Headlands Technologies LLC Invests $2.39 Million 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 bought a new stake in AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 105,079 shares of the company's stock, valued at approximately $2,389,000.

Several other large investors have also modified their holdings of ASTS. Alphabet Inc. purchased a new position in AST SpaceMobile in the 1st quarter valued at $203,375,000. Wells Fargo & Company MN lifted its stake in shares of AST SpaceMobile by 25.2% in the 4th quarter. Wells Fargo & Company MN now owns 117,822 shares of the company's stock worth $2,486,000 after acquiring an additional 23,746 shares during the period. Two Sigma Investments LP boosted its holdings in shares of 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 acquired a new position in shares of AST SpaceMobile during the fourth quarter worth about $4,220,000. Finally, BNP Paribas Financial Markets purchased a new position in AST SpaceMobile during the fourth quarter worth about $3,264,000. 60.95% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other AST SpaceMobile news, President Scott Wisniewski sold 50,000 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $35.65, for a total value of $1,782,500.00. Following the transaction, the president directly 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Shanti B. Gupta sold 10,000 shares of AST SpaceMobile stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $41.84, for a total transaction of $418,400.00. Following the sale, the chief operating officer owned 305,667 shares of the company's stock, valued at approximately $12,789,107.28. This trade represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 184,250 shares of company stock worth $6,146,750. 34.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently commented on ASTS shares. Oppenheimer started coverage on AST SpaceMobile in a report on Monday, May 5th. They issued a "market perform" rating for the company. B. Riley restated a "buy" rating and set a $44.00 target price (up from $36.00) on shares of AST SpaceMobile in a research report on Monday, June 16th. Bank of America began coverage on shares of 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 initiated coverage on shares of AST SpaceMobile in a report on Thursday, April 10th. They set a "buy" rating and a $42.00 price objective on the stock. Finally, 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 research report on Thursday. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $44.99.

AST SpaceMobile Price Performance

Shares of NASDAQ ASTS traded down $1.08 on Friday, hitting $46.63. The company's stock had a trading volume of 7,155,858 shares, compared to its average volume of 10,908,155. The stock has a 50 day moving average of $46.33 and a 200-day moving average of $32.48. The company has a market capitalization of $14.76 billion, a price-to-earnings ratio of -23.43 and a beta of 2.33. AST SpaceMobile, Inc. has a 12-month low of $17.50 and a 12-month high of $60.95. The company has a debt-to-equity ratio of 0.60, a current ratio of 10.62 and a quick ratio of 10.62.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The company 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%. As a group, research analysts predict that AST SpaceMobile, Inc. will post -0.4 EPS for the current year.

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.