Mobileye Global (NASDAQ:MBLY) Trading Down 9.5% – Here’s Why

Mobileye Global Inc. (NASDAQ:MBLY)’s share price dropped 9.5% during trading on Tuesday . The stock traded as low as $19.64 and last traded at $19.77. Approximately 8,741,783 shares were traded during mid-day trading, an increase of 7% from the average daily volume of 8,169,862 shares. The stock had previously closed at $21.85.

Analyst Ratings Changes

Several research firms have issued reports on MBLY. Barclays decreased their price target on shares of Mobileye Global from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. UBS Group downgraded Mobileye Global from a “buy” rating to a “neutral” rating and reduced their target price for the company from $20.00 to $14.00 in a report on Friday, October 4th. Mizuho lifted their price target on Mobileye Global from $15.00 to $17.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Loop Capital upped their price objective on shares of Mobileye Global from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Finally, 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 research report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $23.45.

Mobileye Global Price Performance

The stock’s fifty day moving average is $17.70 and its 200-day moving average is $17.24. The stock has a market capitalization of $13.75 billion, a P/E ratio of -4.64 and a beta of 0.30.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company boosted its stake in Mobileye Global by 807.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,073,601 shares of the company’s stock valued at $254,832,000 after buying an additional 8,073,552 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Mobileye Global by 168.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,526,234 shares of the company’s stock valued at $20,909,000 after purchasing an additional 957,565 shares in the last quarter. Loomis Sayles & Co. L P grew its holdings in shares of Mobileye Global by 85.3% in the 3rd quarter. Loomis Sayles & Co. L P now owns 1,668,331 shares of the company’s stock worth $22,856,000 after purchasing an additional 768,169 shares during the last quarter. Tremblant Capital Group bought a new position in Mobileye Global during the 2nd quarter valued at about $15,663,000. Finally, Melqart Asset Management UK Ltd bought a new position in Mobileye Global during the 3rd quarter valued at about $4,978,000. 13.25% of the stock is currently owned by institutional investors and hedge funds.

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.