Mobileye Global (NASDAQ:MBLY) Price Target Lowered to $12.00 at Canaccord Genuity Group

Mobileye Global (NASDAQ:MBLY) had its price objective trimmed by Canaccord Genuity Group from $17.00 to $12.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research firms have also recently weighed in on MBLY. BNP Paribas Exane decreased their price objective on shares of Mobileye Global from $11.50 to $8.50 and set a “neutral” rating on the stock in a research report on Wednesday, April 22nd. Zacks Research raised Mobileye Global from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 20th. Needham & Company LLC reiterated a “buy” rating and issued a $13.00 target price on shares of Mobileye Global in a research report on Friday. Wall Street Zen upgraded Mobileye Global from a “sell” rating to a “hold” rating in a research report on Saturday, April 25th. Finally, Jefferies Financial Group started coverage on shares of Mobileye Global in a report on Monday, May 18th. They set an “underperform” rating and a $8.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $12.95.

Mobileye Global Stock Performance

Mobileye Global stock opened at $8.05 on Friday. The firm has a market capitalization of $6.77 billion, a price-to-earnings ratio of -1.61 and a beta of 1.16. The firm has a 50 day simple moving average of $9.36 and a 200 day simple moving average of $8.99. Mobileye Global has a 1-year low of $6.47 and a 1-year high of $15.81.

Mobileye Global (NASDAQ:MBLY) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $508.00 million for the quarter, compared to analysts’ expectations of $480.51 million. During the same quarter in the prior year, the firm posted ($0.08) EPS. The firm’s quarterly revenue was up .4% on a year-over-year basis. On average, equities research analysts forecast that Mobileye Global will post -0.09 EPS for the current year.

Mobileye Global declared that its Board of Directors has approved a stock repurchase plan on Thursday, April 23rd that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to reacquire up to 3.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Institutional Trading of Mobileye Global

A number of hedge funds and other institutional investors have recently modified their holdings of MBLY. NewEdge Advisors LLC grew its position in shares of Mobileye Global by 10.7% in the 1st quarter. NewEdge Advisors LLC now owns 31,228 shares of the company’s stock worth $450,000 after buying an additional 3,019 shares during the period. Rhumbline Advisers purchased a new position in Mobileye Global during the 1st quarter valued at about $27,000. Creative Planning lifted its position in Mobileye Global by 10.2% during the 2nd quarter. Creative Planning now owns 18,316 shares of the company’s stock valued at $329,000 after acquiring an additional 1,693 shares during the period. Cetera Investment Advisers bought a new stake in Mobileye Global during the second quarter worth about $351,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in Mobileye Global in the second quarter worth about $31,000. 13.25% of the stock is owned by hedge funds and other 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.