AST SpaceMobile (NASDAQ:ASTS) Stock Price Up 6.3% – Here’s Why

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares rose 6.3% during mid-day trading on Monday . The company traded as high as $89.76 and last traded at $87.57. Approximately 23,594,127 shares changed hands during mid-day trading, an increase of 29% from the average daily volume of 18,221,936 shares. The stock had previously closed at $82.41.

AST SpaceMobile News Roundup

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

• Positive Sentiment: AST SpaceMobile successfully launched BlueBird satellites 8, 9, and 10, a key step toward expanding its direct-to-phone space broadband network. AST SpaceMobile Announces Successful Orbital Launch of BlueBirds 8, 9, and 10
• Positive Sentiment: The launch is being viewed as a commercial milestone that strengthens the company’s path toward larger-scale satellite service and higher-speed connectivity. AST SpaceMobile (ASTS) Launches BlueBird 8 9 And 10 For Direct To Phone Service
• Neutral Sentiment: The broader market backdrop was weak as investors digested the Fed holding rates steady while raising its inflation outlook, which added risk-off pressure across stocks. S&P 500, Nasdaq And Dow Slip As Investors Assess Rate Hike Possibility — SPCX, UBER, ASTS, BBBY, RXT In Focus
• Neutral Sentiment: Analysts and commentators continue to note that AST SpaceMobile has strong growth ambitions, but its path remains risky because it must execute on satellite deployment and compete in a crowded satcom market. Can ASTS Thrive Despite Rising Competition in the SATCOM Space?
• Negative Sentiment: One report noted that ASTS had recently fallen sharply before the launch news, underscoring ongoing volatility in the name. Here’s Why AST SpaceMobile, Inc. (ASTS) Fell More Than Broader Market

Wall Street Analyst Weigh In

Several analysts have recently weighed in on ASTS shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of AST SpaceMobile in a research report on Friday, March 27th. Roth Mkm reiterated a “buy” rating and set a $108.00 target price on shares of AST SpaceMobile in a research report on Tuesday, May 12th. UBS Group decreased their target price on AST SpaceMobile from $85.00 to $80.00 and set a “neutral” rating for the company in a research report on Tuesday, May 12th. Barclays lifted their target price on AST SpaceMobile from $60.00 to $65.00 and gave the stock an “underweight” rating in a research report on Thursday, April 9th. Finally, Wall Street Zen downgraded AST SpaceMobile from a “sell” rating to a “strong sell” rating in a research report on Wednesday, April 15th. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $81.33.

AST SpaceMobile Price Performance

The company has a market cap of $33.16 billion, a PE ratio of -47.99 and a beta of 2.70. The company has a quick ratio of 18.37, a current ratio of 18.47 and a debt-to-equity ratio of 1.11. The firm has a 50 day simple moving average of $89.92 and a 200-day simple moving average of $88.78.

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

Insiders Place Their Bets

In other news, major shareholder Hiroshi Mikitani sold 1,350,000 shares of the business’s stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $86.22, for a total transaction of $116,397,000.00. Following the sale, the insider owned 27,980,155 shares in the company, valued at approximately $2,412,448,964.10. The trade was a 4.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Andrew Martin Johnson sold 45,809 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $93.81, for a total value of $4,297,342.29. Following the sale, the chief financial officer owned 503,619 shares in the company, valued at $47,244,498.39. The trade was a 8.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 3,185,809 shares of company stock worth $284,200,492 over the last ninety days. Insiders own 20.89% of the company’s stock.

Institutional Investors Weigh In On AST SpaceMobile

A number of institutional investors and hedge funds have recently modified their holdings of ASTS. Crewe Advisors LLC acquired a new stake in shares of AST SpaceMobile during the fourth quarter worth about $25,000. Laurel Wealth Advisors LLC acquired a new stake in shares of AST SpaceMobile during the fourth quarter worth about $25,000. Cornerstone Planning Group LLC lifted its holdings in shares of AST SpaceMobile by 16,350.0% during the first quarter. Cornerstone Planning Group LLC now owns 329 shares of the company’s stock worth $27,000 after purchasing an additional 327 shares during the period. Byrne Asset Management LLC acquired a new stake in shares of AST SpaceMobile during the fourth quarter worth about $29,000. Finally, Acumen Wealth Advisors LLC acquired a new stake in shares of AST SpaceMobile during the fourth quarter worth about $29,000. Institutional investors and hedge funds own 60.95% of the company’s stock.

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.