Canaccord Genuity Group Issues Pessimistic Forecast for Mobileye Global (NASDAQ:MBLY) Stock Price

Mobileye Global (NASDAQ:MBLY) had its price objective dropped by equities research analysts at Canaccord Genuity Group from $17.00 to $12.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 49.07% from the company’s current price.

Several other equities analysts have also weighed in on the stock. Jefferies Financial Group began coverage on shares of Mobileye Global in a report on Monday, May 18th. They issued an “underperform” rating and a $8.00 target price on the stock. Barclays lowered their target price on shares of Mobileye Global from $16.00 to $14.00 and set an “overweight” rating for the company in a research note on Monday, March 30th. The Goldman Sachs Group upped their price target on Mobileye Global from $8.00 to $9.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. TD Cowen reduced their price target on shares of Mobileye Global from $11.50 to $9.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Weiss Ratings raised Mobileye Global from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Mobileye Global currently has a consensus rating of “Hold” and an average price target of $12.95.

Mobileye Global Price Performance

MBLY opened at $8.05 on Friday. The company’s 50 day simple moving average is $9.36 and its two-hundred day simple moving average is $8.99. Mobileye Global has a 1-year low of $6.47 and a 1-year high of $15.81. The firm has a market capitalization of $6.77 billion, a price-to-earnings ratio of -1.61 and a beta of 1.16.

Mobileye Global (NASDAQ:MBLY) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.13. Mobileye Global had a positive return on equity of 0.70% and a negative net margin of 201.49%.The business had revenue of $508.00 million during the quarter, compared to analyst estimates of $480.51 million. During the same period in the prior year, the business earned ($0.08) earnings per share. The business’s revenue was up .4% compared to the same quarter last year. On average, equities analysts anticipate that Mobileye Global will post -0.09 earnings per share for the current fiscal year.

Mobileye Global declared that its Board of Directors has initiated a stock buyback program on Thursday, April 23rd that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to purchase 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.

Institutional Trading of Mobileye Global

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc grew its holdings in shares of 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 buying an additional 1,495 shares in the last quarter. Rhumbline Advisers acquired a new position in Mobileye Global in the first quarter valued at $27,000. Northwestern Mutual Wealth Management Co. purchased a new position in Mobileye Global during the second quarter worth about $31,000. Financial Management Professionals Inc. purchased a new position in Mobileye Global during the fourth quarter worth about $32,000. Finally, Leonteq Securities AG acquired a new stake in Mobileye Global in the 4th quarter worth about $33,000. Hedge funds and other institutional investors own 13.25% of the company’s stock.

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.