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Mobileye Global reports changes in board composition

EditorEmilio Ghigini
Published 2024-12-03, 02:26 a/m
MBLY
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Mobileye Global (NASDAQ:MBLY) remains committed to maintaining strong governance practices and will announce further updates to its board composition as appropriate. Investors and stakeholders are advised to refer to the official SEC filing for detailed information regarding these recent developments, while those seeking comprehensive financial analysis can access detailed metrics and forecasts through InvestingPro.

In a related development, Mr. Frank D. Yeary, another director of Mobileye Global, has taken on the role of interim executive chair of Intel (NASDAQ:INTC). Consequently, Yeary has resigned from the Audit Committee of Mobileye Global's board for the duration of his tenure at Intel. The company has not yet named a successor for Yeary's position on the Audit Committee.

Despite recent market volatility, Mobileye maintains a strong financial position with a healthy current ratio of 5.8 and more cash than debt on its balance sheet.

These board changes are part of the natural course of business and are not indicative of any internal disputes or issues within Mobileye Global. The company, headquartered in Jerusalem, Israel, specializes in prepackaged software services and operates under the organization name 06 Technology.

For deeper insights into Mobileye's financial health and future prospects, InvestingPro subscribers can access comprehensive analysis including 13 additional ProTips and detailed valuation metrics in the Pro Research Report. As required by the Securities and Exchange Commission, the company has formally documented these board alterations in its latest 8-K filing.

Mobileye Global remains committed to maintaining strong governance practices and will announce further updates to its board composition as appropriate. Investors and stakeholders are advised to refer to the official SEC filing for detailed information regarding these recent developments, while those seeking comprehensive financial analysis can access detailed metrics and forecasts through InvestingPro.

In other recent news, Mobileye, a leader in advanced driver-assistance systems, reported mixed third-quarter earnings, with an 11% sequential revenue increase from Q2, but an 8% decline year-over-year due to a 9% drop in EyeQ volumes.

Mizuho (NYSE:MFG) Securities increased their price target to $15.00 while maintaining a neutral stance, citing Mobileye's partnership with Lyft (NASDAQ:LYFT) and the steady growth of the ADAS market.

Similarly, Loop Capital initiated coverage with a Buy rating and an increased price target of $20.00, highlighting Mobileye's alignment with the growing penetration of ADAS and autonomous vehicle technology.

TD (TSX:TD) Cowen also showed confidence in the company, raising its price target to $19. Barclays (LON:BARC), despite trimming its price target from $19 to $18, maintained an Overweight rating, acknowledging Mobileye's robust third-quarter performance. Deutsche Bank (ETR:DBKGn) maintained its Hold rating, recognizing Mobileye's ability to uphold its full-year guidance.

Mobileye plans to reduce its operating expenses, currently over $1 billion, by 2025. The company reported a strong operating cash flow of $126 million and its revenue guidance for 2024 remains unchanged, with EyeQ volumes forecasted between 28.4 million and 28.8 million units. These are the recent developments for the company.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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