AST SpaceMobile (NASDAQ:ASTS) Earns Neutral Rating from Analysts at Bank of America

Research analysts at Bank of America initiated coverage on shares of AST SpaceMobile (NASDAQ:ASTS) in a research note issued on Wednesday, MarketBeat Ratings reports. The brokerage set a “neutral” rating and a $55.00 price target on the stock. Bank of America‘s target price suggests a potential upside of 8.65% from the stock’s previous close.

Several other analysts have also recently issued reports on ASTS. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price objective on shares of AST SpaceMobile in a research note on Tuesday, March 4th. Oppenheimer initiated coverage on shares of AST SpaceMobile in a research note on Monday, May 5th. They set a “market perform” rating for the company. UBS Group boosted their price objective on shares of AST SpaceMobile from $31.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, March 5th. Roth Capital initiated coverage on shares of AST SpaceMobile in a research note on Thursday, April 10th. They set a “buy” rating and a $42.00 price objective for the company. Finally, B. Riley reissued a “buy” rating and set a $44.00 price objective (up from $36.00) on shares of AST SpaceMobile in a research note on Monday, June 16th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, AST SpaceMobile has an average rating of “Moderate Buy” and an average target price of $45.34.

AST SpaceMobile Stock Up 1.3%

ASTS stock opened at $50.62 on Wednesday. The stock has a market capitalization of $16.02 billion, a P/E ratio of -25.44 and a beta of 2.02. The company has a debt-to-equity ratio of 0.60, a quick ratio of 10.62 and a current ratio of 10.62. AST SpaceMobile has a one year low of $10.17 and a one year high of $54.05. The company has a 50 day moving average price of $30.02 and a two-hundred day moving average price of $26.48.

AST SpaceMobile (NASDAQ:ASTS) last released its earnings results on Monday, May 12th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The firm had revenue of $0.72 million during the quarter, compared to analysts’ expectations of $3.85 million. AST SpaceMobile had a negative return on equity of 23.56% and a negative net margin of 7,033.22%. As a group, sell-side analysts expect that AST SpaceMobile will post -0.4 EPS for the current year.

Insiders Place Their Bets

In other AST SpaceMobile news, President Scott Wisniewski sold 50,000 shares of the business’s stock in a transaction on Monday, June 9th. The shares were sold at an average price of $35.65, for a total value of $1,782,500.00. Following the transaction, the president now owns 545,595 shares in the company, valued at $19,450,461.75. The trade was a 8.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Shanti B. Gupta sold 15,000 shares of the business’s stock in a transaction on Monday, June 9th. The stock was sold at an average price of $36.08, for a total transaction of $541,200.00. Following the completion of the transaction, the chief operating officer now owns 315,667 shares in the company, valued at $11,389,265.36. This represents a 4.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 184,250 shares of company stock worth $6,146,750 in the last quarter. 34.15% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AST SpaceMobile

Several hedge funds and other institutional investors have recently modified their holdings of ASTS. Sunbelt Securities Inc. increased its position in shares of AST SpaceMobile by 61.9% in the 1st quarter. Sunbelt Securities Inc. now owns 1,321 shares of the company’s stock worth $30,000 after purchasing an additional 505 shares during the last quarter. GAMMA Investing LLC increased its position in shares of AST SpaceMobile by 388.7% in the 1st quarter. GAMMA Investing LLC now owns 1,559 shares of the company’s stock worth $35,000 after purchasing an additional 1,240 shares during the last quarter. Summit Securities Group LLC bought a new stake in shares of AST SpaceMobile in the 4th quarter worth about $37,000. Financial Gravity Asset Management Inc. bought a new stake in shares of AST SpaceMobile in the 1st quarter worth about $41,000. Finally, Close Asset Management Ltd increased its position in shares of AST SpaceMobile by 72.4% in the 1st quarter. Close Asset Management Ltd now owns 1,810 shares of the company’s stock worth $41,000 after purchasing an additional 760 shares during the last quarter. Institutional investors own 60.95% of the company’s stock.

AST SpaceMobile Company 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.