GGM Financials LLC Takes Position in AST SpaceMobile, Inc. $ASTS

GGM Financials LLC bought a new stake in shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) during the 2nd quarter, Holdings Channel reports. The fund bought 129,509 shares of the company’s stock, valued at approximately $6,052,000. AST SpaceMobile makes up 1.2% of GGM Financials LLC’s portfolio, making the stock its 21st biggest holding.

Other hedge funds have also recently made changes to their positions in the company. Sunbelt Securities Inc. increased its stake in shares of AST SpaceMobile by 61.9% during the first quarter. Sunbelt Securities Inc. now owns 1,321 shares of the company’s stock valued at $30,000 after buying an additional 505 shares during the period. GAMMA Investing LLC increased its stake in shares of AST SpaceMobile by 388.7% during the first quarter. GAMMA Investing LLC now owns 1,559 shares of the company’s stock valued at $35,000 after buying an additional 1,240 shares during the period. Financial Gravity Asset Management Inc. purchased a new position in shares of AST SpaceMobile during the first quarter valued at approximately $41,000. Close Asset Management Ltd increased its stake in shares of AST SpaceMobile by 72.4% during the first quarter. Close Asset Management Ltd now owns 1,810 shares of the company’s stock valued at $41,000 after buying an additional 760 shares during the period. Finally, New Age Alpha Advisors LLC purchased a new position in shares of AST SpaceMobile during the first quarter valued at approximately $50,000. 60.95% of the stock is owned by hedge funds and other institutional investors.

AST SpaceMobile Trading Up 7.8%

NASDAQ ASTS opened at $79.45 on Tuesday. AST SpaceMobile, Inc. has a 12 month low of $17.50 and a 12 month high of $102.79. The stock has a market cap of $28.48 billion, a P/E ratio of -42.04 and a beta of 2.41. The stock’s fifty day moving average price is $58.23 and its 200-day moving average price is $44.86. The company has a current ratio of 8.23, a quick ratio of 8.23 and a debt-to-equity ratio of 0.42.

AST SpaceMobile (NASDAQ:ASTS) last released its earnings results on Monday, August 11th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.22). AST SpaceMobile had a negative return on equity of 26.81% and a negative net margin of 7,213.90%.The company had revenue of $1.16 million during the quarter, compared to analysts’ expectations of $6.37 million. As a group, equities analysts forecast that AST SpaceMobile, Inc. will post -0.4 EPS for the current fiscal year.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ASTS. Zacks Research cut AST SpaceMobile from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 21st. Roth Capital reissued a “buy” rating on shares of AST SpaceMobile in a research note on Tuesday, August 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AST SpaceMobile in a research note on Wednesday, October 8th. Scotiabank cut AST SpaceMobile from a “sector perform” rating to a “sector underperform” rating and set a $42.90 price target on the stock. in a research note on Tuesday, October 7th. Finally, UBS Group cut AST SpaceMobile from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $62.00 to $43.00 in a research note on Tuesday, September 9th. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $45.27.

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.