Fox Hill Wealth Management Sells 7,760 Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS)

Key Points

• Fox Hill Wealth Management reduced its stake in AST SpaceMobile, Inc. by 45.9%, selling 7,760 shares and bringing its total holdings to 9,133 shares valued at approximately $208,000.
• Several institutional investors have recently bought or increased their stakes in AST SpaceMobile, with Alphabet Inc. investing $203.4 million in the first quarter of 2023.
• Research analysts generally view AST SpaceMobile positively, with a consensus rating of "Moderate Buy" and an average price target of $44.99.

Fox Hill Wealth Management trimmed its position in shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) by 45.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,133 shares of the company's stock after selling 7,760 shares during the quarter. Fox Hill Wealth Management's holdings in AST SpaceMobile were worth $208,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Sunbelt Securities Inc. raised its position in shares of AST SpaceMobile by 61.9% during the first quarter. Sunbelt Securities Inc. now owns 1,321 shares of the company's stock worth $30,000 after purchasing an additional 505 shares during the period. Xponance Inc. grew its holdings in AST SpaceMobile by 5.9% during the first quarter. Xponance Inc. now owns 10,244 shares of the company's stock worth $233,000 after buying an additional 568 shares in the last quarter. Close Asset Management Ltd grew its holdings in AST SpaceMobile by 72.4% during the first quarter. Close Asset Management Ltd now owns 1,810 shares of the company's stock worth $41,000 after buying an additional 760 shares in the last quarter. KBC Group NV grew its holdings in AST SpaceMobile by 15.6% during the first quarter. KBC Group NV now owns 7,525 shares of the company's stock worth $171,000 after buying an additional 1,016 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in AST SpaceMobile by 388.7% during the first quarter. GAMMA Investing LLC now owns 1,559 shares of the company's stock worth $35,000 after buying an additional 1,240 shares in the last quarter. 60.95% of the stock is owned by institutional investors and hedge funds.

AST SpaceMobile Stock Performance

NASDAQ:ASTS traded down $1.55 during trading on Thursday, reaching $48.50. The company's stock had a trading volume of 11,595,297 shares, compared to its average volume of 12,045,701. The firm has a market cap of $15.35 billion, a price-to-earnings ratio of -25.66 and a beta of 2.33. The company has a debt-to-equity ratio of 0.42, a quick ratio of 10.62 and a current ratio of 8.23. The firm has a 50 day moving average of $47.68 and a 200-day moving average of $33.05. AST SpaceMobile, Inc. has a 12 month low of $17.50 and a 12 month high of $60.95.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ASTS shares. Oppenheimer started coverage on AST SpaceMobile in a report on Monday, May 5th. They set a "market perform" rating for the company. Scotiabank decreased their price target on AST SpaceMobile from $45.40 to $42.90 and set a "sector perform" rating for the company in a report on Thursday, August 7th. Roth Capital reiterated a "buy" rating on shares of AST SpaceMobile in a report on Tuesday. UBS Group restated a "buy" rating and issued a $62.00 price objective (up previously from $38.00) on shares of AST SpaceMobile in a research note on Thursday. Finally, Bank of America assumed coverage on AST SpaceMobile in a research note on Wednesday, June 25th. They issued a "neutral" rating and a $55.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $48.41.

Insider Transactions at AST SpaceMobile

In other news, President Scott Wisniewski sold 50,000 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $35.65, for a total transaction of $1,782,500.00. Following the completion of the transaction, the president owned 545,595 shares in the company, valued at approximately $19,450,461.75. This represents a 8.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Huiwen Yao sold 55,000 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $26.82, for a total value of $1,475,100.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 184,250 shares of company stock worth $6,146,750. 34.15% of the stock is owned by company insiders.

AST SpaceMobile 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.