Axxcess Wealth Management LLC Takes Position in AST SpaceMobile, Inc. $ASTS

Key Points

• Axxcess Wealth Management disclosed a new position in AST SpaceMobile during the fourth quarter, buying 15,880 shares worth about $1.05 million. The filing came as other institutional investors also increased their stakes in the company.
• AST SpaceMobile reported a wider-than-expected loss for the quarter, with EPS of -$0.66 versus the -$0.23 consensus and revenue of $14.74 million versus $39.01 million expected. Despite that miss, revenue surged 1,952.2% from a year earlier.
• Insider selling has been significant, including recent share sales by Director Julio A. Torres and CTO Huiwen Yao. Over the last 90 days, insiders sold 3.1 million shares worth about $276 million.

Axxcess Wealth Management LLC purchased a new stake in AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 15,880 shares of the company's stock, valued at approximately $1,050,000.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in AST SpaceMobile by 13.4% in the third quarter. Vanguard Group Inc. now owns 19,919,888 shares of the company's stock worth $977,668,000 after buying an additional 2,351,539 shares in the last quarter. Clear Street Group Inc. purchased a new position in shares of AST SpaceMobile in the 3rd quarter valued at approximately $90,129,000. Van ECK Associates Corp grew its stake in AST SpaceMobile by 125.1% in the third quarter. Van ECK Associates Corp now owns 782,041 shares of the company's stock worth $38,382,000 after purchasing an additional 434,615 shares during the period. Invesco Ltd. raised its holdings in AST SpaceMobile by 610.4% in the second quarter. Invesco Ltd. now owns 475,531 shares of the company's stock worth $22,222,000 after purchasing an additional 408,595 shares in the last quarter. Finally, Jump Financial LLC lifted its position in AST SpaceMobile by 2,126.2% during the third quarter. Jump Financial LLC now owns 379,203 shares of the company's stock valued at $18,611,000 after buying an additional 362,169 shares during the period. Institutional investors own 60.95% of the company's stock.

AST SpaceMobile Price Performance

ASTS opened at $105.86 on Tuesday. The company's 50-day simple moving average is $85.38 and its two-hundred day simple moving average is $83.80. The company has a debt-to-equity ratio of 1.11, a quick ratio of 18.37 and a current ratio of 18.47. The stock has a market capitalization of $41.09 billion, a P/E ratio of -59.47 and a beta of 2.60. AST SpaceMobile, Inc. has a 52-week low of $22.47 and a 52-week high of $129.89.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.66) EPS for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.43). AST SpaceMobile had a negative return on equity of 24.87% and a negative net margin of 573.67%.The company had revenue of $14.74 million during the quarter, compared to the consensus estimate of $39.01 million. During the same quarter in the prior year, the firm earned ($0.20) earnings per share. The business's revenue was up 1952.2% compared to the same quarter last year. As a group, analysts predict that AST SpaceMobile, Inc. will post -1.47 EPS for the current year.

Insider Activity at AST SpaceMobile

In other news, Director Julio A. Torres sold 15,000 shares of the firm's stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $76.34, for a total value of $1,145,100.00. Following the transaction, the director directly owned 43,239 shares in the company, valued at $3,300,865.26. This trade represents a 25.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CTO Huiwen Yao sold 40,000 shares of the company's stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $88.88, for a total value of $3,555,200.00. Following the sale, the chief technology officer owned 4,750 shares of the company's stock, valued at approximately $422,180. This trade represents a 89.39% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 3,100,000 shares of company stock worth $276,048,350. Company insiders own 20.89% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Roth Mkm restated a "buy" rating and set a $108.00 target price on shares of AST SpaceMobile in a report on Tuesday, May 12th. Zacks Research raised shares of AST SpaceMobile from a "strong sell" rating to a "hold" rating in a research report on Wednesday, March 4th. Deutsche Bank Aktiengesellschaft set a $117.00 price objective on shares of AST SpaceMobile in a research note on Wednesday, April 15th. B. Riley Financial upped their price objective on shares of AST SpaceMobile from $75.00 to $85.00 and gave the stock a "neutral" rating in a report on Tuesday, May 12th. Finally, Barclays raised their target price on shares of AST SpaceMobile from $60.00 to $65.00 and gave the company an "underweight" rating in a research note on Thursday, April 9th. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $79.45.

AST SpaceMobile Company Profile

AST SpaceMobile is a U.S.-based aerospace company developing a space-based cellular broadband network designed to connect standard mobile phones and other devices directly to satellites. The company's core proposition is “space-to-cell” service: operating a constellation of low-Earth-orbit (LEO) satellites equipped with large, high-power phased-array antennas to provide wide-area mobile broadband without requiring users to buy specialized terminals or handset modifications.

AST SpaceMobile designs, builds and operates satellite payloads and supporting ground infrastructure.

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