Belpointe Asset Management LLC Invests $900,000 in AST SpaceMobile, Inc. $ASTS

Key Points

• Belpointe Asset Management LLC has invested $900,000 in AST SpaceMobile, acquiring 39,557 shares, while various other institutional investors have also increased their stakes in the company this year.
• AST SpaceMobile has received mixed ratings from analysts, with a consensus rating of "Hold" and a target price averaging around $42.82.
• Recent insider activity includes significant stock sales by the COO and CFO, indicating a decrease in insider ownership following these transactions.

Belpointe Asset Management LLC bought a new position in AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 39,557 shares of the company's stock, valued at approximately $900,000.

Other institutional investors have also bought and sold shares of the company. Sunbelt Securities Inc. lifted its stake in AST SpaceMobile by 61.9% in the first quarter. Sunbelt Securities Inc. now owns 1,321 shares of the company's stock valued at $30,000 after purchasing an additional 505 shares during the last quarter. GAMMA Investing LLC lifted its stake in AST SpaceMobile by 388.7% in the first quarter. GAMMA Investing LLC now owns 1,559 shares of the company's stock valued at $35,000 after purchasing an additional 1,240 shares during the last quarter. Financial Gravity Asset Management Inc. purchased a new position in AST SpaceMobile in the first quarter valued at approximately $41,000. Close Asset Management Ltd lifted its stake in AST SpaceMobile by 72.4% in the first quarter. Close Asset Management Ltd now owns 1,810 shares of the company's stock valued at $41,000 after purchasing an additional 760 shares during the last quarter. Finally, Bernard Wealth Management Corp. purchased a new position in AST SpaceMobile in the fourth quarter valued at approximately $42,000. Hedge funds and other institutional investors own 60.95% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ASTS shares. Zacks Research upgraded AST SpaceMobile from a "strong sell" rating to a "hold" rating in a research note on Monday, August 18th. William Blair began coverage on AST SpaceMobile in a research report on Thursday, August 21st. They set a "market perform" rating on the stock. B. Riley restated a "buy" rating and set a $44.00 target price (up previously from $36.00) on shares of AST SpaceMobile in a research report on Monday, June 16th. Roth Capital restated a "buy" rating on shares of AST SpaceMobile in a research report on Tuesday, August 12th. Finally, Scotiabank dropped their target price on AST SpaceMobile from $45.40 to $42.90 and set a "sector perform" rating on the stock in a research report on Thursday, August 7th. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $42.82.

Insider Buying and Selling at AST SpaceMobile

In other news, COO Shanti B. Gupta sold 10,000 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $41.84, for a total value of $418,400.00. Following the transaction, the chief operating officer owned 305,667 shares of the company's stock, valued at approximately $12,789,107.28. This represents a 3.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Andrew Martin Johnson sold 20,000 shares of the company's stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $52.48, for a total transaction 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 approximately $20,860,012.80. The trade was a 4.79% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 34.15% of the company's stock.

AST SpaceMobile Trading Up 0.9%

NASDAQ:ASTS opened at $38.72 on Friday. The company has a market cap of $13.88 billion, a P/E ratio of -20.49 and a beta of 2.43. The stock's fifty day moving average price is $48.67 and its two-hundred day moving average price is $35.92. AST SpaceMobile, Inc. has a 1 year low of $17.50 and a 1 year high of $60.95. The company has a debt-to-equity ratio of 0.42, a current ratio of 8.23 and a quick ratio of 8.23.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.22). The company had revenue of $1.16 million for the quarter, compared to analysts' expectations of $6.37 million. AST SpaceMobile had a negative return on equity of 26.81% and a negative net margin of 7,213.90%. As a group, analysts expect that AST SpaceMobile, Inc. will post -0.4 EPS for the current year.

About AST SpaceMobile

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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