Mobileye Global (NASDAQ:MBLY) Reaches New 52-Week Low – Here’s Why

Mobileye Global Inc. (NASDAQ:MBLY) shares reached a new 52-week low on Wednesday . The stock traded as low as $8.40 and last traded at $8.73, with a volume of 8207689 shares. The stock had previously closed at $8.97.

Analysts Set New Price Targets

Several brokerages have recently commented on MBLY. Wells Fargo & Company dropped their target price on shares of Mobileye Global from $24.00 to $18.00 and set an “overweight” rating for the company in a research report on Friday, January 23rd. HSBC downgraded shares of Mobileye Global from a “buy” rating to a “hold” rating and set a $11.00 price objective for the company. in a research report on Friday, January 23rd. Morgan Stanley reduced their target price on Mobileye Global from $13.00 to $12.00 and set an “equal weight” rating on the stock in a report on Friday, January 23rd. Piper Sandler dropped their price objective on Mobileye Global from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Thursday, January 8th. Finally, JPMorgan Chase & Co. upgraded shares of Mobileye Global from an “underweight” rating to a “neutral” rating and raised their price target for the company from $12.00 to $13.00 in a research note on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $15.89.

Mobileye Global Trading Up 3.7%

The stock has a market capitalization of $7.09 billion, a price-to-earnings ratio of -17.78 and a beta of 0.58. The company’s 50-day simple moving average is $10.64 and its 200-day simple moving average is $12.73.

Mobileye Global (NASDAQ:MBLY) last announced its earnings results on Thursday, January 22nd. The company reported $0.06 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.06. The business had revenue of $446.00 million during the quarter, compared to analyst estimates of $430.69 million. Mobileye Global had a positive return on equity of 0.21% and a negative net margin of 20.70%.Mobileye Global’s revenue for the quarter was down 9.0% compared to the same quarter last year. During the same period last year, the company earned $0.13 EPS. On average, equities research analysts expect that Mobileye Global Inc. will post 0.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Mobileye Global

A number of hedge funds have recently bought and sold shares of the company. Nano Cap New Millennium Growth Fund L P acquired a new position in Mobileye Global in the fourth quarter valued at approximately $235,000. FourThought Financial Partners LLC bought a new stake in shares of Mobileye Global in the 4th quarter valued at $221,000. Mach 1 Financial Group LLC acquired a new position in shares of Mobileye Global during the 4th quarter valued at $177,000. Prescott Group Capital Management L.L.C. acquired a new position in shares of Mobileye Global during the 4th quarter valued at $3,669,000. Finally, Leonteq Securities AG bought a new position in Mobileye Global during the fourth quarter worth $33,000. Institutional investors own 13.25% of the company’s stock.

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.