Allegiance Financial Group Advisory Services LLC Takes $351,000 Position in AST SpaceMobile, Inc. $ASTS

Key Points

• Allegiance Financial Group Advisory Services LLC has acquired a new stake in AST SpaceMobile, purchasing 7,506 shares worth approximately $351,000.
• Several analysts have recently downgraded AST SpaceMobile's stock ratings, with price targets being adjusted to as low as $42.90 by Scotiabank.
• In its latest earnings report, AST SpaceMobile reported an EPS of ($0.41), missing estimates by ($0.22), while generating revenue of just $1.16 million.

Allegiance Financial Group Advisory Services LLC bought a new stake in shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 7,506 shares of the company's stock, valued at approximately $351,000.

Several other large investors also recently modified their holdings of ASTS. Sunbelt Securities Inc. grew its stake in shares of AST SpaceMobile by 61.9% during the first quarter. Sunbelt Securities Inc. now owns 1,321 shares of the company's stock valued at $30,000 after acquiring an additional 505 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of AST SpaceMobile by 388.7% during the first quarter. GAMMA Investing LLC now owns 1,559 shares of the company's stock valued at $35,000 after acquiring an additional 1,240 shares in the last quarter. Financial Gravity Asset Management Inc. acquired a new stake in shares of AST SpaceMobile during the first quarter valued at about $41,000. Close Asset Management Ltd grew its stake in shares of AST SpaceMobile by 72.4% during the first quarter. Close Asset Management Ltd now owns 1,810 shares of the company's stock valued at $41,000 after acquiring an additional 760 shares in the last quarter. Finally, UMB Bank n.a. acquired a new stake in shares of AST SpaceMobile during the first quarter valued at about $45,000. 60.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently weighed in on ASTS shares. William Blair started coverage on AST SpaceMobile in a research note on Thursday, August 21st. They set a "market perform" rating for the company. Scotiabank downgraded AST SpaceMobile from a "sector perform" rating to a "sector underperform" rating and set a $42.90 price target for the company. in a research note on Tuesday. UBS Group downgraded AST SpaceMobile from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $62.00 to $43.00 in a research note on Tuesday, September 9th. Barclays lifted their price target on AST SpaceMobile from $37.00 to $60.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 1st. Finally, Zacks Research upgraded AST SpaceMobile from a "strong sell" rating to a "hold" rating in a research note on Monday, August 18th. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $45.27.

AST SpaceMobile Stock Performance

Shares of ASTS stock opened at $81.20 on Thursday. The company has a quick ratio of 8.23, a current ratio of 8.23 and a debt-to-equity ratio of 0.42. The business has a 50 day moving average of $49.56 and a two-hundred day moving average of $39.23. AST SpaceMobile, Inc. has a 52 week low of $17.50 and a 52 week high of $91.41. The company has a market cap of $29.11 billion, a P/E ratio of -42.96 and a beta of 2.41.

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 analysts' consensus estimates of ($0.19) by ($0.22). AST SpaceMobile had a negative net margin of 7,213.90% and a negative return on equity of 26.81%. The company had revenue of $1.16 million during the quarter, compared to analyst estimates of $6.37 million. As a group, analysts anticipate that AST SpaceMobile, Inc. will post -0.4 EPS for the current year.

Insider Buying and Selling

In other AST SpaceMobile news, CFO Andrew Martin Johnson sold 20,000 shares of AST SpaceMobile stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $52.48, for a total value of $1,049,600.00. Following the completion of the transaction, the chief financial officer directly owned 397,485 shares in the company, valued at $20,860,012.80. The trade was a 4.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Huiwen Yao sold 40,000 shares of AST SpaceMobile stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $40.58, for a total value of $1,623,200.00. Following the sale, the chief technology officer directly owned 4,750 shares in the company, valued at approximately $192,755. This trade represents a 89.39% decrease in their position. The disclosure for this sale can be found here. Insiders own 34.15% of the company's stock.

AST SpaceMobile 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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