Mobileye Global (NASDAQ:MBLY) Downgraded to Hold Rating by Berenberg Bank

Mobileye Global (NASDAQ:MBLY) was downgraded by analysts at Berenberg Bank from a “buy” rating to a “hold” rating in a report issued on Thursday. They presently have a $10.80 target price on the stock. Berenberg Bank’s price target would suggest a potential upside of 10.54% from the company’s previous close.

A number of other research analysts have also issued reports on the company. Morgan Stanley reduced their price objective on Mobileye Global from $13.00 to $12.00 and set an “equal weight” rating for the company in a research report on Friday, January 23rd. JPMorgan Chase & Co. cut their target price on Mobileye Global from $11.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, April 16th. UBS Group boosted their price target on shares of Mobileye Global from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, April 24th. Tigress Financial restated a “buy” rating and set a $25.00 price target on shares of Mobileye Global in a research report on Thursday, January 29th. Finally, TD Cowen lifted their price objective on shares of Mobileye Global from $8.50 to $10.00 and gave the company a “buy” rating in a research report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $13.77.

Mobileye Global Stock Performance

NASDAQ MBLY opened at $9.77 on Thursday. Mobileye Global has a one year low of $6.47 and a one year high of $20.18. The company has a 50-day simple moving average of $8.14 and a 200-day simple moving average of $9.68. The firm has a market capitalization of $8.22 billion, a PE ratio of -1.94 and a beta of 1.06.

Mobileye Global (NASDAQ:MBLY) last issued its earnings results on Thursday, April 23rd. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.03. Mobileye Global had a negative net margin of 203.97% and a positive return on equity of 0.33%. The firm had revenue of $558.00 million for the quarter, compared to analysts’ expectations of $519.34 million. During the same quarter last year, the company posted $0.08 earnings per share. Mobileye Global’s revenue was up 27.4% on a year-over-year basis. Equities analysts forecast that Mobileye Global will post -0.07 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 repurchase $250.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 3.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Mobileye Global

Hedge funds have recently modified their holdings of the company. IFP Advisors Inc grew its holdings in Mobileye Global by 465.7% during the third quarter. IFP Advisors Inc now owns 1,816 shares of the company’s stock worth $26,000 after acquiring an additional 1,495 shares during the period. Rhumbline Advisers acquired a new position in shares of Mobileye Global in the 1st quarter worth approximately $27,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Mobileye Global in the 2nd quarter worth approximately $31,000. Financial Management Professionals Inc. acquired a new stake in Mobileye Global during the fourth quarter valued at approximately $32,000. Finally, Leonteq Securities AG bought a new stake in Mobileye Global during the fourth quarter worth approximately $33,000. 13.25% of the stock is currently owned by institutional investors and hedge funds.

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.