Mobileye Global (NASDAQ:MBLY) Sees Unusually-High Trading Volume – Still a Buy?

Mobileye Global Inc. (NASDAQ:MBLY) shares saw unusually-high trading volume on Wednesday . Approximately 2,791,702 shares changed hands during trading, a decline of 42% from the previous session’s volume of 4,843,712 shares.The stock last traded at $11.60 and had previously closed at $12.17.

Analyst Ratings Changes

A number of brokerages have commented on MBLY. Wolfe Research downgraded Mobileye Global from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 5th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $10.00 price objective (down previously from $16.00) on shares of Mobileye Global in a research note on Monday, October 7th. Westpark Capital restated a “hold” rating on shares of Mobileye Global in a report on Wednesday, July 31st. BNP Paribas cut Mobileye Global from a “neutral” rating to an “underperform” rating and set a $12.00 price target for the company. in a research report on Wednesday, October 2nd. Finally, Daiwa Capital Markets lowered Mobileye Global from a “buy” rating to a “neutral” rating in a report on Monday, August 5th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $25.55.

Mobileye Global Stock Up 6.1 %

The business has a 50-day moving average price of $13.11 and a 200-day moving average price of $22.25. The firm has a market capitalization of $10.42 billion, a P/E ratio of -61.31 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. Mobileye Global had a negative net margin of 12.14% and a positive return on equity of 1.32%. The firm had revenue of $439.00 million for the quarter, compared to analyst estimates of $424.34 million. During the same quarter in the previous year, the firm posted $0.11 EPS. The business’s revenue for the quarter was down 3.3% on a year-over-year basis. As a group, sell-side analysts forecast that Mobileye Global Inc. will post -0.06 EPS for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Baillie Gifford & Co. increased its holdings 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 in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Mobileye Global by 807.3% in the second 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. Wellington Management Group LLP raised its holdings in shares of Mobileye Global by 200.3% in the fourth quarter. Wellington Management Group LLP now owns 3,398,211 shares of the company’s stock valued at $147,210,000 after buying an additional 2,266,438 shares during the last quarter. DAVENPORT & Co LLC grew its holdings in Mobileye Global by 20.9% during the 1st quarter. DAVENPORT & Co LLC now owns 2,364,377 shares of the company’s stock worth $76,519,000 after acquiring an additional 408,038 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Mobileye Global by 4.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,347,269 shares of the company’s stock worth $65,923,000 after purchasing an additional 94,946 shares during the last quarter. Institutional investors own 13.25% of the company’s stock.

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.