AST SpaceMobile (NASDAQ:ASTS) Trading Up 2.9% – Here’s What Happened

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) shot up 2.9% during mid-day trading on Tuesday . The company traded as high as $65.41 and last traded at $63.69. Approximately 10,400,717 shares traded hands during mid-day trading, a decline of 38% from the average session volume of 16,771,594 shares. The stock had previously closed at $61.89.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ASTS. Weiss Ratings reissued a “sell (d-)” rating on shares of AST SpaceMobile in a research note on Monday. 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. UBS Group began coverage on AST SpaceMobile in a research report on Wednesday, September 2nd. They set a “buy” rating for the company. Deutsche Bank Aktiengesellschaft set a $93.00 price objective on AST SpaceMobile in a research note on Wednesday, August 12th. Finally, New Street Research set a $106.00 price objective on shares of AST SpaceMobile in a research note on Friday, May 29th. Six equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, AST SpaceMobile presently has a consensus rating of “Hold” and an average target price of $86.58.

AST SpaceMobile Stock Performance

The firm has a market cap of $23.04 billion, a PE ratio of -27.70 and a beta of 2.74. The company has a quick ratio of 12.90, a current ratio of 13.05 and a debt-to-equity ratio of 1.24. The business has a 50 day simple moving average of $62.68 and a two-hundred day simple moving average of $78.18.

AST SpaceMobile (NASDAQ:ASTS) last issued its earnings results on Monday, August 10th. The company reported ($0.77) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.45). The company had revenue of $31.52 million for the quarter, compared to analysts’ expectations 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 last year, the business posted ($0.41) earnings per share. As a group, equities research analysts forecast that AST SpaceMobile, Inc. will post -1.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In other AST SpaceMobile news, COO Shanti Gupta sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $58.89, for a total transaction of $706,680.00. Following the transaction, the chief operating officer owned 462,980 shares of the company’s stock, valued at approximately $27,264,892.20. This trade represents a 2.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Adriana Cisneros acquired 10,822 shares of the company’s stock in a transaction dated Monday, August 31st. The shares were acquired at an average price of $57.22 per share, for a total transaction of $619,234.84. Following the completion of the purchase, the director owned 797,023 shares of the company’s stock, valued at approximately $45,605,656.06. This represents a 1.38% increase in their position. The SEC filing for this purchase provides additional information. 20.89% of the stock is owned by insiders.

Institutional Trading of AST SpaceMobile

Several large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its stake in shares of AST SpaceMobile by 9.8% in the fourth quarter. Geode Capital Management LLC now owns 4,522,549 shares of the company’s stock worth $328,749,000 after acquiring an additional 402,505 shares during the period. Norges Bank purchased a new position in shares of AST SpaceMobile in the 4th quarter valued at about $198,270,000. Bank of America Corp DE grew its holdings in AST SpaceMobile by 140.3% in the first quarter. Bank of America Corp DE now owns 1,644,246 shares of the company’s stock valued at $136,259,000 after purchasing an additional 960,045 shares during the period. First Trust Advisors LP increased its position in shares of AST SpaceMobile by 14.3% in the first quarter. First Trust Advisors LP now owns 1,316,852 shares of the company’s stock valued at $109,128,000 after buying an additional 164,303 shares in the last quarter. Finally, Tidal Investments LLC lifted its position in shares of AST SpaceMobile by 9,876.8% during the 2nd quarter. Tidal Investments LLC now owns 1,049,061 shares of the company’s stock valued at $93,220,000 after buying an additional 1,038,546 shares in the last quarter. Hedge funds and other institutional investors own 60.95% of the company’s stock.

About AST SpaceMobile

AST SpaceMobile, Inc develops a space-based cellular broadband network designed to connect standard, unmodified mobile phones directly to satellites. Its planned service is intended to extend mobile connectivity beyond the coverage of traditional terrestrial wireless networks, including in rural, remote and underserved areas.

The company’s primary technology platform consists of large, low-Earth-orbit satellites known as BlueBirds. AST SpaceMobile is developing these satellites to provide voice, messaging and broadband data services through partnerships with mobile network operators, using existing cellular devices and spectrum where permitted.

Founded in 2017 and headquartered in Midland, Texas, AST SpaceMobile was established by Abel Avellan, who serves as its chairman and chief executive officer.