Mobileye Global (NASDAQ:MBLY) Cut to “Underperform” at Royal Bank Of Canada

Royal Bank Of Canada downgraded shares of Mobileye Global (NASDAQ:MBLY) from a sector perform rating to an underperform rating in a research report released on Wednesday morning, MarketBeat.com reports. Royal Bank Of Canada currently has $5.00 price objective on the stock, down from their previous price objective of $7.00.

Several other analysts have also recently commented on MBLY. Mizuho lowered their price target on Mobileye Global from $9.00 to $8.00 and set a “neutral” rating for the company in a report on Friday, July 24th. Needham & Company LLC reiterated a “buy” rating and set a $13.00 price objective on shares of Mobileye Global in a report on Friday, July 24th. Piper Sandler upgraded shares of Mobileye Global from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $10.00 to $12.00 in a report on Monday, July 27th. Morgan Stanley decreased their target price on shares of Mobileye Global from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 15th. Finally, The Goldman Sachs Group lowered their target price on shares of Mobileye Global from $9.00 to $8.00 and set a “neutral” rating for the company in a report on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, ten have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $11.08.

Mobileye Global Stock Down 5.9%

Shares of NASDAQ:MBLY opened at $6.54 on Wednesday. The company has a market cap of $5.49 billion, a P/E ratio of -1.31, a P/E/G ratio of 2.25 and a beta of 1.25. Mobileye Global has a 52 week low of $6.40 and a 52 week high of $14.37. The business has a fifty day simple moving average of $7.91 and a 200-day simple moving average of $8.59.

Mobileye Global (NASDAQ:MBLY) last released its earnings results on Thursday, July 23rd. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.06 by $0.13. Mobileye Global had a positive return on equity of 0.70% and a negative net margin of 201.49%. The firm had revenue of $508.00 million during the quarter, compared to analyst estimates of $480.51 million. During the same period in the prior year, the firm posted ($0.08) earnings per share. The business’s quarterly revenue was up .4% compared to the same quarter last year. Sell-side analysts expect that Mobileye Global will post 0.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Mobileye Global

In other news, Director Frank D. Yeary purchased 12,360 shares of the stock in a transaction on Thursday, July 30th. The stock was purchased at an average price of $7.98 per share, with a total value of $98,632.80. Following the completion of the transaction, the director owned 12,360 shares in the company, valued at approximately $98,632.80. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Safroadu Yeboah-Amankwah purchased 11,841 shares of the company’s stock in a transaction on Thursday, August 6th. The shares were purchased at an average price of $8.46 per share, with a total value of $100,174.86. Following the completion of the purchase, the director directly owned 84,336 shares of the company’s stock, valued at $713,482.56. The trade was a 16.33% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 10.00% of the company’s stock.

Hedge Funds Weigh In On Mobileye Global

Several hedge funds and other institutional investors have recently modified their holdings of the company. Assenagon Asset Management S.A. acquired a new stake in shares of Mobileye Global in the second quarter valued at about $23,423,000. Counterpoint Mutual Funds LLC purchased a new stake in shares of Mobileye Global during the 3rd quarter valued at about $9,074,000. Harel Insurance Investments & Financial Services Ltd. lifted its position in Mobileye Global by 24.5% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,585,733 shares of the company’s stock worth $24,634,000 after acquiring an additional 705,400 shares in the last quarter. First Trust Advisors LP lifted its position in Mobileye Global by 27.7% during the 1st quarter. First Trust Advisors LP now owns 1,152,499 shares of the company’s stock worth $7,918,000 after acquiring an additional 249,921 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd lifted its position in Mobileye Global by 977.4% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 218,016 shares of the company’s stock worth $1,498,000 after acquiring an additional 197,781 shares in the last quarter. 13.25% of the stock is owned by institutional investors and hedge funds.

Mobileye Global News Roundup

Here are the key news stories impacting Mobileye Global this week:

• Positive Sentiment: Mobileye’s recent safety certification supports its long-term competitive position in advanced driver-assistance and autonomous-driving technology. However, analysts argue that the certification may already be reflected in the stock’s valuation. Mobileye Stock Looks Priced At A Premium Despite Safety Certification
• Positive Sentiment: One earnings-preview analysis remains constructive on Mobileye’s long-term prospects, citing a depressed valuation and potential upside if the company can overcome near-term sales and margin pressure. Mobileye A Worthwhile Bet At This Price
• Neutral Sentiment: Mobileye is scheduled to report earnings next week. Wall Street expects earnings growth, but analysts see limited evidence of the combination of earnings and revenue trends typically associated with a likely beat. Mobileye Reports Next Week
• Negative Sentiment: Zacks Research downgraded Mobileye from “strong buy” to “hold,” while TD Cowen cut its price target. The actions indicate reduced confidence in near-term upside and contributed to the stock’s gap lower. Mobileye Shares Gap Down on Analyst Downgrade Mobileye Stock Gets Price Target Cut from TD Cowen
• Negative Sentiment: Analysts remain divided over Mobileye’s growth outlook, with concerns that competitive pressure could drive a 5%–6% year-over-year revenue decline and further gross-margin contraction in the near term. Mobileye Stock Gets Fair Value Trim
• Negative Sentiment: Mobileye’s decline contrasted with gains in BlackBerry, suggesting investors may currently favor certain automotive-software opportunities over Mobileye’s chip and ADAS exposure. Mobileye Sinks While BlackBerry Rises

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.