Patrick Gelsinger, a director at Mobileye Global Inc. (NASDAQ:MBLY), has made a significant purchase of the company's stock, according to a recent SEC filing. On November 4, Gelsinger acquired 6,750 shares of Mobileye's Class A Common Stock. The shares were bought at a weighted average price of $14.9404, for a total transaction value of $100,847.
Following this transaction, Gelsinger holds a total of 139,456 shares indirectly through a trust. Additionally, another 6,400 shares are held through a family trust, as reported in the filing. The transaction was executed in multiple trades, with prices ranging from $14.86 to $14.96 per share.
In other recent news, Mobileye, a leader in Advanced Driver Assistance Systems, reported mixed third-quarter earnings. The firm experienced an 11% sequential revenue increase from Q2, but an 8% decline year-over-year, largely due to a 9% drop in EyeQ volumes. TD (TSX:TD) Cowen, showing confidence in Mobileye, raised its price target on the company's shares to $19 from $15, keeping its Buy rating. Barclays (LON:BARC), despite reducing its price target from $19 to $18, maintains an Overweight rating for Mobileye, while Deutsche Bank (ETR:DBKGn) continues to hold its rating with a steady price target of $15. These are recent developments for the company.
Mobileye's strategic collaborations with OEMs like Volkswagen (ETR:VOWG_p) and its expected leadership position in the Indian automotive market were also highlighted. The company plans to reduce operating expenses by over $1 billion in 2025. Despite the mixed results, analysts from TD Cowen, Barclays, and Deutsche Bank have shown confidence in Mobileye's stability and future prospects.
These developments reflect the diverse perspectives of different analysts and the company's ongoing efforts to maintain its market position while navigating complex industry dynamics. As always, investors are advised to consider these insights in the context of their individual investment strategies and objectives.
InvestingPro Insights
Patrick Gelsinger's recent purchase of Mobileye Global Inc. (NASDAQ:MBLY) shares comes at an interesting time for the company. According to InvestingPro data, Mobileye's stock has experienced a significant decline, with a 58.31% drop in the past year and a steep 48.98% fall over the last six months. However, the stock has shown signs of a potential rebound, with a strong 22.62% return over the last week and a 17.79% gain in the past month.
These recent gains align with an InvestingPro Tip indicating that Mobileye has seen a "significant return over the last week." This uptick could suggest that insiders like Gelsinger see value in the stock at current levels, despite the challenging year the company has faced.
Another relevant InvestingPro Tip notes that Mobileye "holds more cash than debt on its balance sheet." This strong financial position could provide the company with flexibility to navigate the current market conditions and potentially fuel future growth initiatives.
It's worth noting that InvestingPro offers 10 additional tips for Mobileye, providing investors with a more comprehensive analysis of the company's prospects. These insights could be particularly valuable given the stock's recent volatility and the insider buying activity.
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