AST SpaceMobile (NASDAQ:ASTS) Sets New 52-Week High – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $92.07 and last traded at $90.50, with a volume of 13138890 shares trading hands. The stock had previously closed at $82.03.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Zacks Research raised AST SpaceMobile from a “strong sell” rating to a “hold” rating in a research note on Monday, August 18th. B. Riley reissued a “buy” rating and issued a $44.00 price objective (up from $36.00) on shares of AST SpaceMobile in a research note on Monday, June 16th. UBS Group downgraded AST SpaceMobile from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $62.00 to $43.00 in a research note on Tuesday, September 9th. Scotiabank lowered AST SpaceMobile from a “sector perform” rating to a “sector underperform” rating and set a $42.90 target price for the company. in a research report on Tuesday, October 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AST SpaceMobile in a research report on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $45.27.

AST SpaceMobile Price Performance

The firm has a market capitalization of $32.45 billion, a P/E ratio of -47.88 and a beta of 2.41. The business has a 50-day moving average of $51.60 and a 200 day moving average of $40.65. The company has a current ratio of 8.23, a quick ratio of 8.23 and a debt-to-equity ratio of 0.42.

AST SpaceMobile (NASDAQ:ASTS) last issued its earnings results on Monday, August 11th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.22). The firm had revenue of $1.16 million during the quarter, compared to the consensus estimate of $6.37 million. AST SpaceMobile had a negative net margin of 7,213.90% and a negative return on equity of 26.81%. On average, sell-side analysts predict that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other AST SpaceMobile news, CTO Huiwen Yao sold 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $40.58, for a total transaction of $1,623,200.00. Following the completion of the sale, the chief technology officer directly owned 4,750 shares of the company’s stock, valued at approximately $192,755. The trade was a 89.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Andrew Martin Johnson sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $52.48, for a total value of $1,049,600.00. Following the sale, the chief financial officer directly owned 397,485 shares of the company’s stock, valued at $20,860,012.80. This represents a 4.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 41.80% of the company’s stock.

Institutional Trading of AST SpaceMobile

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Atlantic Union Bankshares Corp bought a new stake in AST SpaceMobile during the 2nd quarter worth approximately $28,000. Binnacle Investments Inc bought a new position in shares of AST SpaceMobile in the second quarter valued at approximately $33,000. Chapman Financial Group LLC bought a new position in shares of AST SpaceMobile in the second quarter valued at approximately $38,000. Spire Wealth Management bought a new position in shares of AST SpaceMobile in the second quarter valued at approximately $45,000. Finally, Newbridge Financial Services Group Inc. bought a new position in shares of AST SpaceMobile in the second quarter valued at approximately $47,000. 60.95% of the stock is owned by institutional investors.

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.