AST SpaceMobile (NASDAQ:ASTS) Shares Up 1.7% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price shot up 1.7% during mid-day trading on Wednesday . The stock traded as high as $92.57 and last traded at $89.58. 19,586,515 shares traded hands during mid-day trading, an increase of 19% from the average session volume of 16,396,018 shares. The stock had previously closed at $88.10.

Key AST SpaceMobile News

Here are the key news stories impacting AST SpaceMobile this week:

• Positive Sentiment: Defiance launched ASTY, a 2X long ETF on AST SpaceMobile, signaling strong trader demand for bullish exposure to ASTS. Defiance Launches ASTY: The 2X Long ETF for AST SpaceMobile, Inc.
• Positive Sentiment: ASTS is benefiting from broader enthusiasm for space infrastructure names ahead of the SpaceX IPO, which has lifted sentiment across satellite and launch stocks. SpaceX IPO Filing Is Moving Rocket Lab, CoreWeave, and Other Stocks
• Positive Sentiment: Commentary has also pointed to AST SpaceMobile’s FCC approval and its role as a likely beneficiary of rising satellite-to-phone demand, supporting the company’s long-term growth narrative. Forget SpaceX. These 2 Space Stocks Could Be the Real Winners Of the Coming IPO Frenzy
• Neutral Sentiment: Several articles focused on ASTS’s huge multi-year run and asked whether the stock is getting expensive, suggesting some investors are weighing valuation against future growth. Is It Too Late To Consider AST SpaceMobile (ASTS) After Its Recent 17x Three Year Surge?
• Negative Sentiment: ASTS CFO Andrew Martin Johnson sold 5,000 shares, a small insider sale that may prompt some caution, though his remaining stake is still substantial. SEC insider filing

Analyst Ratings Changes

Several research firms have recently issued reports on ASTS. B. Riley Financial increased their price objective on shares of AST SpaceMobile from $75.00 to $85.00 and gave the company a “neutral” rating in a report on Tuesday, May 12th. Wall Street Zen cut shares of AST SpaceMobile from a “sell” rating to a “strong sell” rating in a report on Wednesday, April 15th. Barclays raised their target price on shares of AST SpaceMobile from $60.00 to $65.00 and gave the stock an “underweight” rating in a report on Thursday, April 9th. Deutsche Bank Aktiengesellschaft set a $117.00 target price on shares of AST SpaceMobile in a report on Wednesday, April 15th. Finally, UBS Group reduced their target price on shares of AST SpaceMobile from $85.00 to $80.00 and set a “neutral” rating for the company in a report on Tuesday, May 12th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, AST SpaceMobile has an average rating of “Reduce” and a consensus price target of $79.45.

AST SpaceMobile Trading Up 10.0%

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 firm has a market cap of $40.44 billion, a PE ratio of -59.47 and a beta of 2.60. The company’s 50-day moving average is $84.65 and its 200 day moving average is $83.31.

AST SpaceMobile (NASDAQ:ASTS) last issued its quarterly 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). The firm had revenue of $14.74 million during 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 firm’s revenue was up 1952.2% compared to the same quarter last year. During the same quarter last year, the company posted ($0.20) EPS. As a group, sell-side analysts predict that AST SpaceMobile, Inc. will post -1.47 EPS for the current year.

Insider Activity

In related news, Director Julio A. Torres sold 15,000 shares of the company’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 sale, the director owned 43,239 shares in the company, valued at approximately $3,300,865.26. This represents a 25.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Huiwen Yao sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $88.88, for a total transaction of $3,555,200.00. Following the completion of the sale, the chief technology officer owned 4,750 shares of the company’s stock, valued at approximately $422,180. This trade represents a 89.39% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 3,100,000 shares of company stock worth $276,048,350 in the last quarter. Insiders own 20.89% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

Several institutional investors and hedge funds have recently modified their holdings of the stock. Calton & Associates Inc. grew its holdings in shares of AST SpaceMobile by 0.8% during the 4th quarter. Calton & Associates Inc. now owns 13,579 shares of the company’s stock valued at $986,000 after acquiring an additional 104 shares in the last quarter. Investmark Advisory Group LLC grew its holdings in shares of AST SpaceMobile by 2.7% during the 4th quarter. Investmark Advisory Group LLC now owns 4,645 shares of the company’s stock valued at $337,000 after acquiring an additional 120 shares in the last quarter. ORG Partners LLC grew its holdings in shares of AST SpaceMobile by 4.2% during the 4th quarter. ORG Partners LLC now owns 3,283 shares of the company’s stock valued at $238,000 after acquiring an additional 133 shares in the last quarter. Atlantic Union Bankshares Corp grew its holdings in shares of AST SpaceMobile by 18.2% during the 4th quarter. Atlantic Union Bankshares Corp now owns 923 shares of the company’s stock valued at $67,000 after acquiring an additional 142 shares in the last quarter. Finally, Larson Financial Group LLC grew its holdings in shares of AST SpaceMobile by 39.0% during the 4th quarter. Larson Financial Group LLC now owns 513 shares of the company’s stock valued at $37,000 after acquiring an additional 144 shares in the last quarter. 60.95% of the stock is currently owned by hedge funds and other institutional investors.

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.