AST SpaceMobile, Inc. (NASDAQ:ASTS – Get Free Report)’s stock price traded down 3.6% on Wednesday . The company traded as low as $64.59 and last traded at $66.31. 12,829,769 shares traded hands during mid-day trading, a decline of 30% from the average daily volume of 18,313,539 shares. The stock had previously closed at $68.82.
AST SpaceMobile News Roundup
Here are the key news stories impacting AST SpaceMobile this week:
- Positive Sentiment: Bell Canada completed construction of its first sovereign direct-to-device satellite ground station in Québec, a key step in building Canadian infrastructure that will connect with AST SpaceMobile’s satellite constellation and support future service rollout. Bell successfully completes construction of its first sovereign direct-to-device satellite ground station in Canada
- Positive Sentiment: AST SpaceMobile secured new regulatory authorization in New Zealand for a gateway link, expanding its international network footprint and signaling continued progress on global market access. AST SpaceMobile (ASTS) Secures Global Approvals As Texas Expansion And Launches Near
- Positive Sentiment: BlueBird 11 has arrived at Cape Canaveral, with BlueBirds 12 and 13 scheduled to follow for an August launch, which keeps AST SpaceMobile’s launch cadence on track and supports investor confidence in near-term execution. AST SpaceMobile (ASTS) Secures Global Approvals As Texas Expansion And Launches Near
- Positive Sentiment: Midland is set to consider a $150 million expansion tied to AST SpaceMobile’s Texas manufacturing footprint, a potential catalyst for faster production and job creation if approved. ASTS Stock Snaps 3-Day Losing Streak On ‘Imminent’ BlueBird Launch — Midland Weighs $150M AST SpaceMobile Deal
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on ASTS. Barclays lifted their price target on shares of AST SpaceMobile from $60.00 to $65.00 and gave the company an “underweight” rating in a research report on Thursday, April 9th. Deutsche Bank Aktiengesellschaft cut shares of AST SpaceMobile from a “buy” rating to a “hold” rating and cut their price objective for the stock from $117.00 to $106.00 in a report on Friday, May 29th. B. Riley Financial raised their target price on shares of AST SpaceMobile from $75.00 to $85.00 and gave the company a “neutral” rating in a research note on Tuesday, May 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of AST SpaceMobile in a report on Wednesday, June 24th. Finally, New Street Research set a $106.00 price target on AST SpaceMobile in a research report on Friday, May 29th. One research analyst has rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, AST SpaceMobile currently has an average rating of “Reduce” and an average price target of $85.09.
AST SpaceMobile Trading Down 3.6%
The firm has a market capitalization of $25.74 billion, a PE ratio of -37.25 and a beta of 2.69. The firm has a 50 day simple moving average of $87.40 and a 200 day simple moving average of $89.53. The company has a current ratio of 18.47, a quick ratio of 18.37 and a debt-to-equity ratio of 1.11.
AST SpaceMobile (NASDAQ:ASTS – Get Free Report) last posted its quarterly 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). AST SpaceMobile had a negative return on equity of 24.87% and a negative net margin of 573.67%.The business had revenue of $14.73 million during the quarter, compared to analysts’ expectations of $39.01 million. During the same quarter in the prior year, the firm earned ($0.20) EPS. The firm’s revenue for the quarter was up 1952.2% compared to the same quarter last year. Equities analysts expect that AST SpaceMobile, Inc. will post -1.47 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, Director Julio A. Torres sold 15,000 shares of the firm’s stock in a transaction dated 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 owned 43,239 shares of the company’s stock, valued at $3,300,865.26. This trade represents a 25.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Andrew Martin 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 transaction of $4,297,342.29. Following the sale, the chief financial officer directly owned 503,619 shares in the company, valued at approximately $47,244,498.39. The trade was a 8.34% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 105,809 shares of company stock valued at $9,748,492. 20.89% of the stock is owned by insiders.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in AST SpaceMobile by 7.9% in the fourth quarter. Vanguard Group Inc. now owns 21,488,180 shares of the company’s stock worth $1,560,687,000 after purchasing an additional 1,568,292 shares during the last quarter. Vodafone Ventures Ltd purchased a new stake in AST SpaceMobile during the 4th quarter valued at $397,413,000. Morgan Stanley raised its stake in AST SpaceMobile by 44.0% during the 4th quarter. Morgan Stanley now owns 4,661,551 shares of the company’s stock valued at $338,569,000 after buying an additional 1,425,199 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of AST SpaceMobile by 9.8% during the 4th quarter. Geode Capital Management LLC now owns 4,522,549 shares of the company’s stock valued at $328,749,000 after buying an additional 402,505 shares during the period. Finally, State Street Corp lifted its holdings in shares of AST SpaceMobile by 9.7% during the 4th quarter. State Street Corp now owns 3,951,685 shares of the company’s stock valued at $287,011,000 after buying an additional 350,690 shares during the period. 60.95% of the stock is 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.
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