Canaccord Genuity Group Cuts Mobileye Global (NASDAQ:MBLY) Price Target to $12.00

Mobileye Global (NASDAQ:MBLY) had its price objective cut by Canaccord Genuity Group from $17.00 to $12.00 in a report released on Friday,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also recently issued research reports about the company. BNP Paribas Exane cut their price objective on Mobileye Global from $11.50 to $8.50 and set a “neutral” rating for the company in a research report on Wednesday, April 22nd. Piper Sandler raised Mobileye Global from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $10.00 to $12.00 in a research report on Monday. Needham & Company LLC reiterated a “buy” rating and set a $13.00 price target on shares of Mobileye Global in a report on Friday. The Goldman Sachs Group increased their price objective on Mobileye Global from $8.00 to $9.00 and gave the company a “neutral” rating in a research report on Friday, April 24th. Finally, Barclays lowered their price objective on shares of Mobileye Global from $16.00 to $14.00 and set an “overweight” rating on the stock in a research note on Monday, March 30th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.95.

Mobileye Global Stock Performance

NASDAQ MBLY opened at $8.05 on Friday. Mobileye Global has a 1 year low of $6.47 and a 1 year high of $15.81. The company has a fifty day simple moving average of $9.36 and a 200 day simple moving average of $8.99. The company has a market cap of $6.77 billion, a P/E ratio of -1.61 and a beta of 1.16.

Mobileye Global (NASDAQ:MBLY) last announced its earnings results on Thursday, July 23rd. The company reported $0.19 EPS 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 firm had revenue of $508.00 million for the quarter, compared to the consensus estimate of $480.51 million. During the same quarter last year, the firm posted ($0.08) EPS. The business’s quarterly revenue was up .4% on a year-over-year basis. Equities research analysts forecast that Mobileye Global will post -0.09 EPS for the current fiscal year.

Mobileye Global announced that its board has initiated a share repurchase plan on Thursday, April 23rd that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 3.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Handelsbanken Fonder AB boosted its stake in Mobileye Global by 38.0% during the second quarter. Handelsbanken Fonder AB now owns 46,100 shares of the company’s stock worth $446,000 after buying an additional 12,700 shares in the last quarter. Gradient Investments LLC bought a new stake in Mobileye Global in the 2nd quarter valued at $921,000. FNY Investment Advisers LLC raised its stake in shares of Mobileye Global by 260.5% in the 2nd quarter. FNY Investment Advisers LLC now owns 14,923 shares of the company’s stock valued at $144,000 after buying an additional 10,784 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Mobileye Global in the 2nd quarter valued at $23,423,000. Finally, 180 Wealth Advisors LLC lifted its holdings in shares of Mobileye Global by 18.3% during the 2nd quarter. 180 Wealth Advisors LLC now owns 25,909 shares of the company’s stock worth $251,000 after acquiring an additional 4,017 shares during the period. 13.25% of the stock is owned by 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.