Mobileye Global (NASDAQ:MBLY) Trading Up 8.7% – What’s Next?

Mobileye Global Inc. (NASDAQ:MBLY)’s stock price rose 8.7% during trading on Tuesday . The stock traded as high as $9.01 and last traded at $9.0190. 2,069,688 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 7,368,393 shares. The stock had previously closed at $8.30.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MBLY. Jefferies Financial Group started coverage on shares of Mobileye Global in a research report on Monday, May 18th. They set an “underperform” rating and a $8.00 price target on the stock. TD Cowen raised their price objective on shares of Mobileye Global from $8.50 to $10.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Wall Street Zen raised Mobileye Global from a “sell” rating to a “hold” rating in a research report on Saturday, April 25th. Mizuho upped their target price on Mobileye Global from $8.00 to $9.00 and gave the stock a “neutral” rating in a report on Friday, April 24th. Finally, UBS Group increased their target price on Mobileye Global from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $13.77.

Mobileye Global Price Performance

The stock’s 50 day simple moving average is $9.32 and its two-hundred day simple moving average is $9.15. The firm has a market cap of $8.14 billion, a P/E ratio of -1.92 and a beta of 1.16.

Mobileye Global (NASDAQ:MBLY) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.12 earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $519.34 million. During the same quarter in the prior year, the business posted $0.08 EPS. The firm’s quarterly revenue was up 27.4% compared to the same quarter last year. Equities research analysts anticipate that Mobileye Global Inc. will post -0.09 earnings per share for the current year.

Mobileye Global announced that its board has approved a share repurchase program on Thursday, April 23rd that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Mobileye Global

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