Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS – Get Free Report) shot up 11.7% during mid-day trading on Thursday . The company traded as high as $98.10 and last traded at $97.56. 22,921,894 shares were traded during trading, an increase of 29% from the average session volume of 17,822,033 shares. The stock had previously closed at $87.32.
Key Headlines Impacting AST SpaceMobile
Here are the key news stories impacting AST SpaceMobile this week:
- Positive Sentiment: AST SpaceMobile is trading higher along with a broad rally in space stocks, as investors position for the upcoming SpaceX IPO and related sector enthusiasm. Article: Virgin Galactic Soars 20%, AST SpaceMobile Rises 7%, Planet Labs Gains 6%, Rocket Lab Advances 5% as Space Stocks Catch a Bid
- Positive Sentiment: The confirmed June 17 launch date for BlueBird satellites gives AST SpaceMobile a near-term operational catalyst and reinforces progress on its direct-to-smartphone broadband network. Article: AST SpaceMobile Stock Climbs Ahead of SpaceX IPO As BlueBird Launch Date Confirmed for June 17
- Neutral Sentiment: Commentary around the SpaceX IPO suggests listed SpaceX could become an important benchmark for other space stocks, which may keep ASTS volatile as investors reassess valuations across the sector. Article: SpaceX Will Destroy Other Stocks. These Could Be the Biggest Losers.
- Neutral Sentiment: Market commentary notes that ASTS has seen sharp swings recently, with some traders warning of volatility even as the stock benefits from the SpaceX catalyst. Article: AST SpaceMobile’s SpaceX Catalyst Could Come With a Volatility Warning
- Negative Sentiment: Recent insider selling and prior analyst downgrades have raised concerns that can temper enthusiasm, even with the current sector rally. Article: AST SpaceMobile’s SpaceX Catalyst Could Come With a Volatility Warning
Analysts Set New Price Targets
Several analysts have issued reports on ASTS shares. UBS Group cut their target price on shares of AST SpaceMobile from $85.00 to $80.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 12th. Zacks Research raised AST SpaceMobile from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. William Blair reiterated a “market perform” rating on shares of AST SpaceMobile in a report on Friday, May 29th. Wall Street Zen downgraded AST SpaceMobile from a “sell” rating to a “strong sell” rating in a research note on Wednesday, April 15th. Finally, Deutsche Bank Aktiengesellschaft lowered AST SpaceMobile from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $117.00 to $106.00 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 issued a Sell rating to the company’s stock. According to data from MarketBeat, AST SpaceMobile currently has a consensus rating of “Reduce” and a consensus target price of $81.33.
AST SpaceMobile Stock Performance
The company has a debt-to-equity ratio of 1.11, a quick ratio of 18.37 and a current ratio of 18.47. The firm’s 50 day moving average is $90.16 and its 200-day moving average is $87.64. The firm has a market cap of $37.86 billion, a price-to-earnings ratio of -54.81 and a beta of 2.70.
AST SpaceMobile (NASDAQ:ASTS – Get Free Report) last posted its earnings results on Monday, May 11th. The company reported ($0.66) EPS 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 business had revenue of $14.74 million for the quarter, compared to analyst estimates of $39.01 million. During the same period in the previous year, the company earned ($0.20) earnings per share. The company’s quarterly revenue was up 1952.2% compared to the same quarter last year. Sell-side analysts anticipate that AST SpaceMobile, Inc. will post -1.47 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, CTO Huiwen Yao sold 40,000 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $96.37, for a total value of $3,854,800.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Julio A. Torres sold 15,000 shares of the 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 3,140,000 shares of company stock valued at $279,903,150 over the last 90 days. 20.89% of the stock is currently owned by insiders.
Hedge Funds Weigh In On AST SpaceMobile
Large investors have recently added to or reduced their stakes in the company. Calton & Associates Inc. lifted its position in shares of AST SpaceMobile by 0.8% in the 4th quarter. Calton & Associates Inc. now owns 13,579 shares of the company’s stock worth $986,000 after acquiring an additional 104 shares during the period. Investmark Advisory Group LLC increased its position 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 valued at $337,000 after purchasing an additional 120 shares during the period. ORG Partners LLC raised its stake in shares of AST SpaceMobile by 4.2% in the fourth quarter. ORG Partners LLC now owns 3,283 shares of the company’s stock valued at $238,000 after purchasing an additional 133 shares in the last quarter. Atlantic Union Bankshares Corp raised its stake 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 purchasing an additional 142 shares in the last quarter. Finally, Larson Financial Group LLC lifted its position in AST SpaceMobile by 39.0% in the fourth quarter. Larson Financial Group LLC now owns 513 shares of the company’s stock worth $37,000 after purchasing an additional 144 shares during the period. Institutional investors and hedge funds own 60.95% of the company’s stock.
AST SpaceMobile Company Profile
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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