IvyRock Asset Management HK Ltd Invests $211,000 in AST SpaceMobile, Inc. (NASDAQ:ASTS)

Key Points

• IvyRock Asset Management HK Ltd has made a new investment in AST SpaceMobile, Inc. by acquiring 9,300 shares valued at approximately $211,000, making it the 15th largest position in their portfolio.
• Insiders at AST SpaceMobile sold a total of 184,250 shares valued at $6,146,750 over the past 90 days, indicating a decrease in their ownership percentage.
• AST SpaceMobile's stock has received mixed analyst ratings, with three holding and five giving a buy rating, resulting in an average price target of $45.34.

IvyRock Asset Management HK Ltd purchased a new stake in shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 9,300 shares of the company's stock, valued at approximately $211,000. AST SpaceMobile accounts for approximately 0.1% of IvyRock Asset Management HK Ltd's portfolio, making the stock its 15th largest position.

A number of other large investors also recently bought and sold shares of ASTS. Alphabet Inc. purchased a new position in shares of AST SpaceMobile in the first quarter worth $203,375,000. Vanguard Group Inc. lifted its holdings in shares of AST SpaceMobile by 49.4% in the fourth quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company's stock worth $316,233,000 after buying an additional 4,955,941 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in shares of AST SpaceMobile in the fourth quarter worth $59,523,000. Key Colony Management LLC lifted its holdings in shares of AST SpaceMobile by 204.1% in the first quarter. Key Colony Management LLC now owns 596,000 shares of the company's stock worth $13,553,000 after buying an additional 400,000 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA purchased a new position in shares of AST SpaceMobile in the first quarter worth $7,294,000. 60.95% of the stock is owned by hedge funds and other institutional investors.

AST SpaceMobile Trading Up 0.0%

NASDAQ ASTS traded up $0.01 during trading hours on Monday, reaching $54.35. The company had a trading volume of 5,155,058 shares, compared to its average volume of 12,246,919. The stock has a market capitalization of $17.20 billion, a P/E ratio of -27.25 and a beta of 2.27. AST SpaceMobile, Inc. has a 1-year low of $16.98 and a 1-year high of $60.95. The company has a current ratio of 10.62, a quick ratio of 10.62 and a debt-to-equity ratio of 0.60. The stock has a 50-day moving average of $40.83 and a 200 day moving average of $30.51.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last issued its quarterly earnings results 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 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%. As a group, research analysts anticipate that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other AST SpaceMobile news, CTO Huiwen Yao sold 4,250 shares of the firm's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $34.60, for a total value of $147,050.00. Following the completion of the sale, the chief technology officer owned 20,750 shares of the company's stock, valued at approximately $717,950. This trade represents a 17.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Scott Wisniewski sold 50,000 shares of the firm's stock in a transaction on 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 completion of the transaction, the president 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 ninety days, insiders have sold 184,250 shares of company stock worth $6,146,750. Company insiders own 41.80% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. B. Riley reissued a "buy" rating and issued a $44.00 target price (up previously from $36.00) on shares of AST SpaceMobile in a research note on Monday, June 16th. Roth Capital assumed coverage on shares of AST SpaceMobile in a report on Thursday, April 10th. They issued a "buy" rating and a $42.00 price target on the stock. 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 on the stock. Scotiabank reiterated a "sector perform" rating and set a $45.40 target price on shares of AST SpaceMobile in a report on Monday, June 23rd. Finally, Oppenheimer started coverage on shares of AST SpaceMobile in a research report on Monday, May 5th. They issued a "market perform" rating for the company. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, AST SpaceMobile currently has an average rating of "Moderate Buy" and an average target price of $45.34.

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.