Mobileye Global (NASDAQ:MBLY) Trading 9.2% Higher – Here’s What Happened

Mobileye Global Inc. (NASDAQ:MBLY) traded up 9.2% during mid-day trading on Wednesday . The company traded as high as $7.56 and last traded at $7.5050. 6,483,954 shares were traded during trading, a decline of 23% from the average session volume of 8,450,166 shares. The stock had previously closed at $6.87.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MBLY. Barclays dropped their price objective on Mobileye Global from $16.00 to $14.00 and set an “overweight” rating on the stock in a research note on Monday. Piper Sandler cut their price target on shares of Mobileye Global from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Thursday, January 8th. Berenberg Bank initiated coverage on shares of Mobileye Global in a research note on Wednesday. They issued a “buy” rating and a $9.30 price objective on the stock. Canaccord Genuity Group cut their target price on shares of Mobileye Global from $30.00 to $24.00 and set a “buy” rating for the company in a research note on Friday, January 23rd. Finally, Needham & Company LLC reduced their target price on shares of Mobileye Global from $18.00 to $16.00 and set a “buy” rating for the company in a report on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Mobileye Global currently has a consensus rating of “Hold” and an average target price of $15.48.

Mobileye Global Trading Up 7.2%

The stock has a market cap of $6.00 billion, a price-to-earnings ratio of -15.17 and a beta of 0.59. The company has a fifty day simple moving average of $8.53 and a 200-day simple moving average of $11.08.

Mobileye Global (NASDAQ:MBLY) last released its earnings results on Thursday, January 22nd. The company reported $0.06 earnings per share for the quarter, hitting the consensus estimate of $0.06. Mobileye Global had a negative net margin of 20.70% and a positive return on equity of 0.21%. The business had revenue of $446.00 million for the quarter, compared to the consensus estimate of $430.69 million. During the same period last year, the firm posted $0.13 earnings per share. The firm’s quarterly revenue was down 9.0% compared to the same quarter last year. As a group, analysts anticipate that Mobileye Global Inc. will post 0.01 earnings per share for the current year.

Hedge Funds Weigh In On Mobileye Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Intel Corp purchased a new position in Mobileye Global during the 3rd quarter valued at about $706,000,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Mobileye Global in the third quarter worth approximately $40,670,000. Ion Asset Management Ltd. purchased a new stake in shares of Mobileye Global in the third quarter worth approximately $3,389,000. JPMorgan Chase & Co. boosted its holdings in shares of Mobileye Global by 57.6% during the third quarter. JPMorgan Chase & Co. now owns 686,976 shares of the company’s stock worth $9,700,000 after purchasing an additional 251,072 shares during the period. Finally, Hillsdale Investment Management Inc. acquired a new stake in shares of Mobileye Global during the third quarter worth approximately $2,470,000. 13.25% of the stock is currently owned by hedge funds and other institutional investors.

Mobileye Global Company Profile

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.