Mobileye Global (NASDAQ:MBLY) Price Target Cut to $12.00 by Analysts at Canaccord Genuity Group

Mobileye Global (NASDAQ:MBLY) had its target price lowered by analysts at Canaccord Genuity Group from $17.00 to $12.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 49.07% from the stock’s previous close.

Several other research analysts also recently weighed in on the stock. Royal Bank Of Canada dropped their target price on shares of Mobileye Global from $10.00 to $7.00 and set a “sector perform” rating on the stock in a research report on Friday. TD Cowen reduced their price target on shares of Mobileye Global from $11.50 to $9.00 and set a “buy” rating for the company in a research report on Friday. Mizuho decreased their price objective on shares of Mobileye Global from $9.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday. 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 objective on the stock. Finally, Weiss Ratings raised shares of Mobileye Global from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $12.95.

Mobileye Global Price Performance

NASDAQ:MBLY opened at $8.05 on Friday. Mobileye Global has a 1-year low of $6.47 and a 1-year high of $15.81. The firm has a market capitalization of $6.77 billion, a price-to-earnings ratio of -1.61 and a beta of 1.16. The stock has a fifty day simple moving average of $9.36 and a 200 day simple moving average of $8.99.

Mobileye Global (NASDAQ:MBLY) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.13. Mobileye Global had a positive return on equity of 0.70% and a negative net margin of 201.49%.The firm had revenue of $508.00 million for the quarter, compared to the consensus estimate of $480.51 million. During the same quarter in the previous year, the company earned ($0.08) EPS. The business’s revenue for the quarter was up .4% compared to the same quarter last year. Equities analysts predict that Mobileye Global will post -0.09 earnings per share for the current year.

Mobileye Global declared that its Board of Directors has authorized a share repurchase plan on Thursday, April 23rd that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 3.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Mobileye Global

Institutional investors have recently made changes to their positions in the stock. IFP Advisors Inc grew its position in Mobileye Global by 465.7% during the third quarter. IFP Advisors Inc now owns 1,816 shares of the company’s stock valued at $26,000 after purchasing an additional 1,495 shares in the last quarter. Rhumbline Advisers purchased a new stake in Mobileye Global in the 1st quarter worth approximately $27,000. Northwestern Mutual Wealth Management Co. purchased a new stake in Mobileye Global in the 2nd quarter worth approximately $31,000. Financial Management Professionals Inc. acquired a new stake in shares of Mobileye Global during the 4th quarter valued at $32,000. Finally, Leonteq Securities AG acquired a new stake in shares of Mobileye Global during the 4th quarter valued at $33,000. 13.25% of the stock is currently owned by institutional investors and hedge funds.

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.