Sowell Financial Services LLC Invests $216,000 in AST SpaceMobile, Inc. (NASDAQ:ASTS)

Sowell Financial Services 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 disclosure with the Securities & Exchange Commission. The institutional investor acquired 9,478 shares of the company's stock, valued at approximately $216,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Xponance Inc. raised 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 acquiring an additional 772 shares in the last quarter. CIBC Private Wealth Group LLC raised its stake in shares of 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 in the last quarter. GAMMA Investing LLC raised its stake in shares of AST SpaceMobile by 388.7% in the first quarter. GAMMA Investing LLC now owns 1,559 shares of the company's stock valued at $35,000 after purchasing an additional 1,240 shares in the last quarter. Axxcess Wealth Management LLC lifted its position in AST SpaceMobile by 16.7% in the fourth quarter. Axxcess Wealth Management LLC now owns 10,562 shares of the company's stock worth $223,000 after purchasing an additional 1,508 shares during the period. Finally, Colonial River Investments LLC lifted its position in AST SpaceMobile by 17.3% in the fourth quarter. Colonial River Investments LLC now owns 10,618 shares of the company's stock worth $224,000 after purchasing an additional 1,564 shares during the period. 60.95% of the stock is owned by institutional investors and hedge funds.

Insider Activity at AST SpaceMobile

In other news, President Scott Wisniewski sold 50,000 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $35.65, for a total transaction of $1,782,500.00. Following the sale, the president now directly owns 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Shanti B. Gupta sold 15,000 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $36.08, for a total transaction of $541,200.00. Following the completion of the sale, the chief operating officer now directly owns 315,667 shares of the company's stock, valued at approximately $11,389,265.36. This represents a 4.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold 184,250 shares of company stock valued at $6,146,750 in the last three months. Corporate insiders own 41.80% of the company's stock.

AST SpaceMobile Price Performance

NASDAQ:ASTS opened at $45.94 on Monday. The company has a quick ratio of 10.62, a current ratio of 10.62 and a debt-to-equity ratio of 0.60. The firm has a market cap of $14.54 billion, a PE ratio of -23.09 and a beta of 2.02. AST SpaceMobile, Inc. has a 12 month low of $9.32 and a 12 month high of $48.94. The company's 50-day moving average price is $27.77 and its two-hundred day moving average price is $25.79.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last posted its 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 during 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 analysts anticipate that AST SpaceMobile, Inc. will post -0.4 EPS for the current fiscal year.

Analyst Ratings Changes

ASTS has been the subject of a number of analyst reports. Oppenheimer began coverage on shares of AST SpaceMobile in a report on Monday, May 5th. They set a "market perform" rating for the company. Roth Capital started coverage on shares of AST SpaceMobile in a research note on Thursday, April 10th. They set a "buy" rating and a $42.00 price target for the company. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $30.00 price objective on shares of AST SpaceMobile in a report on Tuesday, March 4th. B. Riley reiterated a "buy" rating and issued a $44.00 price objective (up from $36.00) on shares of AST SpaceMobile in a research note on Monday, June 16th. Finally, Scotiabank cut their target price on AST SpaceMobile from $47.90 to $45.40 and set a "sector outperform" rating for the company in a research report on Tuesday, May 13th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, AST SpaceMobile currently has an average rating of "Moderate Buy" and an average target price of $43.73.

AST SpaceMobile Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.