Mobileye Global (NASDAQ:MBLY) Trading Down 4.7% – Here’s What Happened

Mobileye Global Inc. (NASDAQ:MBLY) shares dropped 4.7% during trading on Thursday . The stock traded as low as $16.15 and last traded at $16.49. Approximately 985,826 shares were traded during trading, a decline of 80% from the average daily volume of 5,027,595 shares. The stock had previously closed at $17.31.

Analyst Upgrades and Downgrades

MBLY has been the subject of several analyst reports. Morgan Stanley raised Mobileye Global from an “underweight” rating to an “equal weight” rating and reduced their price objective for the company from $25.00 to $18.00 in a research note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $15.00 price objective on shares of Mobileye Global in a research note on Tuesday, September 10th. Evercore ISI reduced their price objective on Mobileye Global from $35.00 to $30.00 and set an “outperform” rating for the company in a research note on Monday, October 14th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $10.00 price objective (down from $16.00) on shares of Mobileye Global in a research note on Monday, October 7th. Finally, Westpark Capital reaffirmed a “hold” rating on shares of Mobileye Global in a research note on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $23.05.

Mobileye Global Stock Down 8.2 %

The firm has a 50 day moving average price of $13.13 and a two-hundred day moving average price of $19.95. The company has a market capitalization of $12.89 billion, a price-to-earnings ratio of -4.31 and a beta of 0.07.

Hedge Funds Weigh In On Mobileye Global

A number of hedge funds have recently bought and sold shares of MBLY. Oppenheimer Asset Management Inc. acquired a new position in Mobileye Global in the first quarter worth about $220,000. Sei Investments Co. lifted its holdings in Mobileye Global by 11.6% in the first quarter. Sei Investments Co. now owns 144,060 shares of the company’s stock worth $4,632,000 after acquiring an additional 14,949 shares during the last quarter. Russell Investments Group Ltd. bought a new position in Mobileye Global in the first quarter worth about $1,723,000. Entropy Technologies LP bought a new position in Mobileye Global in the first quarter worth about $1,305,000. Finally, M&G Plc bought a new position in Mobileye Global in the first quarter worth about $39,709,000. 13.25% of the stock is currently owned by institutional investors and hedge funds.

About Mobileye Global

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.