Mobileye Global (NASDAQ:MBLY) Shares Gap Up – Here’s Why

Mobileye Global Inc. (NASDAQ:MBLY)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $12.42, but opened at $14.10. Mobileye Global shares last traded at $13.62, with a volume of 4,223,290 shares.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MBLY. Daiwa Capital Markets cut shares of Mobileye Global from a “buy” rating to a “neutral” rating in a report on Monday, August 5th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $15.00 price objective on shares of Mobileye Global in a research report on Tuesday, September 10th. Fox Advisors cut Mobileye Global from an “overweight” rating to an “equal weight” rating in a research note on Thursday, August 1st. Royal Bank of Canada cut shares of Mobileye Global from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $24.00 to $11.00 in a research report on Tuesday, October 15th. Finally, Needham & Company LLC dropped their price objective on shares of Mobileye Global from $36.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Mobileye Global presently has an average rating of “Hold” and an average price target of $25.55.

Mobileye Global Trading Up 9.7 %

The firm’s 50-day moving average price is $12.78 and its 200 day moving average price is $20.98. The company has a market capitalization of $11.02 billion, a price-to-earnings ratio of -48.64 and a beta of 0.08.

Mobileye Global (NASDAQ:MBLY) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.08 by $0.01. The business had revenue of $439.00 million during the quarter, compared to the consensus estimate of $424.34 million. Mobileye Global had a negative net margin of 12.14% and a positive return on equity of 1.32%. The company’s revenue was down 3.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.11 earnings per share. As a group, equities research analysts anticipate that Mobileye Global Inc. will post -0.06 earnings per share for the current fiscal year.

Insider Transactions at Mobileye Global

In other Mobileye Global news, Director Patrick P. Gelsinger bought 6,400 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were purchased at an average price of $15.48 per share, for a total transaction of $99,072.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO Amnon Shashua purchased 631,963 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were purchased at an average cost 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 $67,362,401.47. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Patrick P. Gelsinger bought 6,400 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were acquired at an average price of $15.48 per share, for a total transaction of $99,072.00. Following the completion of the transaction, the director now owns 139,106 shares in the company, valued at $2,153,360.88. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MBLY. The Manufacturers Life Insurance Company raised its position in shares of Mobileye Global by 807.3% during the second quarter. The Manufacturers Life Insurance Company now owns 9,073,601 shares of the company’s stock worth $254,832,000 after acquiring an additional 8,073,552 shares during the last quarter. Baillie Gifford & Co. increased its position in Mobileye Global by 89.8% during the 1st quarter. Baillie Gifford & Co. now owns 15,985,212 shares of the company’s stock valued at $513,925,000 after purchasing an additional 7,560,929 shares during the period. Janus Henderson Group PLC bought a new position in Mobileye Global during the 1st quarter worth approximately $69,638,000. 1832 Asset Management L.P. lifted its position in shares of Mobileye Global by 5,308.1% in the 1st quarter. 1832 Asset Management L.P. now owns 2,206,500 shares of the company’s stock worth $70,939,000 after purchasing an additional 2,165,700 shares during the period. Finally, M&G Plc bought a new stake in shares of Mobileye Global in the 1st quarter valued at $39,709,000. 13.25% of the stock is owned by institutional investors.

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.