AST SpaceMobile (NASDAQ:ASTS) Trading 3.8% Higher – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares traded up 3.8% during mid-day trading on Monday . The company traded as high as $89.96 and last traded at $86.83. 23,904,647 shares changed hands during mid-day trading, an increase of 47% from the average session volume of 16,293,793 shares. The stock had previously closed at $83.67.

Wall Street Analysts Forecast Growth

ASTS has been the topic of a number of analyst reports. Zacks Research raised shares of AST SpaceMobile from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. New Street Research began coverage on shares of AST SpaceMobile in a report on Wednesday. They set a “neutral” rating and a $80.00 price target for the company. Barclays lifted their price target on shares of AST SpaceMobile from $60.00 to $65.00 and gave the company an “underweight” rating in a research report on Thursday, April 9th. Roth Mkm reiterated a “buy” rating and issued a $108.00 price objective on shares of AST SpaceMobile in a report on Tuesday, May 12th. Finally, Wall Street Zen lowered AST SpaceMobile from a “sell” rating to a “strong sell” rating in a research report on Wednesday, April 15th. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $79.45.

AST SpaceMobile Price Performance

The company has a current ratio of 18.47, a quick ratio of 18.37 and a debt-to-equity ratio of 1.11. The stock has a market cap of $33.17 billion, a PE ratio of -48.78 and a beta of 2.60. The company has a fifty day moving average of $84.65 and a 200-day moving average of $82.98.

AST SpaceMobile (NASDAQ:ASTS) last announced its earnings results on Monday, May 11th. The company reported ($0.66) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.43). The firm had revenue of $14.74 million for the quarter, compared to analysts’ expectations of $39.01 million. AST SpaceMobile had a negative net margin of 573.67% and a negative return on equity of 24.87%. The business’s revenue was up 1952.2% compared to the same quarter last year. During the same quarter last year, the business earned ($0.20) earnings per share. Sell-side analysts expect that AST SpaceMobile, Inc. will post -1.47 EPS for the current fiscal year.

Insider Transactions at AST SpaceMobile

In other news, Director Julio A. Torres sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $76.34, for a total value of $1,145,100.00. Following the completion of the transaction, the director owned 43,239 shares of the company’s stock, valued at approximately $3,300,865.26. This trade represents a 25.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Hiroshi Mikitani sold 1,350,000 shares of AST SpaceMobile stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $86.22, for a total transaction of $116,397,000.00. Following the completion of the transaction, the insider owned 27,980,155 shares of the company’s stock, valued at $2,412,448,964.10. This trade represents a 4.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 3,095,000 shares of company stock valued at $275,597,100. 20.89% of the stock is currently owned by corporate insiders.

Institutional Trading of AST SpaceMobile

A number of large investors have recently modified their holdings of the stock. Cornerstone Planning Group LLC boosted its holdings in AST SpaceMobile by 16,350.0% in the first quarter. Cornerstone Planning Group LLC now owns 329 shares of the company’s stock valued at $27,000 after purchasing an additional 327 shares during the period. Crewe Advisors LLC purchased a new stake in AST SpaceMobile during the 4th quarter worth about $25,000. Laurel Wealth Advisors LLC acquired a new stake in AST SpaceMobile in the 4th quarter valued at about $25,000. Portus Wealth Advisors LLC acquired a new stake in AST SpaceMobile in the 1st quarter valued at about $30,000. Finally, Advocate Investing Services LLC purchased a new position in shares of AST SpaceMobile in the 1st quarter valued at about $31,000. Hedge funds and other institutional investors 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.