Bank of America Corp DE Has $136.26 Million Stock Holdings in AST SpaceMobile, Inc. $ASTS

Key Points

• Bank of America increased its AST SpaceMobile stake by 140.3% in the first quarter, purchasing 960,045 additional shares to hold 1.64 million shares worth approximately $136.26 million. Institutional investors and hedge funds collectively own 60.95% of the company.
• AST SpaceMobile’s latest quarterly results missed expectations, with a loss of $0.66 per share versus the projected $0.23 loss and revenue of $14.73 million versus the $39.01 million consensus estimate, despite revenue rising sharply year over year.
• Insiders sold 105,809 shares worth about $9.75 million over the past 90 days, while analysts maintain a consensus “Hold” rating and an average price target of $87.60.

Bank of America Corp DE lifted its holdings in shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) by 140.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,644,246 shares of the company's stock after purchasing an additional 960,045 shares during the period. Bank of America Corp DE owned 0.43% of AST SpaceMobile worth $136,259,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Laurel Wealth Advisors LLC acquired a new stake in shares of AST SpaceMobile in the 4th quarter valued at about $25,000. Cornerstone Planning Group LLC grew its stake in AST SpaceMobile by 16,350.0% in the first quarter. Cornerstone Planning Group LLC now owns 329 shares of the company's stock valued at $27,000 after acquiring an additional 327 shares during the period. Acumen Wealth Advisors LLC bought a new stake in shares of AST SpaceMobile during the fourth quarter valued at approximately $29,000. Harvest Fund Management Co. Ltd acquired a new position in shares of AST SpaceMobile during the third quarter worth approximately $29,000. Finally, Portus Wealth Advisors LLC bought a new position in shares of AST SpaceMobile in the 1st quarter worth $30,000. 60.95% of the stock is owned by institutional investors and hedge funds.

Insider Activity at AST SpaceMobile

In other news, CTO Huiwen Yao sold 40,000 shares of the company's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $96.37, for a total transaction of $3,854,800.00. Following the sale, the chief technology officer directly owned 34,750 shares in the company, valued at $3,348,857.50. This represents a 53.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew Martin Johnson sold 45,809 shares of the company's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $93.81, for a total value of $4,297,342.29. Following the sale, the chief financial officer owned 503,619 shares in the company, valued at approximately $47,244,498.39. This represents a 8.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 105,809 shares of company stock worth $9,748,492. Corporate insiders own 20.89% of the company's stock.

AST SpaceMobile Trading Down 1.5%

Shares of AST SpaceMobile stock opened at $67.36 on Friday. The stock has a market capitalization of $26.14 billion, a P/E ratio of -37.84 and a beta of 2.75. AST SpaceMobile, Inc. has a 52-week low of $36.08 and a 52-week high of $133.86. 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's 50-day simple moving average is $76.79 and its 200 day simple moving average is $86.31.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last issued its earnings results on Monday, May 11th. The company reported ($0.66) earnings per share for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.43). The business had revenue of $14.73 million for the quarter, compared to the consensus estimate of $39.01 million. AST SpaceMobile had a negative return on equity of 24.87% and a negative net margin of 573.67%.AST SpaceMobile's revenue for the quarter was up 1952.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.20) EPS. As a group, research analysts anticipate that AST SpaceMobile, Inc. will post -1.38 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have commented on ASTS shares. New Street Research set a $106.00 price target on shares of AST SpaceMobile in a research note on Friday, May 29th. Piper Sandler assumed coverage on shares of AST SpaceMobile in a research report on Wednesday, July 15th. They issued an "overweight" rating and a $100.00 price target on the stock. Wall Street Zen lowered AST SpaceMobile from a "sell" rating to a "strong sell" rating in a report on Wednesday, April 15th. Weiss Ratings reissued a "sell (d-)" rating on shares of AST SpaceMobile in a research note on Wednesday, June 24th. Finally, Barclays lifted their target price on AST SpaceMobile from $60.00 to $65.00 and gave the company an "underweight" rating in a research report on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $87.60.

Trending Headlines about AST SpaceMobile

Here are the key news stories impacting AST SpaceMobile this week:

• Positive Sentiment: Japan approval expands the addressable market. AST SpaceMobile secured regulatory approval to provide direct-to-cell satellite services in Japan with Rakuten Mobile. The partnership could support future connectivity revenue in a major, mobile-heavy market and validates the company’s commercial rollout strategy. AST SpaceMobile Secures Japan Direct To Cell Approval
• Positive Sentiment: European network integration is progressing. Testing is underway with Vodafone, Deutsche Telekom, Orange, and other mobile operators across the U.K., Ireland, Romania, France, Germany, Spain, the Czech Republic, and Ukraine. These relationships improve the company’s prospects for launching service across Europe. AST SpaceMobile Accelerates Presence Across Europe
• Positive Sentiment: Satellite deployment remains on schedule. The successful launch of BlueBird satellites 11, 12, and 13 increases network capacity and supports AST SpaceMobile’s plan to begin beta services later this year. AST SpaceMobile Announces Successful Orbital Launch
• Neutral Sentiment: Sector momentum is providing some support. Space-related stocks rallied after SpaceX’s lockup expiration failed to produce the expected selling pressure, helping lift satellite peers including ASTS. However, this is broader industry sentiment rather than an AST SpaceMobile-specific catalyst. Space Stocks Rally After SpaceX Lockup Expiration
• Negative Sentiment: Earnings uncertainty and valuation are weighing on the shares. AST SpaceMobile is scheduled to report second-quarter results after the close on Aug. 10. Investors are likely focused on cash usage, losses, revenue conversion, and the timing of commercial service. Recent analysis also notes that the stock’s substantial long-term gains and ambitious growth expectations leave limited room for execution disappointments. AST SpaceMobile Earnings Preview

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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