Mobileye Global (NASDAQ:MBLY) Shares Down 6.7% – Here’s What Happened

Mobileye Global Inc. (NASDAQ:MBLY) dropped 6.7% during mid-day trading on Wednesday . The company traded as low as $12.35 and last traded at $12.38. Approximately 4,435,248 shares were traded during mid-day trading, a decline of 8% from the average daily volume of 4,829,680 shares. The stock had previously closed at $13.27.

Analyst Ratings Changes

MBLY has been the topic of a number of recent research reports. Royal Bank of Canada downgraded shares of Mobileye Global from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $24.00 to $11.00 in a report on Tuesday, October 15th. Fox Advisors downgraded shares of Mobileye Global from an “overweight” rating to an “equal weight” rating in a report on Thursday, August 1st. Wolfe Research downgraded shares of Mobileye Global from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 5th. Westpark Capital reiterated a “hold” rating on shares of Mobileye Global in a report on Wednesday, July 31st. Finally, UBS Group downgraded shares of Mobileye Global from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $20.00 to $14.00 in a report on Friday, October 4th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $23.25.

Mobileye Global Price Performance

The company’s 50-day moving average is $12.75 and its two-hundred day moving average is $20.93. The firm has a market cap of $12.60 billion, a P/E ratio of -52.53 and a beta of 0.08.

Mobileye Global (NASDAQ:MBLY) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01. Mobileye Global had a negative net margin of 12.14% and a positive return on equity of 1.32%. The business had revenue of $439.00 million during the quarter, compared to analysts’ expectations of $424.34 million. During the same quarter in the prior year, the business posted $0.11 earnings per share. Mobileye Global’s revenue was down 3.3% compared to the same quarter last year. On average, analysts expect that Mobileye Global Inc. will post -0.06 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Patrick P. Gelsinger acquired 6,400 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was acquired at an average price of $15.48 per share, with a total value of $99,072.00. Following the completion of the transaction, the director now directly owns 139,106 shares of the company’s stock, valued at $2,153,360.88. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MBLY. Cranbrook Wealth Management LLC bought a new position in shares of Mobileye Global in the second quarter worth about $84,000. Natixis Investment Managers International bought a new position in shares of Mobileye Global in the first quarter worth about $99,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Mobileye Global by 1,019.9% in the second quarter. EverSource Wealth Advisors LLC now owns 3,819 shares of the company’s stock worth $107,000 after acquiring an additional 3,478 shares during the last quarter. Guinness Atkinson Asset Management Inc raised its holdings in Mobileye Global by 16.9% in the 3rd quarter. Guinness Atkinson Asset Management Inc now owns 8,700 shares of the company’s stock valued at $119,000 after buying an additional 1,257 shares during the last quarter. Finally, Avitas Wealth Management LLC bought a new position in Mobileye Global in the 3rd quarter valued at approximately $137,000. Institutional investors own 13.25% of the company’s stock.

Mobileye Global Company Profile

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.