Up 9.1% – Time to Buy?

Mobileye Global Inc. (NASDAQ:MBLY)’s share price was up 9.1% during trading on Wednesday . The company traded as high as $10.13 and last traded at $10.07. Approximately 3,816,194 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 7,773,283 shares. The stock had previously closed at $9.23.

Analysts Set New Price Targets

A number of equities analysts have recently commented on MBLY shares. Canaccord Genuity Group dropped their price objective on Mobileye Global from $24.00 to $17.00 and set a “buy” rating on the stock in a research note on Friday, April 24th. Wall Street Zen upgraded shares of Mobileye Global from a “sell” rating to a “hold” rating in a research note on Saturday, April 25th. Royal Bank Of Canada lowered their price objective on shares of Mobileye Global from $14.00 to $13.00 and set a “sector perform” rating on the stock in a research note on Friday, January 23rd. Wells Fargo & Company reduced their target price on shares of Mobileye Global from $24.00 to $18.00 and set an “overweight” rating for the company in a research note on Friday, January 23rd. Finally, BNP Paribas Exane lowered their target price on shares of Mobileye Global from $11.50 to $8.50 and set a “neutral” rating on the stock in a research note on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $13.98.

Mobileye Global Trading Up 13.8%

The business’s fifty day simple moving average is $7.93 and its 200 day simple moving average is $9.83. The stock has a market cap of $8.84 billion, a P/E ratio of -2.10 and a beta of 1.06.

Mobileye Global (NASDAQ:MBLY) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.03. The firm had revenue of $558.00 million for the quarter, compared to the consensus estimate of $519.34 million. Mobileye Global had a positive return on equity of 0.33% and a negative net margin of 203.97%.The business’s revenue for the quarter was up 27.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.08 EPS. On average, analysts predict that Mobileye Global Inc. will post -0.07 earnings per share for the current fiscal year.

Mobileye Global declared that its board has initiated a stock buyback program on Thursday, April 23rd that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to purchase up to 3.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Mobileye Global

A number of hedge funds have recently modified their holdings of MBLY. IFP Advisors Inc raised its position in shares of Mobileye Global by 465.7% during the third quarter. IFP Advisors Inc now owns 1,816 shares of the company’s stock worth $26,000 after purchasing an additional 1,495 shares during the period. Rhumbline Advisers bought a new stake in shares of Mobileye Global in the first quarter worth $27,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Mobileye Global in the second quarter worth $31,000. Financial Management Professionals Inc. bought a new stake in shares of Mobileye Global in the fourth quarter worth $32,000. Finally, Leonteq Securities AG bought a new stake in shares of Mobileye Global in the fourth quarter worth $33,000. Institutional investors and hedge funds own 13.25% of the company’s stock.

About Mobileye Global

Mobileye Global Inc (NASDAQ: MBLY) is a leader in the development of advanced driver-assistance systems (ADAS) and autonomous driving technologies. Headquartered in Jerusalem, Israel, the company designs and supplies computer vision-based solutions that enable vehicles to detect and respond to road conditions, obstacles and signage. Mobileye’s core offering centers on its proprietary EyeQ system-on-a-chip (SoC) family, which processes video streams from automotive cameras to deliver features such as lane-keeping assist, adaptive cruise control, collision prevention and traffic sign recognition.

Founded in 1999 by Prof.