AST SpaceMobile (NASDAQ:ASTS) Trading Up 2.6% - Here's Why

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) was up 2.6% during mid-day trading on Friday . The stock traded as high as $53.35 and last traded at $51.93. Approximately 4,855,540 shares were traded during trading, a decline of 62% from the average daily volume of 12,618,360 shares. The stock had previously closed at $50.62.

Analyst Ratings Changes

Several equities research analysts recently commented on ASTS shares. B. Riley restated a "buy" rating and issued a $44.00 price target (up previously from $36.00) on shares of AST SpaceMobile in a research report on Monday, June 16th. Bank of America assumed coverage on shares of AST SpaceMobile in a report on Wednesday. They issued a "neutral" rating and a $55.00 price objective for the company. UBS Group boosted their target price on AST SpaceMobile from $31.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, March 5th. Oppenheimer started coverage on shares of AST SpaceMobile in a research report on Monday, May 5th. They set a "market perform" rating for the company. Finally, Roth Capital initiated coverage on shares of AST SpaceMobile in a research note on Thursday, April 10th. They set a "buy" rating and a $42.00 target price for the company. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, AST SpaceMobile has an average rating of "Moderate Buy" and a consensus price target of $45.34.

AST SpaceMobile Trading Down 0.1%

The firm has a market cap of $16.01 billion, a price-to-earnings ratio of -25.41 and a beta of 2.02. The company has a 50 day moving average of $30.02 and a 200 day moving average of $26.48. The company has a current ratio of 10.62, a quick ratio of 10.62 and a debt-to-equity ratio of 0.60.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last issued its quarterly 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 net margin of 7,033.22% and a negative return on equity of 23.56%. As a group, research analysts anticipate that AST SpaceMobile, Inc. will post -0.4 EPS for the current year.

Insider Transactions at AST SpaceMobile

In other news, President Scott Wisniewski sold 50,000 shares of the 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 completion of the transaction, the president now directly owns 545,595 shares of the company's stock, valued at $19,450,461.75. This represents a 8.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Shanti B. Gupta sold 15,000 shares of AST SpaceMobile stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $36.08, for a total transaction of $541,200.00. Following the completion of the sale, the chief operating officer now directly owns 315,667 shares in the company, valued at $11,389,265.36. This trade represents a 4.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold 184,250 shares of company stock worth $6,146,750 over the last ninety days. 34.15% of the stock is owned by insiders.

Hedge Funds Weigh In On AST SpaceMobile

Institutional investors and hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its stake in shares of AST SpaceMobile by 11.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,266,713 shares of the company's stock worth $26,728,000 after purchasing an additional 135,008 shares in the last quarter. Handelsbanken Fonder AB purchased a new position in AST SpaceMobile during the fourth quarter valued at approximately $755,000. Wells Fargo & Company MN increased its holdings in AST SpaceMobile by 25.2% during the 4th quarter. Wells Fargo & Company MN now owns 117,822 shares of the company's stock worth $2,486,000 after acquiring an additional 23,746 shares during the period. Two Sigma Investments LP lifted its stake in AST SpaceMobile by 117.5% in the 4th quarter. Two Sigma Investments LP now owns 51,874 shares of the company's stock worth $1,095,000 after purchasing an additional 28,025 shares in the last quarter. Finally, Toronto Dominion Bank purchased a new stake in AST SpaceMobile in the 4th quarter worth approximately $4,220,000. 60.95% of the stock is owned by institutional investors.

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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