Hsbc Holdings PLC Sells 97,674 Shares of AST SpaceMobile, Inc. $ASTS

Key Points

• HSBC Holdings PLC cut its AST SpaceMobile stake by 22.5% in the fourth quarter, selling 97,674 shares and ending with 335,679 shares worth about $24.7 million.
• Insider selling has been substantial: CFO Andrew Martin Johnson and Director Julio A. Torres both sold shares recently, and insiders have sold 3.15 million shares worth roughly $280.6 million over the last 90 days.
• Operational and strategic catalysts remain in focus, including a planned joint venture with Rakuten in Japan and BlueBirds 11, 12, and 13 targeted for an August launch, even as the company posted a wider-than-expected quarterly loss and missed revenue estimates.

Hsbc Holdings PLC lowered its stake in shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) by 22.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 335,679 shares of the company's stock after selling 97,674 shares during the period. Hsbc Holdings PLC owned 0.09% of AST SpaceMobile worth $24,703,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Focus Partners Wealth boosted its position in AST SpaceMobile by 8,016.7% during the fourth quarter. Focus Partners Wealth now owns 1,269,609 shares of the company's stock worth $92,000,000 after purchasing an additional 1,253,967 shares during the period. KPP Advisory Services LLC bought a new stake in shares of AST SpaceMobile in the fourth quarter valued at approximately $1,649,000. M&T Bank Corp lifted its stake in shares of AST SpaceMobile by 1,062.9% during the 4th quarter. M&T Bank Corp now owns 77,994 shares of the company's stock valued at $5,665,000 after buying an additional 71,287 shares in the last quarter. Arrowpoint Investment Partners Singapore Pte. Ltd. purchased a new stake in shares of AST SpaceMobile during the 4th quarter valued at approximately $2,290,000. Finally, Legal & General Group Plc lifted its stake in shares of AST SpaceMobile by 26.2% during the 4th quarter. Legal & General Group Plc now owns 232,436 shares of the company's stock valued at $16,882,000 after buying an additional 48,318 shares in the last quarter. Institutional investors own 60.95% of the company's stock.

Insider Transactions at AST SpaceMobile

In other news, CFO Andrew Martin Johnson sold 45,809 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $93.81, for a total transaction of $4,297,342.29. Following the transaction, the chief financial officer directly owned 503,619 shares in the company, valued at approximately $47,244,498.39. This represents a 8.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Julio A. Torres sold 15,000 shares of the firm's stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $76.34, for a total value of $1,145,100.00. Following the transaction, the director directly owned 43,239 shares in the company, valued at approximately $3,300,865.26. This represents a 25.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 3,145,809 shares of company stock worth $280,645,292. Company insiders own 20.89% of the company's stock.

AST SpaceMobile Stock Performance

Shares of ASTS opened at $68.01 on Thursday. AST SpaceMobile, Inc. has a 12-month low of $36.08 and a 12-month high of $133.86. The company has a current ratio of 18.47, a quick ratio of 18.37 and a debt-to-equity ratio of 1.11. The company has a market cap of $26.40 billion, a PE ratio of -38.21 and a beta of 2.70. The stock has a 50-day moving average price of $87.94 and a 200-day moving average price of $89.31.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last announced its earnings results on Monday, May 11th. The company reported ($0.66) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.43). The company had revenue of $14.73 million for the quarter, compared to the consensus estimate of $39.01 million. AST SpaceMobile had a negative net margin of 573.67% and a negative return on equity of 24.87%. The company's revenue for the quarter was up 1952.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.20) earnings per share. As a group, equities analysts forecast that AST SpaceMobile, Inc. will post -1.47 earnings per share for the current fiscal year.

Key Stories Impacting AST SpaceMobile

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

• Positive Sentiment: AST SpaceMobile’s planned joint venture with Rakuten in Japan could open a major new market and accelerate commercialization of its satellite-to-phone service. Market Chatter: AST SpaceMobile, Rakuten to Form Direct-to-Mobile Communications JV in Japan
• Positive Sentiment: The company also announced BlueBirds 11, 12, and 13 are targeted for an August launch, reinforcing the timeline for network expansion and near-term operational progress. AST SpaceMobile Announces BlueBirds 11, 12, and 13 Orbital Launch in the First Half of August
• Positive Sentiment: Commentary around SpaceX’s sell-off and sector rotation is being framed by some investors as a valuation opportunity for ASTS, since it is seen as a pure-play space connectivity name with upcoming catalysts. The SpaceX Sell-Off May Be More Than a Market Overreaction

Wall Street Analyst Weigh In

ASTS has been the subject of a number of recent research reports. New Street Research set a $106.00 price objective on shares of AST SpaceMobile in a research note on Friday, May 29th. Wall Street Zen downgraded AST SpaceMobile from a "sell" rating to a "strong sell" rating in a research report on Wednesday, April 15th. Zacks Research raised AST SpaceMobile from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 4th. Weiss Ratings reiterated a "sell (d-)" rating on shares of AST SpaceMobile in a research report on Friday, March 27th. Finally, B. Riley Financial lifted their price target on AST SpaceMobile from $75.00 to $85.00 and gave the company a "neutral" rating in a research report on Tuesday, May 12th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus price target of $85.09.

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.

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