K2 Principal Fund L.P. Raises Stock Holdings in AST SpaceMobile, Inc. (NASDAQ:ASTS)

K2 Principal Fund L.P. increased its position in AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) by 147.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,000 shares of the company's stock after buying an additional 13,127 shares during the quarter. K2 Principal Fund L.P.'s holdings in AST SpaceMobile were worth $464,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its position in AST SpaceMobile by 235.9% in the third quarter. JPMorgan Chase & Co. now owns 247,781 shares of the company's stock valued at $6,479,000 after purchasing an additional 174,007 shares during the last quarter. Key Colony Management LLC lifted its position in AST SpaceMobile by 44.1% in the fourth quarter. Key Colony Management LLC now owns 196,000 shares of the company's stock valued at $4,136,000 after purchasing an additional 60,000 shares during the last quarter. Lake Hills Wealth Management LLC bought a new stake in AST SpaceMobile in the fourth quarter valued at approximately $374,000. KBC Group NV lifted its position in AST SpaceMobile by 63.8% in the fourth quarter. KBC Group NV now owns 6,509 shares of the company's stock valued at $137,000 after purchasing an additional 2,536 shares during the last quarter. Finally, MBE Wealth Management LLC lifted its position in AST SpaceMobile by 7.0% in the fourth quarter. MBE Wealth Management LLC now owns 39,718 shares of the company's stock valued at $838,000 after purchasing an additional 2,602 shares during the last quarter. Institutional investors own 60.95% of the company's stock.

Wall Street Analysts Forecast Growth

ASTS has been the subject of several recent research reports. UBS Group boosted their price objective on AST SpaceMobile from $31.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, March 5th. Scotiabank lowered their price objective on AST SpaceMobile from $47.90 to $45.40 and set a "sector outperform" rating for the company in a research report on Tuesday. Oppenheimer initiated coverage on AST SpaceMobile in a research report on Monday, May 5th. They issued a "market perform" rating for the company. Roth Capital initiated coverage on AST SpaceMobile in a research report on Thursday, April 10th. They issued a "buy" rating and a $42.00 price objective for the company. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $30.00 target price on shares of AST SpaceMobile in a research note on Tuesday, March 4th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $42.40.

Insider Buying and Selling

In related news, Director Julio A. Torres sold 20,000 shares of the company's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $30.73, for a total value of $614,600.00. Following the sale, the director now directly owns 52,628 shares of the company's stock, valued at $1,617,258.44. This represents a 27.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 34.15% of the stock is owned by insiders.

AST SpaceMobile Trading Down 1.1%

Shares of ASTS traded down $0.30 during mid-day trading on Wednesday, hitting $26.25. 13,994,880 shares of the company's stock traded hands, compared to its average volume of 12,908,831. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31. AST SpaceMobile, Inc. has a 1 year low of $2.29 and a 1 year high of $39.08. The firm has a market capitalization of $8.31 billion, a P/E ratio of -12.38 and a beta of 2.05. The business's 50-day moving average price is $24.49 and its 200-day moving average price is $24.51.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The company had revenue of $0.72 million during the quarter, compared to the consensus estimate of $3.85 million. As a group, sell-side analysts forecast that AST SpaceMobile, Inc. will post -0.4 EPS for the current fiscal year.

About AST SpaceMobile

AST SpaceMobile, Inc, together with its subsidiaries, develops and provides access to a space-based cellular broadband network for smartphones in the United States. Its SpaceMobile service provides cellular broadband services to end-users who are out of terrestrial cellular coverage. The company was founded in 2017 and is headquartered in Midland, Texas.