AST SpaceMobile (NASDAQ:ASTS) Trading 6.1% Higher – Should You Buy?

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares shot up 6.1% on Tuesday . The company traded as high as $67.20 and last traded at $66.12. 12,002,074 shares changed hands during mid-day trading, a decline of 30% from the average session volume of 17,176,238 shares. The stock had previously closed at $62.31.

Analysts Set New Price Targets

ASTS has been the subject of several recent analyst reports. Piper Sandler decreased their target price on AST SpaceMobile from $100.00 to $98.00 and set an “overweight” rating for the company in a research report on Tuesday, August 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of AST SpaceMobile in a research note on Wednesday, June 24th. New Street Research set a $106.00 price target on shares of AST SpaceMobile in a report on Friday, May 29th. UBS Group began coverage on AST SpaceMobile in a report on Wednesday, September 2nd. They set a “buy” rating for the company. Finally, Scotiabank upgraded AST SpaceMobile from a “sector underperform” rating to a “sector perform” rating and set a $50.80 target price on the stock in a research note on Wednesday, July 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 stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $86.58.

AST SpaceMobile Stock Up 6.1%

The company has a market cap of $25.73 billion, a price-to-earnings ratio of -30.90 and a beta of 2.74. The business has a 50-day simple moving average of $66.52 and a two-hundred day simple moving average of $80.38. The company has a quick ratio of 12.90, a current ratio of 13.05 and a debt-to-equity ratio of 1.24.

AST SpaceMobile (NASDAQ:ASTS) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.77) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.45). The firm had revenue of $31.52 million for 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 company posted ($0.41) earnings per share. As a group, equities analysts forecast 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 Johnson sold 45,809 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $93.81, for a total value of $4,297,342.29. Following the transaction, the chief financial officer owned 503,619 shares of the company’s stock, valued at approximately $47,244,498.39. This trade represents a 8.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Adriana Cisneros acquired 10,822 shares of AST SpaceMobile stock in a transaction on Monday, August 31st. The stock was acquired at an average cost 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. The trade was a 1.38% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 20.89% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

A number of hedge funds and other institutional investors have recently made changes to their positions in ASTS. Compass Financial Management LLC acquired a new stake in shares of AST SpaceMobile during the second quarter worth about $26,000. Cornerstone Planning Group LLC grew its position in shares of AST SpaceMobile by 16,350.0% in 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 period. Grove Bank & Trust bought a new stake in AST SpaceMobile during the 2nd quarter worth approximately $27,000. Continuum Advisory LLC acquired a new stake in AST SpaceMobile during the 2nd quarter worth approximately $28,000. Finally, Acumen Wealth Advisors LLC acquired a new stake in AST SpaceMobile during the 4th quarter worth approximately $29,000. 60.95% of the stock is 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.