Headlands Technologies LLC Takes $2.39 Million Position in AST SpaceMobile, Inc. (NASDAQ:ASTS)

Key Points

• Headlands Technologies LLC has invested approximately $2.39 million in AST SpaceMobile, purchasing 105,079 shares in the first quarter.
• Institutional investors collectively own 60.95% of AST SpaceMobile, with noted investments from major firms like Alphabet Inc. and T. Rowe Price.
• AST SpaceMobile has received mixed analyst ratings, with a consensus of "Moderate Buy" and an average price target of $45.34.

Headlands Technologies LLC acquired a new position in shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 105,079 shares of the company's stock, valued at approximately $2,389,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of ASTS. Pictet Asset Management Holding SA grew its position in AST SpaceMobile by 19.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 21,354 shares of the company's stock worth $451,000 after purchasing an additional 3,476 shares during the last quarter. Orion Portfolio Solutions LLC purchased a new stake in shares of AST SpaceMobile in the fourth quarter valued at about $260,000. CIBC Private Wealth Group LLC boosted its holdings in shares of AST SpaceMobile by 106.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company's stock valued at $53,000 after acquiring an additional 1,222 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of AST SpaceMobile by 7.0% in the fourth quarter. Geode Capital Management LLC now owns 3,496,825 shares of the company's stock valued at $73,801,000 after acquiring an additional 229,759 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in shares of AST SpaceMobile by 25.2% in the fourth quarter. Wells Fargo & Company MN now owns 117,822 shares of the company's stock valued at $2,486,000 after acquiring an additional 23,746 shares in the last quarter. 60.95% of the stock is owned by hedge funds and other institutional investors.

AST SpaceMobile Price Performance

Shares of NASDAQ ASTS traded down $1.08 during midday trading on Friday, hitting $46.63. The company had a trading volume of 7,155,858 shares, compared to its average volume of 10,908,155. The company has a quick ratio of 10.62, a current ratio of 10.62 and a debt-to-equity ratio of 0.60. AST SpaceMobile, Inc. has a twelve month low of $17.50 and a twelve month high of $60.95. The business has a 50-day simple moving average of $46.33 and a two-hundred day simple moving average of $32.55. The firm has a market capitalization of $14.76 billion, a price-to-earnings ratio of -23.43 and a beta of 2.33.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last announced its earnings results on Monday, May 12th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.03). The business had revenue of $0.72 million for the quarter, compared to analyst estimates of $3.85 million. AST SpaceMobile had a negative return on equity of 23.56% and a negative net margin of 7,033.22%. Equities research analysts anticipate that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ASTS has been the topic of several analyst reports. Scotiabank lowered their target price on shares of AST SpaceMobile from $45.40 to $42.90 and set a "sector perform" rating on the stock in a report on Thursday. B. Riley reaffirmed a "buy" rating and issued a $44.00 target price (up previously from $36.00) on shares of AST SpaceMobile in a report on Monday, June 16th. Oppenheimer initiated coverage on shares of AST SpaceMobile in a report on Monday, May 5th. They issued a "market perform" rating on the stock. Finally, Bank of America initiated coverage on shares of AST SpaceMobile in a report on Wednesday, June 25th. They issued a "neutral" rating and a $55.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, AST SpaceMobile presently has a consensus rating of "Moderate Buy" and a consensus price target of $44.99.

Insiders Place Their Bets

In other news, COO Shanti B. Gupta sold 15,000 shares of the business's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $36.08, for a total value of $541,200.00. Following the completion of the transaction, the chief operating officer owned 315,667 shares of the company's stock, valued at $11,389,265.36. The trade was a 4.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Scott Wisniewski sold 50,000 shares of the business's stock in a transaction that occurred on Monday, June 9th. The shares were 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 directly owned 545,595 shares of the company's stock, valued at approximately $19,450,461.75. This represents a 8.39% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 184,250 shares of company stock worth $6,146,750. Insiders own 34.15% of the company's stock.

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.