AST SpaceMobile (NASDAQ:ASTS) Trading 9.7% Higher – Still a Buy?

AST SpaceMobile, Inc. (NASDAQ:ASTS) was up 9.7% during trading on Thursday . The company traded as high as $94.38 and last traded at $95.7640. Approximately 10,756,921 shares changed hands during trading, a decline of 39% from the average daily volume of 17,710,596 shares. The stock had previously closed at $87.32.

Trending Headlines about AST SpaceMobile

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

• Positive Sentiment: Space stocks are attracting strong buying interest, with AST SpaceMobile moving higher alongside Virgin Galactic, Planet Labs and Rocket Lab as investors position for the expected SpaceX IPO. Space stocks catch a bid
• Positive Sentiment: AST SpaceMobile has a confirmed Falcon 9 launch date for June 17 to deploy BlueBird 8 to 10, which could advance its direct-to-smartphone broadband network and support the bullish thesis. BlueBird launch date confirmed
• Neutral Sentiment: Analysts and market commentators note that a listed SpaceX could re-rate the entire space sector, but the same event may also increase volatility as investors compare peers more closely. SpaceX-related market commentary
• Negative Sentiment: Recent reports highlight that ASTS has been highly volatile, including a sharp drop earlier this month, analyst downgrades, and heavy insider selling, which may temper enthusiasm even amid the current rally. Volatility warning

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Roth Mkm restated a “buy” rating and set a $108.00 target price on shares of AST SpaceMobile in a research report on Tuesday, May 12th. Zacks Research raised AST SpaceMobile from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. William Blair restated a “market perform” rating on shares of AST SpaceMobile in a research report on Friday, May 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AST SpaceMobile in a research note on Friday, March 27th. Finally, New Street Research set a $106.00 price objective on AST SpaceMobile in a report on Friday, May 29th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $81.33.

AST SpaceMobile Stock Performance

The firm has a market cap of $38.00 billion, a price-to-earnings ratio of -54.87 and a beta of 2.70. The business’s 50-day simple moving average is $90.16 and its two-hundred day simple moving average is $87.64. The company has a quick ratio of 18.37, a current ratio of 18.47 and a debt-to-equity ratio of 1.11.

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

Insider Buying and Selling at AST SpaceMobile

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 shares were sold at an average price of $86.22, for a total transaction of $116,397,000.00. Following the transaction, the insider owned 27,980,155 shares of the company’s stock, valued at approximately $2,412,448,964.10. The trade was a 4.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Julio A. Torres sold 15,000 shares of AST SpaceMobile stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $76.34, for a total transaction of $1,145,100.00. Following the sale, the director directly owned 43,239 shares in the company, valued at approximately $3,300,865.26. The trade was a 25.76% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 3,140,000 shares of company stock valued at $279,903,150 over the last ninety days. 20.89% of the stock is currently owned by corporate insiders.

Institutional Trading of AST SpaceMobile

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Cornerstone Planning Group LLC boosted its stake in 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 buying an additional 327 shares during the period. Crewe Advisors LLC acquired a new stake in AST SpaceMobile in the 4th quarter valued at approximately $25,000. Laurel Wealth Advisors LLC acquired a new stake in shares of AST SpaceMobile in the fourth quarter valued at $25,000. Portus Wealth Advisors LLC acquired a new position in AST SpaceMobile during the 1st quarter worth about $30,000. Finally, Advocate Investing Services LLC purchased a new stake in AST SpaceMobile during the first quarter worth about $31,000. 60.95% of the stock is currently owned by hedge funds and other institutional investors.

AST SpaceMobile Company Profile

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.