AST SpaceMobile (NASDAQ:ASTS) Shares Up 7.7% – Here’s Why

AST SpaceMobile, Inc. (NASDAQ:ASTS) rose 7.7% during mid-day trading on Monday . The stock traded as high as $65.12 and last traded at $63.52. 11,644,456 shares changed hands during trading, a decline of 36% from the average daily volume of 18,244,295 shares. The stock had previously closed at $58.98.

Analyst Ratings Changes

A number of research analysts have recently commented on ASTS shares. Wall Street Zen downgraded shares of AST SpaceMobile from a “sell” rating to a “strong sell” rating in a research report on Wednesday, April 15th. Scotiabank raised shares of AST SpaceMobile from a “sector underperform” rating to a “sector perform” rating and set a $50.80 target price on the stock in a report on Wednesday, July 29th. Barclays raised their target price on shares of AST SpaceMobile from $60.00 to $65.00 and gave the company an “underweight” rating in a research note on Thursday, April 9th. Piper Sandler started coverage on AST SpaceMobile in a report on Wednesday, July 15th. They set an “overweight” rating and a $100.00 price target for the company. Finally, William Blair reissued a “market perform” rating on shares of AST SpaceMobile in a research report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $87.60.

AST SpaceMobile Trading Up 7.7%

The business has a 50 day moving average of $81.16 and a two-hundred day moving average of $87.26. The firm has a market cap of $24.65 billion, a P/E ratio of -35.69 and a beta of 2.69. The company has a current ratio of 18.47, a quick ratio of 18.37 and a debt-to-equity ratio of 1.11.

AST SpaceMobile (NASDAQ:ASTS) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.66) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.43). AST SpaceMobile had a negative return on equity of 24.87% and a negative net margin of 573.67%.The company had revenue of $14.73 million for the quarter, compared to the consensus estimate of $39.01 million. During the same period last year, the firm earned ($0.20) earnings per share. The company’s revenue for the quarter was up 1952.2% compared to the same quarter last year. Analysts predict that AST SpaceMobile, Inc. will post -1.38 earnings per share for the current year.

Insider Transactions at AST SpaceMobile

In related news, Director Julio A. Torres sold 15,000 shares of AST SpaceMobile stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $76.34, for a total transaction of $1,145,100.00. Following the completion of the sale, the director owned 43,239 shares of the company’s stock, valued at approximately $3,300,865.26. The trade was a 25.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Huiwen Yao sold 40,000 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $96.37, for a total transaction of $3,854,800.00. Following the completion of the transaction, the chief technology officer owned 34,750 shares in the company, valued at approximately $3,348,857.50. This trade represents a 53.51% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 105,809 shares of company stock worth $9,748,492. 20.89% of the stock is owned by insiders.

Institutional Trading of AST SpaceMobile

Hedge funds have recently added to or reduced their stakes in the company. Calton & Associates Inc. grew its holdings in AST SpaceMobile by 0.8% in the 4th quarter. Calton & Associates Inc. now owns 13,579 shares of the company’s stock valued at $986,000 after buying an additional 104 shares in the last quarter. Investmark Advisory Group LLC lifted its holdings in shares of AST SpaceMobile by 2.7% during the fourth quarter. Investmark Advisory Group LLC now owns 4,645 shares of the company’s stock worth $337,000 after buying an additional 120 shares in the last quarter. Atlantic Union Bankshares Corp boosted its position in shares of AST SpaceMobile by 18.2% in the fourth quarter. Atlantic Union Bankshares Corp now owns 923 shares of the company’s stock valued at $67,000 after acquiring an additional 142 shares during the period. Larson Financial Group LLC boosted its position in shares of AST SpaceMobile by 39.0% in the fourth quarter. Larson Financial Group LLC now owns 513 shares of the company’s stock valued at $37,000 after acquiring an additional 144 shares during the period. Finally, Capital Advisors Ltd. LLC grew its stake in shares of AST SpaceMobile by 6.6% in the first quarter. Capital Advisors Ltd. LLC now owns 2,638 shares of the company’s stock valued at $219,000 after acquiring an additional 164 shares in the last quarter. 60.95% of the stock is owned by institutional investors and hedge funds.

About AST SpaceMobile

AST SpaceMobile is a U.S.-based aerospace company developing a space-based cellular broadband network designed to connect standard mobile phones and other devices directly to satellites. The company’s core proposition is “space-to-cell” service: operating a constellation of low-Earth-orbit (LEO) satellites equipped with large, high-power phased-array antennas to provide wide-area mobile broadband without requiring users to buy specialized terminals or handset modifications.

AST SpaceMobile designs, builds and operates satellite payloads and supporting ground infrastructure.