Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS – Get Free Report) traded up 3.9% on Wednesday . The company traded as high as $88.95 and last traded at $85.43. 29,411,508 shares were traded during mid-day trading, an increase of 60% from the average session volume of 18,340,254 shares. The stock had previously closed at $82.25.
Key Stories Impacting AST SpaceMobile
Here are the key news stories impacting AST SpaceMobile this week:
- Positive Sentiment: AST SpaceMobile announced the successful orbital launch of BlueBirds 8, 9, and 10, its largest commercial communications satellites to date, which strengthens confidence in its direct-to-phone network rollout. AST SpaceMobile Announces Successful Orbital Launch of BlueBirds 8, 9, and 10
- Positive Sentiment: The successful deployment of three BlueBird satellites into orbit is being treated as a major execution win and a step toward commercial-scale service, which has helped lift ASTS shares. AST SpaceMobile shares rise after launch of three BlueBird satellites
- Neutral Sentiment: Some articles note that ASTS is benefiting from renewed attention on the space sector and from trading interest around the SpaceX IPO, but this is more of a market flow effect than a direct fundamental change for the company. AST SpaceMobile Announces Launch Date for Its Next 3 BlueBird Satellites
- Negative Sentiment: One recent note pointed to rising competition and execution risk in the satellite communications market, reminding investors that ASTS still faces meaningful hurdles even after the launch success. Can ASTS Thrive Despite Rising Competition in the SATCOM Space?
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on the company. William Blair reaffirmed a “market perform” rating on shares of AST SpaceMobile in a research note on Friday, May 29th. Deutsche Bank Aktiengesellschaft cut shares of AST SpaceMobile from a “buy” rating to a “hold” rating and decreased their price target for the company from $117.00 to $106.00 in a research report on Friday, May 29th. Barclays upped their price target on AST SpaceMobile from $60.00 to $65.00 and gave the stock an “underweight” rating in a report on Thursday, April 9th. UBS Group lowered their price objective on AST SpaceMobile from $85.00 to $80.00 and set a “neutral” rating for the company in a research report on Tuesday, May 12th. Finally, New Street Research set a $106.00 target price on AST SpaceMobile in a research report on Friday, May 29th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $81.33.
AST SpaceMobile Stock Performance
The firm has a market cap of $33.16 billion, a PE ratio of -47.99 and a beta of 2.70. The company has a debt-to-equity ratio of 1.11, a current ratio of 18.47 and a quick ratio of 18.37. The stock has a 50-day moving average price of $90.11 and a 200 day moving average price of $88.57.
AST SpaceMobile (NASDAQ:ASTS – Get Free Report) last issued its earnings results on Monday, May 11th. The company reported ($0.66) earnings per share for the quarter, missing the consensus estimate 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 $14.74 million during the quarter, compared to analysts’ expectations of $39.01 million. During the same period in the previous year, the company earned ($0.20) EPS. AST SpaceMobile’s quarterly revenue was up 1952.2% on a year-over-year basis. Research analysts forecast that AST SpaceMobile, Inc. will post -1.47 earnings per share for the current year.
Insider Transactions at AST SpaceMobile
In other AST SpaceMobile news, Director Julio A. Torres sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $76.34, for a total transaction of $1,145,100.00. Following the sale, the director owned 43,239 shares in the company, valued at $3,300,865.26. This represents a 25.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Andrew Martin Johnson sold 45,809 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $93.81, for a total value of $4,297,342.29. Following the transaction, the chief financial officer directly owned 503,619 shares of the company’s stock, valued at $47,244,498.39. This trade represents a 8.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 3,185,809 shares of company stock worth $284,200,492. 20.89% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On AST SpaceMobile
A number of institutional investors and hedge funds have recently added to or reduced their stakes in ASTS. AQR Capital Management LLC boosted its stake in AST SpaceMobile by 11.8% during the 1st quarter. AQR Capital Management LLC now owns 34,548 shares of the company’s stock valued at $786,000 after purchasing an additional 3,642 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in AST SpaceMobile by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 79,764 shares of the company’s stock valued at $1,814,000 after purchasing an additional 3,515 shares in the last quarter. Millennium Management LLC boosted its stake in AST SpaceMobile by 16.1% during the 1st quarter. Millennium Management LLC now owns 467,626 shares of the company’s stock valued at $10,634,000 after purchasing an additional 64,989 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in AST SpaceMobile by 18.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 325,621 shares of the company’s stock valued at $7,405,000 after purchasing an additional 49,811 shares in the last quarter. Finally, Strs Ohio bought a new position in AST SpaceMobile during the 1st quarter valued at $168,000. 60.95% of the stock is owned by institutional investors.
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.
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