Spire Wealth Management Acquires Shares of 960 AST SpaceMobile, Inc. $ASTS

Spire Wealth Management bought a new stake in AST SpaceMobile, Inc. (NASDAQ:ASTS) during the 2nd quarter, HoldingsChannel reports. The firm bought 960 shares of the company’s stock, valued at approximately $45,000.

Several other hedge funds have also recently modified their holdings of the stock. Rakuten Group Inc. acquired a new stake in AST SpaceMobile in the 1st quarter worth about $705,398,000. Alphabet Inc. purchased a new position in shares of AST SpaceMobile in the first quarter valued at approximately $203,375,000. Northern Trust Corp boosted its stake in shares of AST SpaceMobile by 2.7% in the first quarter. Northern Trust Corp now owns 1,266,315 shares of the company’s stock worth $28,796,000 after acquiring an additional 33,259 shares during the last quarter. Voya Investment Management LLC boosted its stake in shares of AST SpaceMobile by 1,992.5% in the first quarter. Voya Investment Management LLC now owns 843,554 shares of the company’s stock worth $19,182,000 after acquiring an additional 803,240 shares during the last quarter. Finally, Jump Financial LLC purchased a new stake in shares of AST SpaceMobile during the first quarter worth approximately $14,750,000. Institutional investors and hedge funds own 60.95% of the company’s stock.

Insider Activity at AST SpaceMobile

In other news, CFO Andrew Martin Johnson sold 20,000 shares of the company’s stock in a transaction 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 transaction, the chief financial officer owned 397,485 shares of the company’s stock, valued at $20,860,012.80. This represents a 4.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Huiwen Yao sold 40,000 shares of the stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $40.58, for a total value of $1,623,200.00. Following the transaction, the chief technology officer owned 4,750 shares of the company’s stock, valued at approximately $192,755. This represents a 89.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 30.90% of the company’s stock.

AST SpaceMobile Trading Down 7.2%

Shares of ASTS opened at $65.28 on Friday. AST SpaceMobile, Inc. has a 12-month low of $17.50 and a 12-month high of $102.79. The firm has a market capitalization of $23.40 billion, a P/E ratio of -34.54 and a beta of 2.46. The firm has a 50-day moving average price of $62.47 and a 200 day moving average price of $47.53. 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 posted its earnings results on Monday, August 11th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.22). AST SpaceMobile had a negative net margin of 7,213.90% and a negative return on equity of 26.81%. The firm had revenue of $1.16 million during the quarter, compared to analyst estimates of $6.37 million. Sell-side analysts forecast that AST SpaceMobile, Inc. will post -0.4 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. William Blair initiated coverage on AST SpaceMobile in a report on Thursday, August 21st. They issued a “market perform” rating on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of AST SpaceMobile in a research report on Wednesday, October 8th. Zacks Research lowered shares of AST SpaceMobile from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 21st. Roth Capital reaffirmed a “buy” rating on shares of AST SpaceMobile in a research note on Tuesday, August 12th. Finally, UBS Group downgraded shares of AST SpaceMobile from a “buy” rating to a “neutral” rating and cut their price objective for the company from $62.00 to $43.00 in a report on Tuesday, September 9th. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $45.27.

AST SpaceMobile Profile

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.