Why Mobileye (MBLY) Shares Crashed Yesterday

We recently published a list of 10 Firms Mirror Wall Street Decline. In this article, we are going to take a look at where Mobileye Global Inc. (NASDAQ:MBLY) stands against other firms mirroring Wall Street decline.

Wall Street’s main indices suffered a bloodbath on Tuesday, as investors shifted to other higher-yielding assets following better Treasury yields.

The Nasdaq Composite led the drop, losing 1.89 percent, followed by the S&P 500 declining 1.11 percent. Meanwhile, the Dow Jones dipped by 0.42 percent.

The overall market downturn dragged down the prices of these 10 companies. In this article, let’s explore the reasons behind their decline.

To come up with Tuesday’s top losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A driverless vehicle navigating city traffic, equipped with ADAS and safety features.

Mobileye Global Inc. (NASDAQ:MBLY)

Mobileye Global (NASDAQ:MBLY), an Israel-based autonomous driving company, saw its share prices on Tuesday drop by 10.51 percent or $2.3 to finish at $19.55 apiece, with investor sentiment weighed down by a global market downturn.

Several analysts posted a more conservative outlook on the company. Evercore ISI recently cut its price target on Mobileye (NASDAQ:MBLY) from $35.00 to $30.00, while giving it an “outperform” rating.

Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $15.00 price objective, while Barclays lowered its target for the company from $19.00 to $18.00.

Two research analysts gave the stock a sell rating, while ten provided a hold rating. Eleven have issued a buy rating and one has given a strong buy rating to the stock.

Overall, MBLY ranks 2nd on our list of firms mirroring Wall Street decline. While we acknowledge the potential of MBLY as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than MBLY but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.