Mobileye Global (NASDAQ:MBLY) Trading Down 9.5% - Here's Why

Shares of Mobileye Global Inc. (NASDAQ:MBLY - Get Free Report) dropped 9.5% during mid-day trading on Tuesday . The company traded as low as $19.64 and last traded at $19.77. Approximately 8,741,783 shares changed hands during trading, an increase of 7% from the average daily volume of 8,169,862 shares. The stock had previously closed at $21.85.

Analyst Upgrades and Downgrades

Several equities analysts have commented on MBLY shares. TD Cowen raised their target price on shares of Mobileye Global from $15.00 to $19.00 and gave the company a "buy" rating in a research note on Friday, November 1st. Wolfe Research raised Mobileye Global from a "peer perform" rating to an "outperform" rating in a report on Thursday, December 5th. Canaccord Genuity Group lowered their price target on Mobileye Global from $27.00 to $25.00 and set a "buy" rating on the stock in a research report on Friday, November 1st. UBS Group lowered Mobileye Global from a "buy" rating to a "neutral" rating and cut their price objective for the company from $20.00 to $14.00 in a report on Friday, October 4th. Finally, BNP Paribas lowered Mobileye Global from a "neutral" rating to an "underperform" rating and set a $12.00 target price on the stock. in a report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $23.45.

Mobileye Global Stock Performance

The company has a market capitalization of $15.86 billion, a P/E ratio of -5.36 and a beta of 0.30. The company has a 50-day simple moving average of $17.61 and a 200 day simple moving average of $17.24.

Hedge Funds Weigh In On Mobileye Global

Institutional investors and hedge funds have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company increased its stake in Mobileye Global by 49.8% during the third quarter. The Manufacturers Life Insurance Company now owns 13,590,818 shares of the company's stock valued at $186,194,000 after acquiring an additional 4,517,217 shares during the period. Loomis Sayles & Co. L P increased its position in shares of Mobileye Global by 85.3% during the third quarter. Loomis Sayles & Co. L P now owns 1,668,331 shares of the company's stock valued at $22,856,000 after purchasing an additional 768,169 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Mobileye Global by 168.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,526,234 shares of the company's stock worth $20,909,000 after purchasing an additional 957,565 shares during the period. Geode Capital Management LLC lifted its position in Mobileye Global by 24.2% in the third quarter. Geode Capital Management LLC now owns 1,431,325 shares of the company's stock worth $19,615,000 after purchasing an additional 279,082 shares during the period. Finally, Thornburg Investment Management Inc. increased its holdings in Mobileye Global by 20.0% in the 2nd quarter. Thornburg Investment Management Inc. now owns 1,049,302 shares of the company's stock valued at $29,465,000 after buying an additional 174,692 shares during the period. Institutional investors own 13.25% of the company's stock.

Mobileye Global Company Profile

Mobileye Global Inc develops and deploys advanced driver assistance systems (ADAS) and autonomous driving technologies and solutions worldwide. The company operates through Mobileye and Other segments. It offers Driver Assist comprising ADAS and autonomous vehicle solutions that covers safety features, such as real-time detection of road users, geometry, semantics, and markings to provide safety alerts and emergency interventions; Cloud-Enhanced Driver Assist, a solution for drivers with interpretations of a scene in real-time; Mobileye SuperVision Lite, a navigation and assisted driving solution; and Mobileye SuperVision, an operational point-to-point assisted driving navigation solution on various road types and includes cloud-based enhancements, such as road experience management.