Novare Capital Management LLC Purchases Shares of 15,000 AST SpaceMobile, Inc. (NASDAQ:ASTS)

Novare Capital Management LLC acquired a new position in AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 15,000 shares of the company's stock, valued at approximately $341,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ASTS. Sunbelt Securities Inc. raised its stake in shares of AST SpaceMobile by 61.9% in the 1st quarter. Sunbelt Securities Inc. now owns 1,321 shares of the company's stock valued at $30,000 after acquiring an additional 505 shares during the period. Xponance Inc. increased its holdings in AST SpaceMobile by 8.7% in the 4th quarter. Xponance Inc. now owns 9,676 shares of the company's stock valued at $204,000 after purchasing an additional 772 shares during the last quarter. KBC Group NV increased its holdings in AST SpaceMobile by 15.6% in the 1st quarter. KBC Group NV now owns 7,525 shares of the company's stock valued at $171,000 after purchasing an additional 1,016 shares during the last quarter. CIBC Private Wealth Group LLC raised its position in 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 purchasing an additional 1,222 shares during the period. Finally, GAMMA Investing LLC lifted its stake in AST SpaceMobile by 388.7% during the first quarter. GAMMA Investing LLC now owns 1,559 shares of the company's stock worth $35,000 after purchasing an additional 1,240 shares in the last quarter. Institutional investors and hedge funds own 60.95% of the company's stock.

Wall Street Analyst Weigh In

ASTS has been the topic of several research analyst reports. Bank of America initiated coverage on AST SpaceMobile in a report on Wednesday, June 25th. They issued a "neutral" rating and a $55.00 price objective on the stock. Oppenheimer initiated coverage on AST SpaceMobile in a research report on Monday, May 5th. They issued a "market perform" rating for the company. Roth Capital initiated coverage on shares of AST SpaceMobile in a research report on Thursday, April 10th. They set a "buy" rating and a $42.00 price target on the stock. Scotiabank reissued a "sector perform" rating and issued a $45.40 price objective on shares of AST SpaceMobile in a research note on Monday, June 23rd. Finally, B. Riley reaffirmed a "buy" rating and set a $44.00 target price (up from $36.00) on shares of AST SpaceMobile in a research note on Monday, June 16th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, AST SpaceMobile presently has a consensus rating of "Moderate Buy" and a consensus target price of $45.34.

Insider Buying and Selling at AST SpaceMobile

In related news, President Scott Wisniewski sold 50,000 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $35.65, for a total value of $1,782,500.00. Following the transaction, the president owned 545,595 shares of the company's stock, valued at $19,450,461.75. This represents a 8.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Shanti B. Gupta sold 10,000 shares of the firm's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $41.84, for a total value of $418,400.00. Following the completion of the sale, the chief operating officer owned 305,667 shares in the company, valued at approximately $12,789,107.28. This represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 184,250 shares of company stock valued at $6,146,750. Insiders own 34.15% of the company's stock.

AST SpaceMobile Stock Up 0.4%

ASTS stock traded up $0.17 during mid-day trading on Friday, reaching $45.88. The company had a trading volume of 6,101,742 shares, compared to its average volume of 12,757,548. The firm has a fifty day simple moving average of $32.88 and a 200 day simple moving average of $27.44. The company has a debt-to-equity ratio of 0.60, a quick ratio of 10.62 and a current ratio of 10.62. The company has a market capitalization of $14.52 billion, a price-to-earnings ratio of -23.05 and a beta of 2.27. AST SpaceMobile, Inc. has a fifty-two week low of $11.41 and a fifty-two week high of $54.05.

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