AST SpaceMobile (NASDAQ:ASTS) Shares Up 3.5% - Time to Buy?

Key Points

• AST SpaceMobile's stock increased by 3.5% during mid-day trading, with shares last trading at $54.93.
• Wall Street analysts have a consensus rating of "Moderate Buy" for AST SpaceMobile, with an average price target of $45.34.
• Recent insider transactions showed significant sales, with President Scott Wisniewski selling 50,000 shares at an average price of $35.65, indicating a slight decline in his ownership stake.

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) shot up 3.5% during mid-day trading on Wednesday . The stock traded as high as $55.69 and last traded at $54.93. 2,704,731 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 12,172,407 shares. The stock had previously closed at $53.09.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ASTS. Scotiabank reaffirmed a "sector perform" rating and issued a $45.40 target price on shares of AST SpaceMobile in a research note on Monday, June 23rd. B. Riley reaffirmed a "buy" rating and issued a $44.00 target price (up previously from $36.00) on shares of AST SpaceMobile in a research note on Monday, June 16th. Bank of America began coverage on shares of AST SpaceMobile in a research note on Wednesday, June 25th. They issued a "neutral" rating and a $55.00 target price on the stock. Roth Capital began coverage on shares of AST SpaceMobile in a research note on Thursday, April 10th. They issued a "buy" rating and a $42.00 target price on the stock. Finally, Oppenheimer began coverage on shares of AST SpaceMobile in a research note on Monday, May 5th. They issued a "market perform" rating on the stock. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, AST SpaceMobile currently has a consensus rating of "Moderate Buy" and an average price target of $45.34.

AST SpaceMobile Stock Up 1.1%

The firm has a market capitalization of $16.99 billion, a price-to-earnings ratio of -27.06 and a beta of 2.27. The business's 50-day moving average is $41.98 and its two-hundred day moving average is $30.89. The company has a debt-to-equity ratio of 0.60, a quick ratio of 10.62 and a current ratio of 10.62.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last announced its earnings results on Monday, May 12th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The company had revenue of $0.72 million for the quarter, compared to analyst estimates of $3.85 million. AST SpaceMobile had a negative return on equity of 23.56% and a negative net margin of 7,033.22%. On average, equities analysts anticipate that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current year.

Insiders Place Their Bets

In other AST SpaceMobile news, President Scott Wisniewski sold 50,000 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $35.65, for a total transaction of $1,782,500.00. Following the sale, the president directly owned 545,595 shares in the company, valued at approximately $19,450,461.75. This trade represents a 8.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Huiwen Yao sold 4,250 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $34.60, for a total transaction of $147,050.00. Following the sale, the chief technology officer owned 20,750 shares in the company, valued at $717,950. This trade represents a 17.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 184,250 shares of company stock worth $6,146,750. Company insiders own 41.80% of the company's stock.

Institutional Trading of AST SpaceMobile

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Stephens Inc. AR acquired a new stake in shares of AST SpaceMobile in the second quarter valued at approximately $509,000. Chicago Partners Investment Group LLC raised its holdings in shares of AST SpaceMobile by 9.4% in the second quarter. Chicago Partners Investment Group LLC now owns 96,155 shares of the company's stock valued at $4,493,000 after purchasing an additional 8,249 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of AST SpaceMobile in the second quarter valued at approximately $1,000,000. Praxis Investment Management Inc. acquired a new stake in shares of AST SpaceMobile in the second quarter valued at approximately $207,000. Finally, WealthPlan Investment Management LLC acquired a new stake in shares of AST SpaceMobile in the second quarter valued at approximately $2,414,000. 60.95% of the stock is currently owned by institutional investors and hedge funds.

AST SpaceMobile Company Profile

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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