Zacks Research Downgrades Mobileye Global (NASDAQ:MBLY) to Hold

Mobileye Global (NASDAQ:MBLY) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

MBLY has been the subject of a number of other reports. The Goldman Sachs Group lifted their price target on shares of Mobileye Global from $8.00 to $9.00 and gave the company a “neutral” rating in a research report on Friday, April 24th. Weiss Ratings upgraded Mobileye Global from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 8th. UBS Group dropped their price objective on Mobileye Global from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Friday, July 24th. TD Cowen reduced their price objective on Mobileye Global from $11.50 to $9.00 and set a “buy” rating for the company in a report on Friday, July 24th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $13.00 target price on shares of Mobileye Global in a research report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Mobileye Global presently has an average rating of “Hold” and an average price target of $12.65.

Mobileye Global Price Performance

Mobileye Global stock opened at $9.10 on Tuesday. The stock’s 50 day moving average price is $8.84 and its 200 day moving average price is $8.72. Mobileye Global has a 1-year low of $6.47 and a 1-year high of $15.81. The company has a market cap of $7.64 billion, a PE ratio of -1.82, a price-to-earnings-growth ratio of 3.03 and a beta of 1.20.

Mobileye Global (NASDAQ:MBLY) last issued its earnings results on Thursday, July 23rd. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.06 by $0.13. Mobileye Global had a negative net margin of 201.49% and a positive return on equity of 0.70%. The company had revenue of $508.00 million for the quarter, compared to analyst estimates of $480.51 million. During the same period in the previous year, the firm earned ($0.08) EPS. The business’s revenue was up .4% on a year-over-year basis. On average, equities research analysts anticipate that Mobileye Global will post 0.11 EPS for the current fiscal year.

Mobileye Global declared that its Board of Directors has authorized a share buyback program on Thursday, April 23rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to purchase up to 3.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Mobileye Global

In related news, Director Frank D. Yeary bought 12,360 shares of the stock in a transaction on Thursday, July 30th. The shares were purchased at an average price of $7.98 per share, for a total transaction of $98,632.80. Following the acquisition, the director owned 12,360 shares in the company, valued at $98,632.80. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Safroadu Yeboah-Amankwah purchased 11,841 shares of the company’s stock in a transaction on Thursday, August 6th. The shares were bought at an average cost of $8.46 per share, with a total value of $100,174.86. Following the transaction, the director directly owned 84,336 shares of the company’s stock, valued at $713,482.56. This represents a 16.33% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 10.00% of the company’s stock.

Institutional Trading of Mobileye Global

Institutional investors and hedge funds have recently made changes to their positions in the stock. BCGM Wealth Management LLC lifted its holdings in Mobileye Global by 56.7% in the 1st quarter. BCGM Wealth Management LLC now owns 368,763 shares of the company’s stock valued at $2,533,000 after purchasing an additional 133,471 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of 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 purchasing an additional 705,400 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Mobileye Global during the second quarter worth about $23,423,000. Y Intercept Hong Kong Ltd grew its holdings in shares of Mobileye Global by 977.4% during the first quarter. Y Intercept Hong Kong Ltd now owns 218,016 shares of the company’s stock worth $1,498,000 after buying an additional 197,781 shares in the last quarter. Finally, Engineers Gate Manager LP raised its position in shares of Mobileye Global by 140.9% in the fourth quarter. Engineers Gate Manager LP now owns 3,577,407 shares of the company’s stock valued at $37,348,000 after buying an additional 2,092,250 shares during the last quarter. 13.25% of the stock is currently owned by hedge funds and other institutional investors.

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.