Novare Capital Management LLC Takes $341,000 Position in AST SpaceMobile, Inc. (NASDAQ:ASTS)

Novare Capital Management LLC acquired a new stake in shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,000 shares of the company's stock, valued at approximately $341,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of AST SpaceMobile by 49.4% in the 4th quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company's stock worth $316,233,000 after purchasing an additional 4,955,941 shares during the period. T. Rowe Price Investment Management Inc. purchased a new stake in shares of AST SpaceMobile in the 4th quarter worth about $59,523,000. Key Colony Management LLC lifted its position in AST SpaceMobile by 204.1% during the first quarter. Key Colony Management LLC now owns 596,000 shares of the company's stock valued at $13,553,000 after buying an additional 400,000 shares during the period. Bank of New York Mellon Corp lifted its position in AST SpaceMobile by 57.6% during the fourth quarter. Bank of New York Mellon Corp now owns 641,678 shares of the company's stock valued at $13,539,000 after buying an additional 234,517 shares during the period. Finally, Geode Capital Management LLC lifted its position in AST SpaceMobile by 7.0% during the fourth quarter. Geode Capital Management LLC now owns 3,496,825 shares of the company's stock valued at $73,801,000 after buying an additional 229,759 shares during the period. Hedge funds and other institutional investors own 60.95% of the company's stock.

AST SpaceMobile Stock Performance

Shares of AST SpaceMobile stock traded down $2.96 during trading hours on Wednesday, reaching $42.50. 9,387,016 shares of the stock traded hands, compared to its average volume of 12,721,741. The company has a 50 day moving average price of $33.74 and a 200 day moving average price of $27.76. The firm has a market capitalization of $13.45 billion, a price-to-earnings ratio of -21.36 and a beta of 2.27. AST SpaceMobile, Inc. has a one year low of $11.41 and a one year high of $54.05. 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 (NASDAQ:ASTS - Get Free Report) last released its quarterly 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 firm had revenue of $0.72 million for the quarter, compared to the consensus estimate of $3.85 million. AST SpaceMobile had a negative net margin of 7,033.22% and a negative return on equity of 23.56%. On average, equities research analysts expect that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Huiwen Yao sold 55,000 shares of AST SpaceMobile stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $26.82, for a total transaction of $1,475,100.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Scott Wisniewski sold 50,000 shares of AST SpaceMobile 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. The trade was a 8.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 184,250 shares of company stock valued at $6,146,750 in the last ninety days. Corporate insiders own 41.80% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on the company. Bank of America started coverage on AST SpaceMobile in a research report on Wednesday, June 25th. They set a "neutral" rating and a $55.00 price objective for the company. B. Riley restated a "buy" rating and set a $44.00 price target (up from $36.00) on shares of AST SpaceMobile in a report on Monday, June 16th. Oppenheimer started coverage on AST SpaceMobile in a report on Monday, May 5th. They set a "market perform" rating for the company. Roth Capital started coverage on AST SpaceMobile in a report on Thursday, April 10th. They set a "buy" rating and a $42.00 price target for the company. Finally, Scotiabank reiterated a "sector perform" rating and issued a $45.40 price objective on shares of AST SpaceMobile in a report on Monday, June 23rd. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $45.34.

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.