Mobileye Global (NASDAQ:MBLY) Shares Gap Up After Analyst Upgrade

Mobileye Global Inc. (NASDAQ:MBLY) gapped up before the market opened on Monday after Berenberg Bank upgraded the stock from a hold rating to a buy rating. The stock had previously closed at $8.92, but opened at $9.26. Berenberg Bank now has a $11.00 price target on the stock. Mobileye Global shares last traded at $9.0740, with a volume of 828,099 shares trading hands.

A number of other equities research analysts also recently weighed in on MBLY. BNP Paribas Exane dropped their price objective on Mobileye Global from $11.50 to $8.50 and set a “neutral” rating on the stock in a research report on Wednesday, April 22nd. Canaccord Genuity Group decreased their price target on shares of Mobileye Global from $17.00 to $12.00 and set a “buy” rating for the company in a research report on Friday, July 24th. TD Cowen lowered their price target on shares of Mobileye Global from $11.50 to $9.00 and set a “buy” rating on the stock in a report on Friday, July 24th. Royal Bank Of Canada reduced their price objective on shares of Mobileye Global from $10.00 to $7.00 and set a “sector perform” rating for the company in a research note on Friday, July 24th. Finally, Weiss Ratings raised shares of Mobileye Global from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Mobileye Global currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.65.

Insider Activity

In other news, Director Frank D. Yeary purchased 12,360 shares of the stock in a transaction dated Thursday, July 30th. The shares were purchased at an average cost of $7.98 per share, with a total value of $98,632.80. Following the completion of the purchase, the director directly owned 12,360 shares of the company’s stock, valued at approximately $98,632.80. The trade was a ? increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Safroadu Yeboah-Amankwah acquired 11,841 shares of the firm’s stock in a transaction on Thursday, August 6th. The stock was purchased at an average price of $8.46 per share, for a total transaction of $100,174.86. Following the acquisition, the director directly owned 84,336 shares in the company, 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. 10.00% of the stock is owned by company insiders.

Institutional Trading of Mobileye Global

Hedge funds and other institutional investors have recently modified their holdings of the stock. IFP Advisors Inc grew its holdings in shares of Mobileye Global by 465.7% in 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 during the period. Rhumbline Advisers acquired a new position in Mobileye Global in the first quarter valued at approximately $27,000. Northwestern Mutual Wealth Management Co. purchased a new position in Mobileye Global in the second quarter worth approximately $31,000. Financial Management Professionals Inc. acquired a new stake in Mobileye Global during the fourth quarter worth $32,000. Finally, Leonteq Securities AG purchased a new stake in Mobileye Global in the fourth quarter valued at $33,000. 13.25% of the stock is owned by institutional investors and hedge funds.

Mobileye Global Stock Up 1.7%

The stock has a 50-day simple moving average of $8.85 and a 200 day simple moving average of $8.73. The company has a market cap of $7.62 billion, a PE ratio of -1.82, a P/E/G ratio of 3.04 and a beta of 1.21.

Mobileye Global (NASDAQ:MBLY) last announced its earnings results on Thursday, July 23rd. The company reported $0.19 earnings per share 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 during the quarter, compared to analyst estimates of $480.51 million. During the same quarter last year, the firm posted ($0.08) earnings per share. Mobileye Global’s revenue was up .4% compared to the same quarter last year. As a group, research analysts anticipate that Mobileye Global Inc. will post 0.11 earnings per share for the current fiscal year.

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

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.