Mobility Global (NYSE:MBGL) Shares Gap Up on Earnings Beat

Shares of Mobility Global, Inc. (NYSE:MBGL) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $19.92, but opened at $21.12. Mobility Global shares last traded at $22.3450, with a volume of 657,541 shares changing hands.

The company reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.02. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year.

Mobility Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 14th. Investors of record on Monday, November 30th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Monday, November 30th. Mobility Global’s dividend payout ratio is currently 133.33%.

Wall Street Analysts Forecast Growth

MBGL has been the subject of a number of recent research reports. Barclays began coverage on shares of Mobility Global in a report on Tuesday, September 1st. They issued an “equal weight” rating and a $23.00 price objective for the company. Wolfe Research upgraded Mobility Global to a “strong-buy” rating in a report on Monday, July 20th. Wall Street Zen upgraded Mobility Global to a “hold” rating in a research report on Saturday, July 18th. Weiss Ratings upgraded Mobility Global from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, October 22nd. Finally, Wells Fargo & Company cut their price target on Mobility Global from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $22.20.

Institutional Trading of Mobility Global

Hedge funds have recently made changes to their positions in the company. Boston Partners acquired a new stake in shares of Mobility Global during the 3rd quarter worth approximately $201,882,000. State Street Corp purchased a new stake in shares of Mobility Global during the 3rd quarter valued at approximately $175,280,000. William Blair Investment Management LLC purchased a new stake in shares of Mobility Global during the 3rd quarter valued at approximately $90,742,000. Mawer Investment Management Ltd. acquired a new position in Mobility Global in the third quarter valued at approximately $63,568,000. Finally, Alberta Investment Management Corp acquired a new position in Mobility Global in the third quarter valued at approximately $38,899,000.

Mobility Global Price Performance

The firm has a market cap of $6.58 billion and a PE ratio of 123.54. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.88 and a quick ratio of 1.88. The business’s fifty day moving average is $18.97.

About Mobility Global

Mobility Global is a blank-check company formed to pursue a merger, acquisition, share exchange or similar business combination with an operating business. It does not have established products or services of its own. The company’s stated focus is the mobility sector, which may include businesses involved in transportation, automotive services, logistics and related technologies. Its activities are centered on identifying and completing a suitable business combination.