Virtus Wealth Solutions LLC Invests $6.05 Million in AST SpaceMobile, Inc. $ASTS

Key Points

• Virtus Wealth Solutions LLC invested approximately $6.05 million in AST SpaceMobile, purchasing 129,509 shares, making it the 20th largest position in their portfolio.
• Analysts have given AST SpaceMobile a consensus rating of "Hold", with an average target price of $45.27 following various ratings adjustments from different firms.
• AST SpaceMobile reported a significant earnings miss, with a loss of ($0.41) per share against an expected ($0.19), along with minimal quarterly revenue of $1.16 million.

Virtus Wealth Solutions LLC purchased a new position in AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 129,509 shares of the company's stock, valued at approximately $6,052,000. AST SpaceMobile comprises approximately 1.2% of Virtus Wealth Solutions LLC's portfolio, making the stock its 20th largest position.

A number of other institutional investors have also recently made changes to their positions in ASTS. Sunbelt Securities Inc. boosted its stake in shares of AST SpaceMobile by 61.9% in the first quarter. Sunbelt Securities Inc. now owns 1,321 shares of the company's stock worth $30,000 after acquiring an additional 505 shares during the last quarter. GAMMA Investing LLC lifted its position 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 buying an additional 1,240 shares in the last quarter. Financial Gravity Asset Management Inc. purchased a new position in AST SpaceMobile during the first quarter worth approximately $41,000. Close Asset Management Ltd lifted its position in AST SpaceMobile by 72.4% during the first quarter. Close Asset Management Ltd now owns 1,810 shares of the company's stock worth $41,000 after buying an additional 760 shares in the last quarter. Finally, UMB Bank n.a. purchased a new position in AST SpaceMobile during the first quarter worth approximately $45,000. 60.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. B. Riley restated a "buy" rating and issued a $44.00 target price (up previously from $36.00) on shares of AST SpaceMobile in a research report on Monday, June 16th. Bank of America assumed coverage on AST SpaceMobile in a research report on Wednesday, June 25th. They issued a "neutral" rating and a $55.00 target price on the stock. Roth Capital restated a "buy" rating on shares of AST SpaceMobile in a research report on Tuesday, August 12th. Barclays lifted their target price on AST SpaceMobile from $37.00 to $60.00 and gave the company an "overweight" rating in a research report on Wednesday, October 1st. Finally, Zacks Research upgraded AST SpaceMobile from a "strong sell" rating to a "hold" rating in a report on Monday, August 18th. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, AST SpaceMobile currently has a consensus rating of "Hold" and an average target price of $45.27.

AST SpaceMobile Stock Up 2.5%

Shares of NASDAQ ASTS opened at $74.75 on Wednesday. The stock has a market cap of $26.80 billion, a PE ratio of -39.55 and a beta of 2.41. The company has a quick ratio of 8.23, a current ratio of 8.23 and a debt-to-equity ratio of 0.42. AST SpaceMobile, Inc. has a 52-week low of $17.50 and a 52-week high of $76.00. The business has a 50-day moving average price of $49.02 and a 200 day moving average price of $38.94.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.22). The firm had revenue of $1.16 million during the quarter, compared to analyst estimates of $6.37 million. AST SpaceMobile had a negative net margin of 7,213.90% and a negative return on equity of 26.81%. Equities research analysts forecast that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Andrew Martin Johnson sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $52.48, for a total value of $1,049,600.00. Following the sale, the chief financial officer owned 397,485 shares in the company, valued at $20,860,012.80. This represents a 4.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Huiwen Yao sold 40,000 shares of the stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $40.58, for a total value of $1,623,200.00. Following the sale, the chief technology officer owned 4,750 shares in the company, valued at approximately $192,755. This trade represents a 89.39% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 41.80% of the company's stock.

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.

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