Mobileye Global (NASDAQ:MBLY) Stock Price Up 8.7% – Still a Buy?

Mobileye Global Inc. (NASDAQ:MBLY) shot up 8.7% during trading on Tuesday . The stock traded as high as $9.01 and last traded at $9.0190. Approximately 2,069,688 shares traded hands during trading, a decline of 72% from the average daily volume of 7,368,393 shares. The stock had previously closed at $8.30.

Wall Street Analysts Forecast Growth

MBLY has been the topic of several recent analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Mobileye Global in a research note on Monday, April 27th. Wall Street Zen raised shares of Mobileye Global from a “sell” rating to a “hold” rating in a research note on Saturday, April 25th. TD Cowen increased their price objective on shares of Mobileye Global from $8.50 to $10.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Zacks Research raised shares of Mobileye Global from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Finally, Jefferies Financial Group began coverage on shares of Mobileye Global in a research note on Monday, May 18th. They issued an “underperform” rating and a $8.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Mobileye Global has a consensus rating of “Hold” and a consensus target price of $13.77.

Mobileye Global Stock Up 11.7%

The stock has a market capitalization of $7.80 billion, a P/E ratio of -1.85 and a beta of 1.15. The stock’s 50 day moving average price is $9.25 and its 200-day moving average price is $9.17.

Mobileye Global (NASDAQ:MBLY) last posted its earnings results on Thursday, April 23rd. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.03. The company had revenue of $558.00 million during the quarter, compared to analyst estimates of $519.34 million. Mobileye Global had a positive return on equity of 0.33% and a negative net margin of 203.97%.Mobileye Global’s revenue was up 27.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.08 earnings per share. Analysts anticipate that Mobileye Global Inc. will post -0.09 earnings per share for the current year.

Mobileye Global announced that its Board of Directors has authorized a share repurchase program on Thursday, April 23rd that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to repurchase up to 3.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Mobileye Global

Large investors have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Mobileye Global during the second quarter valued at about $31,000. IFP Advisors Inc grew its position in shares of Mobileye Global by 465.7% in the 3rd quarter. IFP Advisors Inc now owns 1,816 shares of the company’s stock worth $26,000 after buying an additional 1,495 shares during the last quarter. Rhumbline Advisers purchased a new position in shares of Mobileye Global in the 1st quarter worth approximately $27,000. Financial Management Professionals Inc. bought a new position in shares of Mobileye Global during the 4th quarter worth approximately $32,000. Finally, Leonteq Securities AG bought a new position in shares of Mobileye Global during the 4th quarter worth approximately $33,000. 13.25% of the stock is currently owned by institutional investors.

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.