AST SpaceMobile (NASDAQ:ASTS) Trading Up 2.6% - Here's Why

Key Points

• AST SpaceMobile shares rose 2.6% to $61.44, despite trading volume running 63% below the daily average. The company has a market capitalization of approximately $23.91 billion.
• Analysts maintain a consensus “Hold” rating with an average price target of $85.98. Ratings include four Buys, six Holds, and two Sells, while recent targets range from $78 to $108.
• The company reported a wider-than-expected quarterly loss of $0.77 per share and revenue of $31.52 million, below the $34.53 million consensus estimate. AST SpaceMobile insiders also recently sold shares, including significant reductions by its CFO and CTO.

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report)'s stock price shot up 2.6% on Thursday . The stock traded as high as $61.63 and last traded at $61.44. 6,530,328 shares traded hands during trading, a decline of 63% from the average daily volume of 17,455,402 shares. The stock had previously closed at $59.88.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Piper Sandler reduced their price target on shares of AST SpaceMobile from $100.00 to $98.00 and set an "overweight" rating on the stock in a report on Tuesday, August 11th. Roth Capital restated a "buy" rating and set a $108.00 price objective on shares of AST SpaceMobile in a research report on Tuesday, May 12th. Weiss Ratings reiterated a "sell (d-)" rating on shares of AST SpaceMobile in a report on Wednesday, June 24th. New Street Research set a $106.00 price target on AST SpaceMobile in a research report on Friday, May 29th. Finally, UBS Group cut their price target on AST SpaceMobile from $80.00 to $78.00 and set a "neutral" rating for the company in a report on Tuesday, August 11th. Four analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $85.98.

AST SpaceMobile Trading Up 2.6%

The company has a current ratio of 13.05, a quick ratio of 12.90 and a debt-to-equity ratio of 1.24. The business's 50-day moving average is $68.84 and its two-hundred day moving average is $82.10. The firm has a market cap of $23.91 billion, a P/E ratio of -28.71 and a beta of 2.75.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last issued its earnings results on Monday, August 10th. The company reported ($0.77) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.32) by ($0.45). The business had revenue of $31.52 million during the quarter, compared to the consensus estimate of $34.53 million. AST SpaceMobile had a negative return on equity of 22.88% and a negative net margin of 536.66%.During the same period in the prior year, the business earned ($0.41) EPS. As a group, analysts expect that AST SpaceMobile, Inc. will post -1.95 earnings per share for the current fiscal year.

Insider Buying and Selling at AST SpaceMobile

In other news, CFO Andrew Martin Johnson sold 45,809 shares of the company's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $93.81, for a total transaction of $4,297,342.29. Following the completion of the transaction, the chief financial officer owned 503,619 shares in the company, valued at approximately $47,244,498.39. This represents a 8.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Huiwen Yao sold 40,000 shares of AST SpaceMobile stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $96.37, for a total value of $3,854,800.00. Following the sale, the chief technology officer directly owned 34,750 shares in the company, valued at approximately $3,348,857.50. This trade represents a 53.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 20.89% of the stock is owned by company insiders.

Institutional Trading of AST SpaceMobile

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Laurel Wealth Advisors LLC purchased a new stake in shares of AST SpaceMobile during the fourth quarter valued at $25,000. Compass Financial Management LLC purchased a new position in AST SpaceMobile during the 2nd quarter worth approximately $26,000. Cornerstone Planning Group LLC grew its position in AST SpaceMobile by 16,350.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 329 shares of the company's stock worth $27,000 after purchasing an additional 327 shares in the last quarter. Grove Bank & Trust purchased a new stake in shares of AST SpaceMobile in the second quarter valued at $27,000. Finally, Continuum Advisory LLC acquired a new stake in shares of AST SpaceMobile in the second quarter worth $28,000. 60.95% of the stock is currently owned by institutional investors.

About AST SpaceMobile

AST SpaceMobile is a U.S.-based aerospace company developing a space-based cellular broadband network designed to connect standard mobile phones and other devices directly to satellites. The company's core proposition is “space-to-cell” service: operating a constellation of low-Earth-orbit (LEO) satellites equipped with large, high-power phased-array antennas to provide wide-area mobile broadband without requiring users to buy specialized terminals or handset modifications.

AST SpaceMobile designs, builds and operates satellite payloads and supporting ground infrastructure.

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