Mobileye Global (NASDAQ:MBLY) Trading Down 3.9% – Here’s Why

Mobileye Global Inc. (NASDAQ:MBLY)’s share price dropped 3.9% on Wednesday . The company traded as low as $9.38 and last traded at $9.2430. Approximately 591,849 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 7,439,880 shares. The stock had previously closed at $9.62.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on MBLY shares. UBS Group upped their price target on shares of Mobileye Global from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, April 24th. Mizuho raised their price objective on Mobileye Global from $8.00 to $9.00 and gave the company a “neutral” rating in a report on Friday, April 24th. BNP Paribas Exane reduced their price objective on Mobileye Global from $11.50 to $8.50 and set a “neutral” rating on the stock in a research report on Wednesday, April 22nd. JPMorgan Chase & Co. lowered their target price on Mobileye Global from $11.00 to $9.00 and set a “neutral” rating for the company in a report on Thursday, April 16th. Finally, TD Cowen upped their target price on Mobileye Global from $8.50 to $10.00 and gave the stock a “buy” rating in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $13.77.

Mobileye Global Stock Performance

The company has a fifty day simple moving average of $9.17 and a 200 day simple moving average of $9.35. The stock has a market capitalization of $7.12 billion, a price-to-earnings ratio of -1.68 and a beta of 1.15.

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

Mobileye Global announced that its Board of Directors has approved a stock buyback plan on Thursday, April 23rd that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 3.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Mobileye Global

A number of institutional investors have recently modified their holdings of MBLY. Bank of America Corp DE raised its stake in Mobileye Global by 5.8% during the first quarter. Bank of America Corp DE now owns 2,036,548 shares of the company’s stock worth $13,991,000 after buying an additional 111,215 shares during the last quarter. Amundi boosted its position in Mobileye Global by 89.7% during the first quarter. Amundi now owns 35,225 shares of the company’s stock valued at $242,000 after acquiring an additional 16,658 shares during the last quarter. California State Teachers Retirement System boosted its position in Mobileye Global by 39.6% during the first quarter. California State Teachers Retirement System now owns 194,805 shares of the company’s stock valued at $1,338,000 after acquiring an additional 55,249 shares during the last quarter. Royal Bank of Canada grew its holdings in Mobileye Global by 129.6% during the 1st quarter. Royal Bank of Canada now owns 224,315 shares of the company’s stock worth $1,541,000 after acquiring an additional 126,634 shares during the period. Finally, SummitTX Capital L.P. acquired a new stake in Mobileye Global during the 1st quarter worth about $381,000. 13.25% of the stock is owned by institutional investors.

Mobileye Global Company Profile

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.