- Intel Corp (NASDAQ:INTC) subsidiary Intel Overseas Funding Corp prepared to offload 35 million shares of Mobileye Global Inc (NASDAQ:MBLY) Monday.
- The stock is worth $1.48 billion based on Mobileye’s June 5 closing of $43.56.
- The selling stockholder intends to grant the underwriters a 30-day option to purchase up to 5.25 million shares of Mobileye.
- Mobileye is not selling shares in the offering and will not receive any proceeds from the sale.
- Mobileye stock has gained close to 30% YTD.
- Following the sale, Intel will retain about an 88% stake in Mobileye, which it bought in 2018 for $15.3 billion, Bloomberg reports.
- In April, Mobileye reported first-quarter FY23 revenue growth of 16% year-on-year to $458 million, beating the consensus of $456.72 million. Non-GAAP EPS of $0.14 beat the consensus of $0.12.
- Mobileye slashed the FY23 revenue forecast to $2.065 billion – $2.114 billion, down from the prior $2.192 billion – $2.282 billion (consensus $2.25 billion).
- Price Action: MBLY shares are trading lower by 3.82% at $40.75 premarket on the last check Tuesday.
Wells Fargo Maintains Overweight on Pinnacle Finl Partners, Lowers Price Target to $105
Wells Fargo analyst Jared Shaw maintains Pinnacle Finl Partners (NASDAQ:PNFP) with a Overweight and lowers the price target from $115 to $105.
