BI Asset Management Fondsmaeglerselskab A S Makes New $720,000 Investment in AST SpaceMobile, Inc. $ASTS

Key Points

• BI Asset Management disclosed a new position in AST SpaceMobile, buying 8,692 shares in the first quarter worth about $720,000.
• Institutional interest remains high, with hedge funds and other investors owning about 60.95% of ASTS shares and several firms increasing their stakes during the quarter.
• AST SpaceMobile’s latest results missed expectations, with a quarterly EPS loss of $0.66 and revenue of $14.73 million versus the $39.01 million estimate; analysts currently have a consensus rating of “Reduce” and a price target of $85.09.

BI Asset Management Fondsmaeglerselskab A S bought a new position in AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 8,692 shares of the company's stock, valued at approximately $720,000.

Several other hedge funds and other institutional investors have also made changes to their positions in ASTS. AQR Capital Management LLC lifted its position in AST SpaceMobile by 11.8% in the first quarter. AQR Capital Management LLC now owns 34,548 shares of the company's stock valued at $786,000 after purchasing an additional 3,642 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of AST SpaceMobile by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 79,764 shares of the company's stock worth $1,814,000 after buying an additional 3,515 shares in the last quarter. Millennium Management LLC raised its stake in shares of AST SpaceMobile by 16.1% during the 1st quarter. Millennium Management LLC now owns 467,626 shares of the company's stock worth $10,634,000 after buying an additional 64,989 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of AST SpaceMobile by 18.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 325,621 shares of the company's stock valued at $7,405,000 after buying an additional 49,811 shares during the period. Finally, Strs Ohio acquired a new stake in shares of AST SpaceMobile in the 1st quarter valued at approximately $168,000. Hedge funds and other institutional investors own 60.95% of the company's stock.

AST SpaceMobile Stock Performance

ASTS opened at $65.62 on Friday. The stock has a market cap of $25.47 billion, a P/E ratio of -36.87 and a beta of 2.70. The company has a debt-to-equity ratio of 1.11, a current ratio of 18.47 and a quick ratio of 18.37. The stock's 50 day simple moving average is $87.49 and its 200 day simple moving average is $89.25. AST SpaceMobile, Inc. has a 1-year low of $36.08 and a 1-year high of $133.86.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.66) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.43). The firm had revenue of $14.73 million during the quarter, compared to analysts' expectations of $39.01 million. AST SpaceMobile had a negative net margin of 573.67% and a negative return on equity of 24.87%. The business's revenue for the quarter was up 1952.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.20) earnings per share. As a group, equities analysts anticipate that AST SpaceMobile, Inc. will post -1.47 EPS for the current fiscal year.

Insider Buying and Selling at AST SpaceMobile

In related news, CFO Andrew Martin Johnson sold 45,809 shares of the business'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 directly owned 503,619 shares in the company, valued at $47,244,498.39. The trade was a 8.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Huiwen Yao sold 40,000 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $96.37, for a total transaction of $3,854,800.00. Following the completion of the sale, the chief technology officer directly owned 34,750 shares in the company, valued at approximately $3,348,857.50. The trade was a 53.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 3,145,809 shares of company stock valued at $280,645,292 over the last 90 days. 20.89% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. B. Riley Financial upped their price objective on AST SpaceMobile from $75.00 to $85.00 and gave the stock a "neutral" rating in a report on Tuesday, May 12th. Barclays raised their target price on AST SpaceMobile from $60.00 to $65.00 and gave the company an "underweight" rating in a report on Thursday, April 9th. UBS Group decreased their target price on shares of AST SpaceMobile from $85.00 to $80.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 12th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of AST SpaceMobile in a research note on Friday, March 27th. Finally, Wall Street Zen cut shares of AST SpaceMobile from a "sell" rating to a "strong sell" rating in a research note on Wednesday, April 15th. One analyst has 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 has a consensus rating of "Reduce" and a consensus price target of $85.09.

About AST SpaceMobile

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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