AST SpaceMobile (NASDAQ:ASTS) Raised to Hold at New Street Research

AST SpaceMobile (NASDAQ:ASTS) was upgraded by equities researchers at New Street Research to a “hold” rating in a research report issued on Wednesday,Zacks.com reports.

A number of other research analysts also recently issued reports on ASTS. Weiss Ratings reiterated a “sell (d-)” rating on shares of AST SpaceMobile in a report on Friday, March 27th. Roth Mkm reiterated a “buy” rating and issued a $108.00 price target on shares of AST SpaceMobile in a report on Tuesday. B. Riley Financial lifted their price target on AST SpaceMobile from $75.00 to $85.00 and gave the company a “neutral” rating in a report on Tuesday. UBS Group cut their price target on AST SpaceMobile from $85.00 to $80.00 and set a “neutral” rating on the stock in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft set a $117.00 price target on AST SpaceMobile in a report on Wednesday, April 15th. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $79.45.

AST SpaceMobile Trading Up 11.0%

Shares of NASDAQ ASTS opened at $83.01 on Wednesday. The company has a quick ratio of 16.27, a current ratio of 18.47 and a debt-to-equity ratio of 1.11. The business has a fifty day simple moving average of $85.08 and a two-hundred day simple moving average of $82.95. The firm has a market cap of $31.71 billion, a PE ratio of -46.63 and a beta of 2.60. AST SpaceMobile has a twelve month low of $22.47 and a twelve month high of $129.89.

AST SpaceMobile (NASDAQ:ASTS) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.66) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.43). AST SpaceMobile had a negative net margin of 573.67% and a negative return on equity of 24.87%. The company had revenue of $14.74 million during the quarter, compared to analysts’ expectations of $39.01 million. During the same quarter in the prior year, the business posted ($0.20) earnings per share. The company’s revenue was up 1952.2% compared to the same quarter last year. Analysts expect that AST SpaceMobile will post -1.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Hiroshi Mikitani sold 1,690,000 shares of the business’s stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $91.42, for a total transaction of $154,499,800.00. Following the transaction, the insider directly owned 29,330,155 shares in the company, valued at $2,681,362,770.10. The trade was a 5.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Julio A. Torres sold 15,000 shares of the business’s stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $76.34, for a total value of $1,145,100.00. Following the transaction, the director owned 43,239 shares in the company, valued at approximately $3,300,865.26. This trade represents a 25.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 3,095,000 shares of company stock worth $275,597,100 in the last ninety days. 20.89% of the stock is owned by insiders.

Institutional Trading of AST SpaceMobile

Large investors have recently added to or reduced their stakes in the company. Cornerstone Planning Group LLC grew its stake in AST SpaceMobile by 16,350.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 329 shares of the company’s stock valued at $27,000 after purchasing an additional 327 shares during the last quarter. Crewe Advisors LLC purchased a new stake in AST SpaceMobile during the 4th quarter valued at about $25,000. Laurel Wealth Advisors LLC purchased a new stake in AST SpaceMobile during the 4th quarter valued at about $25,000. Portus Wealth Advisors LLC purchased a new stake in AST SpaceMobile during the 1st quarter valued at about $30,000. Finally, Advocate Investing Services LLC purchased a new stake in AST SpaceMobile during the 1st quarter valued at about $31,000. Hedge funds and other institutional investors own 60.95% of the company’s stock.

AST SpaceMobile News Roundup

Here are the key news stories impacting AST SpaceMobile this week:

• Positive Sentiment: AST SpaceMobile welcomed the announcement that AT&T, T-Mobile and Verizon are forming a satellite-to-phone joint venture to improve coverage in dead zones. Investors see this as validation of ASTS’s direct-to-device satellite connectivity market and a potential boost to future demand. Article Title
• Positive Sentiment: New Street Research launched coverage of the space economy and included AST SpaceMobile among the stocks it is tracking, which can draw more investor attention to the name and support trading interest. Article Title
• Neutral Sentiment: Analysts’ views remain mixed, but one new report says consensus has turned to “Reduce,” reflecting caution after ASTS’s recent earnings miss and ongoing execution concerns. Article Title
• Negative Sentiment: Director Julio A. Torres sold 15,000 shares at $76.34, a move that may be viewed as insider selling and could weigh on sentiment despite the remaining stake. Article Title
• Negative Sentiment: Post-earnings commentary continues to highlight a Q1 miss, darker consensus forecasts, and execution/competition risks, which reinforces concerns about AST SpaceMobile’s near-term fundamentals. Article Title

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.