Caitong International Asset Management Co. Ltd Takes $286,000 Position in AST SpaceMobile, Inc. (NASDAQ:ASTS)

Key Points

• Caitong International Asset Management Co. Ltd acquired a new position in AST SpaceMobile, Inc., purchasing 12,591 shares valued at approximately $286,000 during the first quarter.
• Several institutional investors increased their stakes in AST SpaceMobile, with Alphabet Inc. investing $203,375,000 and Wells Fargo & Company boosting its position by 25.2%.
• AST SpaceMobile reported a quarterly earnings miss with losses of ($0.41) per share, significantly below analysts' estimates, along with revenues of only $1.16 million during the quarter.

Caitong International Asset Management Co. Ltd purchased a new position in AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 12,591 shares of the company's stock, valued at approximately $286,000.

Several other institutional investors also recently added to or reduced their stakes in ASTS. Alphabet Inc. purchased a new stake in shares of AST SpaceMobile during the first quarter worth $203,375,000. Wells Fargo & Company MN lifted its position in shares of AST SpaceMobile by 25.2% during the fourth quarter. Wells Fargo & Company MN now owns 117,822 shares of the company's stock worth $2,486,000 after purchasing an additional 23,746 shares in the last quarter. Two Sigma Investments LP raised its holdings in AST SpaceMobile by 117.5% in the fourth quarter. Two Sigma Investments LP now owns 51,874 shares of the company's stock valued at $1,095,000 after acquiring an additional 28,025 shares in the last quarter. Toronto Dominion Bank purchased a new position in AST SpaceMobile in the fourth quarter valued at approximately $4,220,000. Finally, BNP Paribas Financial Markets purchased a new position in AST SpaceMobile in the fourth quarter valued at approximately $3,264,000. Hedge funds and other institutional investors own 60.95% of the company's stock.

Insider Activity

In other AST SpaceMobile news, COO Shanti B. Gupta sold 10,000 shares of the business's stock in a transaction on Monday, June 16th. The stock was 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. The trade was a 3.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Huiwen Yao sold 4,250 shares of the business's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $34.60, for a total value of $147,050.00. Following the sale, the chief technology officer owned 20,750 shares of the company's stock, valued at approximately $717,950. The trade was a 17.00% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 184,250 shares of company stock worth $6,146,750. Company insiders own 41.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Scotiabank lowered their price objective on shares of 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. Oppenheimer assumed coverage on AST SpaceMobile in a report on Monday, May 5th. They set a "market perform" rating for the company. Bank of America assumed coverage on AST SpaceMobile in a report on Wednesday, June 25th. They issued a "neutral" rating and a $55.00 price target for the company. Roth Capital reiterated a "buy" rating on shares of AST SpaceMobile in a research note on Tuesday. Finally, B. Riley restated a "buy" rating and set a $44.00 price objective (up from $36.00) on shares of AST SpaceMobile in a research note on Monday, June 16th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $44.99.

AST SpaceMobile Trading Up 8.4%

Shares of NASDAQ ASTS opened at $49.76 on Wednesday. AST SpaceMobile, Inc. has a one year low of $17.50 and a one year high of $60.95. The firm has a market capitalization of $15.75 billion, a PE ratio of -26.33 and a beta of 2.33. The company has a current ratio of 10.62, a quick ratio of 10.62 and a debt-to-equity ratio of 0.60. The business has a 50-day moving average price of $47.25 and a two-hundred day moving average price of $32.94.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last issued its quarterly earnings data on Monday, August 11th. The company reported ($0.41) earnings per share for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.22). The company had revenue of $1.16 million during the quarter, compared to the consensus estimate of $6.37 million. AST SpaceMobile had a negative net margin of 7,213.90% and a negative return on equity of 32.12%. As a group, analysts predict that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current fiscal year.

AST SpaceMobile Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.