AST SpaceMobile (NASDAQ:ASTS) Shares Gap Up - Here's What Happened

Key Points

• AST SpaceMobile shares opened at $40.27 after previously closing at $38.72, with a recent trading volume of 1,919,642 shares.
• Analysts have mixed views on the stock, with a consensus rating of "Hold" and an average price target of $42.82.
• The company reported an EPS loss of ($0.41) for the last quarter, missing the expected consensus estimate by ($0.22) and substantially underachieving revenue expectations.

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $38.72, but opened at $40.27. AST SpaceMobile shares last traded at $40.94, with a volume of 1,919,642 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ASTS shares. Scotiabank lowered their price target on AST SpaceMobile from $45.40 to $42.90 and set a "sector perform" rating on the stock in a report on Thursday, August 7th. B. Riley reissued a "buy" rating and issued a $44.00 target price (up previously from $36.00) on shares of AST SpaceMobile in a report on Monday, June 16th. William Blair assumed coverage on AST SpaceMobile in a report on Thursday, August 21st. They set a "market perform" rating on the stock. Zacks Research upgraded shares of AST SpaceMobile from a "strong sell" rating to a "hold" rating in a research report on Monday, August 18th. Finally, UBS Group lowered shares of AST SpaceMobile from a "buy" rating to a "neutral" rating and cut their target price for the stock from $62.00 to $43.00 in a research report on Tuesday, September 9th. Three equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, AST SpaceMobile has a consensus rating of "Hold" and an average price target of $42.82.

AST SpaceMobile Stock Performance

The company's 50 day moving average is $48.67 and its 200-day moving average is $36.05. The firm has a market capitalization of $14.74 billion, a P/E ratio of -21.66 and a beta of 2.43. The company has a quick ratio of 8.23, a current ratio of 8.23 and a debt-to-equity ratio of 0.42.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last issued its earnings results on Monday, August 11th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.22). AST SpaceMobile had a negative return on equity of 26.81% and a negative net margin of 7,213.90%.The firm had revenue of $1.16 million during the quarter, compared to analysts' expectations of $6.37 million. As a group, equities analysts anticipate that AST SpaceMobile, Inc. will post -0.4 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Andrew Martin Johnson sold 20,000 shares of the stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $52.48, for a total transaction of $1,049,600.00. Following the transaction, the chief financial officer owned 397,485 shares of the company's stock, valued at approximately $20,860,012.80. This represents a 4.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 41.80% of the company's stock.

Hedge Funds Weigh In On AST SpaceMobile

Several institutional investors have recently made changes to their positions in the stock. Osaic Holdings Inc. raised its stake in AST SpaceMobile by 7.2% during the 2nd quarter. Osaic Holdings Inc. now owns 67,905 shares of the company's stock valued at $3,173,000 after purchasing an additional 4,533 shares during the period. Centaurus Financial Inc. acquired a new position in shares of AST SpaceMobile during the 2nd quarter worth about $142,000. Orion Porfolio Solutions LLC grew its position in shares of AST SpaceMobile by 35.9% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 39,663 shares of the company's stock worth $1,853,000 after purchasing an additional 10,487 shares in the last quarter. B. Riley Wealth Advisors Inc. bought a new position in AST SpaceMobile in the 2nd quarter valued at approximately $306,000. Finally, Newbridge Financial Services Group Inc. acquired a new stake in shares of AST SpaceMobile during the second quarter worth $47,000. 60.95% of the stock is owned by institutional investors.

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.

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