FY2024 EPS Estimates for AST SpaceMobile Raised by B. Riley

AST SpaceMobile, Inc. (NASDAQ:ASTS) – Stock analysts at B. Riley increased their FY2024 earnings per share (EPS) estimates for shares of AST SpaceMobile in a research report issued on Monday, November 11th. B. Riley analyst M. Crawford now expects that the company will earn ($0.72) per share for the year, up from their prior forecast of ($0.78). B. Riley currently has a “Buy” rating and a $36.00 target price on the stock. The consensus estimate for AST SpaceMobile’s current full-year earnings is ($0.72) per share. B. Riley also issued estimates for AST SpaceMobile’s Q4 2024 earnings at ($0.15) EPS and FY2025 earnings at ($0.23) EPS.

Several other research analysts have also recently issued reports on ASTS. UBS Group increased their price objective on shares of AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a report on Friday. Deutsche Bank Aktiengesellschaft raised their price target on shares of AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Finally, Scotiabank lowered their target price on shares of AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating on the stock in a research note on Friday.

AST SpaceMobile Price Performance

ASTS opened at $24.23 on Thursday. The company’s 50-day moving average price is $25.63 and its 200 day moving average price is $18.30. AST SpaceMobile has a fifty-two week low of $1.97 and a fifty-two week high of $39.08. The firm has a market cap of $6.53 billion, a price-to-earnings ratio of -11.43 and a beta of 1.64. The company has a quick ratio of 6.38, a current ratio of 6.38 and a debt-to-equity ratio of 0.83.

AST SpaceMobile (NASDAQ:ASTS) last issued its earnings results on Wednesday, August 14th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.05. The company had revenue of $0.90 million during the quarter, compared to analyst estimates of $2.00 million.

Hedge Funds Weigh In On AST SpaceMobile

Institutional investors have recently added to or reduced their stakes in the company. Fairfield Financial Advisors LTD bought a new position in AST SpaceMobile during the 3rd quarter valued at about $26,000. Hollencrest Capital Management bought a new position in AST SpaceMobile during the 3rd quarter valued at about $26,000. Rakuten Securities Inc. bought a new position in AST SpaceMobile during the 3rd quarter valued at about $68,000. Black Maple Capital Management LP bought a new position in AST SpaceMobile during the 1st quarter valued at about $87,000. Finally, KBC Group NV bought a new position in shares of AST SpaceMobile in the third quarter worth about $104,000. 60.95% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Adriana Cisneros purchased 4,934 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average cost of $26.32 per share, with a total value of $129,862.88. Following the acquisition, the director now directly owns 774,772 shares of the company’s stock, valued at approximately $20,391,999.04. This trade represents a 0.64 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Shanti B. Gupta sold 80,000 shares of AST SpaceMobile stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $25.83, for a total transaction of $2,066,400.00. Following the transaction, the chief operating officer now directly owns 393,232 shares of the company’s stock, valued at $10,157,182.56. This represents a 16.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 127,700 shares of company stock worth $3,220,524 in the last ninety days. Insiders own 41.80% of the company’s stock.

About AST SpaceMobile

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.