Royal Bank of Canada Downgrades Mobileye Global (NASDAQ:MBLY) to Sector Perform

Royal Bank of Canada downgraded shares of Mobileye Global (NASDAQ:MBLY) from an outperform rating to a sector perform rating in a research note published on Tuesday morning, MarketBeat reports. Royal Bank of Canada currently has $11.00 price objective on the stock, down from their prior price objective of $24.00.

Several other research firms have also recently weighed in on MBLY. Morgan Stanley upgraded Mobileye Global from an “underweight” rating to an “equal weight” rating and cut their price target for the company from $25.00 to $18.00 in a report on Friday, August 2nd. JPMorgan Chase & Co. restated an “underweight” rating and issued a $10.00 price target (down previously from $16.00) on shares of Mobileye Global in a research report on Monday, October 7th. The Goldman Sachs Group lowered their price objective on shares of Mobileye Global from $24.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. BNP Paribas downgraded shares of Mobileye Global from a “neutral” rating to an “underperform” rating and set a $12.00 target price on the stock. in a report on Wednesday, October 2nd. Finally, Daiwa America downgraded shares of Mobileye Global from a “strong-buy” rating to a “hold” rating in a report on Monday, August 5th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $25.55.

Mobileye Global Stock Performance

MBLY stock opened at $12.79 on Tuesday. The company’s fifty day moving average price is $13.07 and its 200-day moving average price is $22.11. Mobileye Global has a one year low of $10.48 and a one year high of $44.48. The company has a market capitalization of $10.35 billion, a PE ratio of -60.90 and a beta of 0.08.

Mobileye Global (NASDAQ:MBLY) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. The business had revenue of $439.00 million for the quarter, compared to analysts’ expectations of $424.34 million. Mobileye Global had a negative net margin of 12.14% and a positive return on equity of 1.32%. The business’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.11 EPS. On average, research analysts predict that Mobileye Global will post -0.06 EPS for the current fiscal year.

Insider Buying and Selling at Mobileye Global

In related news, CEO Amnon Shashua purchased 631,963 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was purchased at an average price of $16.51 per share, with a total value of $10,433,709.13. Following the completion of the purchase, the chief executive officer now owns 4,080,097 shares of the company’s stock, valued at approximately $67,362,401.47. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. In other Mobileye Global news, Director Patrick P. Gelsinger bought 6,400 shares of the company’s stock in a transaction on Monday, August 5th. The shares were bought at an average cost of $15.48 per share, for a total transaction of $99,072.00. Following the acquisition, the director now directly owns 139,106 shares in the company, valued at approximately $2,153,360.88. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Amnon Shashua purchased 631,963 shares of Mobileye Global stock in a transaction dated Friday, August 2nd. The stock was acquired at an average price of $16.51 per share, with a total value of $10,433,709.13. Following the acquisition, the chief executive officer now owns 4,080,097 shares in the company, valued at approximately $67,362,401.47. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 1.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mobileye Global

Several institutional investors have recently bought and sold shares of the business. Register Financial Advisors LLC bought a new stake in Mobileye Global during the 1st quarter valued at $32,000. Newbridge Financial Services Group Inc. bought a new stake in Mobileye Global during the fourth quarter valued at about $77,000. Cranbrook Wealth Management LLC purchased a new position in Mobileye Global in the second quarter valued at about $84,000. Natixis Investment Managers International bought a new position in Mobileye Global in the first quarter worth about $99,000. Finally, EverSource Wealth Advisors LLC raised its holdings in Mobileye Global by 1,019.9% in the second quarter. EverSource Wealth Advisors LLC now owns 3,819 shares of the company’s stock worth $107,000 after purchasing an additional 3,478 shares in the last quarter. 13.25% of the stock is owned by hedge funds and other institutional investors.

Mobileye Global Company Profile

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.