The future of Mobileye Global (NASDAQ:MBLY) is looking increasingly questionable. Demand for self-driving vehicle technology isn’t expected to slow down in 2024 as the driverless race picks up steam. But the Israel-based company recently issued some less-than-ideal news. It warned investors that it expects to see customer orders for the chips it produces decrease by fairly significant margins during Q1 2024. MBLY stock has been falling since the news broke and is currently down more than 25% for the day as bearish energy abounds. As InvestorPlace writer William White reports:
“Mobileye says this was done by its customers as a way to insulate them against potential supply issues from 2021 and 2022. As a result, Mobileye is expecting revenue for Q1 2024 to be 50% lower than Q1 2023. However, it says revenue for 2024 should normalize after that first quarter as customers work through their inventory.”
As White also notes, this projection is likely to push Mobileye’s revenue for the year below Wall Street’s estimates. Trading volume has been heavy today as many investors move to trim their positions in MBLY stock. What does this mean for the company’s institutional investment? Let’s take a look at its top investors.
Top Investors Still Betting on MBLY Stock
Of the mutual funds holding MBLY stock, Vanguard remains at the top of the list with 5,227,537 shares as of Aug. 30, 2023. The top institutional investors are as follows:
- Jennison Associates LLC. The financial services institution currently holds 15,199,232 shares.
- Norges Bank Investment Management. This branch of the international banking giant holds 12,095,900 shares of MBLY stock as of Dec. 30, 2022.
- Baillie Gifford and Company. This investment management firm’s Mobileye position is 8,456,271 shares.
- T. Rowe Price Investment Management (NASDAQ:TROW): The global investment management firm holds 8,100,330 MBLY shares.
- General Atlantic. This private equity firm holds 4,671,095 shares of Mobileye stock.
On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
