Gotham Asset Management LLC Sells 18,221 Shares of AST SpaceMobile, Inc. $ASTS

Key Points

• Gotham Asset Management trimmed its AST SpaceMobile position by 2.2% in the fourth quarter, selling 18,221 shares and ending with 825,517 shares worth about $60 million.
• AST SpaceMobile recently launched BlueBird satellites 8, 9, and 10, a milestone that supports its direct-to-phone space broadband rollout and was viewed positively by the market.
• The company’s latest earnings showed a wider-than-expected loss, with EPS of -$0.66 versus an expected -$0.23 and revenue of $14.74 million versus estimates of $39.01 million, while analysts remain cautious overall with an average rating of “Reduce.”

Gotham Asset Management LLC lessened its stake in AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) by 2.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 825,517 shares of the company's stock after selling 18,221 shares during the period. Gotham Asset Management LLC owned about 0.22% of AST SpaceMobile worth $59,957,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. ClearAlpha Technologies LP bought a new position in AST SpaceMobile during the fourth quarter worth about $216,000. Concentric Capital Strategies LP bought a new position in AST SpaceMobile during the fourth quarter worth about $2,150,000. Boothbay Fund Management LLC bought a new position in AST SpaceMobile during the fourth quarter worth about $376,000. Burkehill Global Management LP bought a new position in AST SpaceMobile during the fourth quarter worth about $18,158,000. Finally, Abel Hall LLC bought a new position in AST SpaceMobile during the fourth quarter worth about $310,000. Institutional investors own 60.95% of the company's stock.

AST SpaceMobile Stock Performance

NASDAQ ASTS opened at $85.43 on Thursday. The firm has a market cap of $33.16 billion, a price-to-earnings ratio of -47.99 and a beta of 2.70. The company has a 50 day moving average of $89.92 and a 200-day moving average of $88.78. The company has a current ratio of 18.47, a quick ratio of 18.37 and a debt-to-equity ratio of 1.11. 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 issued its quarterly 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 company had revenue of $14.74 million during the quarter, compared to analyst estimates 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 prior year, the business earned ($0.20) EPS. On average, equities analysts forecast that AST SpaceMobile, Inc. will post -1.47 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on ASTS shares. Roth Mkm restated a "buy" rating and set a $108.00 price target on shares of AST SpaceMobile in a research note on Tuesday, May 12th. New Street Research set a $106.00 price target on shares of AST SpaceMobile in a research note on Friday, May 29th. 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. William Blair restated a "market perform" rating on shares of AST SpaceMobile in a research note on Friday, May 29th. Finally, Deutsche Bank Aktiengesellschaft cut shares of AST SpaceMobile from a "buy" rating to a "hold" rating and cut their price target for the stock from $117.00 to $106.00 in a research note on Friday, May 29th. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average price target of $81.33.

Key Stories Impacting AST SpaceMobile

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

• Positive Sentiment: AST SpaceMobile successfully launched BlueBird satellites 8, 9, and 10, a key step toward expanding its direct-to-phone space broadband network. AST SpaceMobile Announces Successful Orbital Launch of BlueBirds 8, 9, and 10
• Positive Sentiment: The launch is being viewed as a commercial milestone that strengthens the company’s path toward larger-scale satellite service and higher-speed connectivity. AST SpaceMobile (ASTS) Launches BlueBird 8 9 And 10 For Direct To Phone Service
• Neutral Sentiment: The broader market backdrop was weak as investors digested the Fed holding rates steady while raising its inflation outlook, which added risk-off pressure across stocks. S&P 500, Nasdaq And Dow Slip As Investors Assess Rate Hike Possibility — SPCX, UBER, ASTS, BBBY, RXT In Focus
• Neutral Sentiment: Analysts and commentators continue to note that AST SpaceMobile has strong growth ambitions, but its path remains risky because it must execute on satellite deployment and compete in a crowded satcom market. Can ASTS Thrive Despite Rising Competition in the SATCOM Space?
• Negative Sentiment: One report noted that ASTS had recently fallen sharply before the launch news, underscoring ongoing volatility in the name. Here's Why AST SpaceMobile, Inc. (ASTS) Fell More Than Broader Market

Insider Activity at AST SpaceMobile

In related news, CTO Huiwen Yao sold 40,000 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $96.37, for a total value of $3,854,800.00. Following the completion of the sale, the chief technology officer owned 34,750 shares of the company's stock, valued at $3,348,857.50. This trade represents a 53.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Hiroshi Mikitani sold 1,350,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $86.22, for a total transaction of $116,397,000.00. Following the completion of the sale, the insider directly owned 27,980,155 shares of the company's stock, valued at approximately $2,412,448,964.10. This represents a 4.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 3,185,809 shares of company stock worth $284,200,492. 20.89% of the stock is currently owned by company insiders.

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.

Want to see what other hedge funds are holding ASTS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.