AST SpaceMobile (NASDAQ:ASTS) Coverage Initiated at Bank of America

Analysts at Bank of America assumed coverage on shares of AST SpaceMobile (NASDAQ:ASTS - Get Free Report) in a report released on Wednesday, MarketBeat Ratings reports. The firm set a "neutral" rating and a $55.00 price target on the stock. Bank of America's price target would suggest a potential upside of 11.43% from the stock's previous close.

A number of other research analysts have also commented on ASTS. UBS Group lifted their price objective on shares of AST SpaceMobile from $31.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, March 5th. Scotiabank restated a "sector perform" rating and issued a $45.40 price objective on shares of AST SpaceMobile in a research note on Monday, June 23rd. B. Riley reiterated a "buy" rating and set a $44.00 price target (up from $36.00) on shares of AST SpaceMobile in a research note on Monday, June 16th. Roth Capital started coverage on shares of AST SpaceMobile in a research note on Thursday, April 10th. They set a "buy" rating and a $42.00 price target on the stock. Finally, Oppenheimer started coverage on shares of AST SpaceMobile in a research note on Monday, May 5th. They set a "market perform" rating on the stock. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $45.34.

AST SpaceMobile Stock Performance

NASDAQ ASTS traded down $1.26 during trading on Wednesday, reaching $49.36. The company's stock had a trading volume of 31,681,089 shares, compared to its average volume of 12,746,246. The company has a debt-to-equity ratio of 0.60, a quick ratio of 10.62 and a current ratio of 10.62. The firm has a market cap of $15.62 billion, a price-to-earnings ratio of -24.80 and a beta of 2.02. AST SpaceMobile has a twelve month low of $10.17 and a twelve month high of $54.05. The business's fifty day moving average price is $30.54 and its 200-day moving average price is $26.66.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The company reported ($0.20) EPS for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.03). The business had revenue of $0.72 million during the quarter, compared to analyst estimates of $3.85 million. AST SpaceMobile had a negative net margin of 7,033.22% and a negative return on equity of 23.56%. As a group, analysts anticipate that AST SpaceMobile will post -0.4 EPS for the current fiscal year.

Insider Transactions at AST SpaceMobile

In other AST SpaceMobile news, CTO Huiwen Yao sold 55,000 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $26.82, for a total transaction of $1,475,100.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Shanti B. Gupta sold 15,000 shares of the company's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $36.08, for a total transaction of $541,200.00. Following the transaction, the chief operating officer now owns 315,667 shares in the company, valued at $11,389,265.36. The trade was a 4.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 184,250 shares of company stock worth $6,146,750 over the last ninety days. 34.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rakuten Group Inc. acquired a new position in AST SpaceMobile during the first quarter worth about $705,398,000. Vanguard Group Inc. lifted its holdings in shares of AST SpaceMobile by 49.4% in the fourth quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company's stock valued at $316,233,000 after purchasing an additional 4,955,941 shares in the last quarter. Alphabet Inc. purchased a new stake in shares of AST SpaceMobile in the first quarter valued at about $203,375,000. Geode Capital Management LLC lifted its holdings in shares of AST SpaceMobile by 7.0% in the fourth quarter. Geode Capital Management LLC now owns 3,496,825 shares of the company's stock valued at $73,801,000 after purchasing an additional 229,759 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. purchased a new stake in shares of AST SpaceMobile in the fourth quarter valued at about $59,523,000. 60.95% of the stock is currently owned by institutional investors and hedge funds.

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.