FY2024 Earnings Forecast for AST SpaceMobile, Inc. Issued By B. Riley (NASDAQ:ASTS)

AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) - Investment analysts at B. Riley lifted their FY2024 earnings per share estimates for AST SpaceMobile in a research report issued on Monday, March 25th. B. Riley analyst M. Crawford now expects that the company will post earnings per share of ($0.54) for the year, up from their prior estimate of ($0.56). The consensus estimate for AST SpaceMobile's current full-year earnings is ($0.88) per share.

Other research analysts have also recently issued research reports about the company. UBS Group started coverage on AST SpaceMobile in a research note on Friday, March 8th. They set a "buy" rating and a $7.00 target price for the company. Scotiabank began coverage on AST SpaceMobile in a research report on Wednesday, March 6th. They issued a "sector outperform" rating and a $7.50 price target for the company.

AST SpaceMobile Price Performance

ASTS stock traded up $0.05 during trading hours on Wednesday, hitting $2.86. 2,302,225 shares of the stock traded hands, compared to its average volume of 4,506,001. The stock has a 50-day simple moving average of $3.11 and a 200 day simple moving average of $3.90. AST SpaceMobile has a one year low of $2.59 and a one year high of $7.10. The company has a market cap of $624.40 million, a P/E ratio of -3.39 and a beta of 0.88. The company has a current ratio of 6.06, a quick ratio of 6.06 and a debt-to-equity ratio of 0.20.

Hedge Funds Weigh In On AST SpaceMobile

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its position in AST SpaceMobile by 37.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 258,898 shares of the company's stock worth $984,000 after acquiring an additional 70,276 shares during the period. Quantbot Technologies LP acquired a new stake in AST SpaceMobile during the 3rd quarter worth about $83,000. Hudson Bay Capital Management LP raised its stake in shares of AST SpaceMobile by 31.3% during the 3rd quarter. Hudson Bay Capital Management LP now owns 1,051,615 shares of the company's stock worth $3,996,000 after purchasing an additional 250,389 shares in the last quarter. DnB Asset Management AS raised its stake in shares of AST SpaceMobile by 20.8% during the 3rd quarter. DnB Asset Management AS now owns 408,588 shares of the company's stock worth $1,553,000 after purchasing an additional 70,446 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System raised its stake in shares of AST SpaceMobile by 33.4% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 22,940 shares of the company's stock worth $87,000 after purchasing an additional 5,740 shares in the last quarter. Institutional investors and hedge funds own 60.95% of the company's stock.

About AST SpaceMobile

AST SpaceMobile, Inc, together with its subsidiaries, operates space-based cellular broadband network for mobile phones in the United States. Its SpaceMobile service provides mobile broadband services to end-users who are out of terrestrial cellular coverage. AST SpaceMobile, Inc was founded in 2017 and is based in Midland, Texas.