AST SpaceMobile (NASDAQ:ASTS) Sets New 1-Year High Following Better-Than-Expected Earnings

AST SpaceMobile, Inc. (NASDAQ:ASTS) reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $24.20 and last traded at $23.76, with a volume of 5413418 shares changing hands. The stock had previously closed at $20.81.

The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.05. The business had revenue of $0.90 million for the quarter, compared to analysts’ expectations of $2.00 million.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Scotiabank boosted their target price on shares of AST SpaceMobile from $7.40 to $12.90 and gave the stock a “sector outperform” rating in a research note on Thursday, May 30th. B. Riley increased their target price on AST SpaceMobile from $15.00 to $26.00 and gave the company a “buy” rating in a report on Thursday. Finally, UBS Group boosted their price target on AST SpaceMobile from $13.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday.

Institutional Trading of AST SpaceMobile

Several large investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC boosted its position in shares of AST SpaceMobile by 209.9% during the 1st quarter. Janus Henderson Group PLC now owns 7,450,467 shares of the company’s stock valued at $21,606,000 after acquiring an additional 5,046,667 shares during the last quarter. Vanguard Group Inc. boosted its holdings in AST SpaceMobile by 49.9% in the 1st quarter. Vanguard Group Inc. now owns 6,663,760 shares of the company’s stock valued at $19,325,000 after purchasing an additional 2,217,531 shares during the last quarter. Broad Run Investment Management LLC grew its stake in shares of AST SpaceMobile by 74.8% in the 4th quarter. Broad Run Investment Management LLC now owns 3,962,853 shares of the company’s stock valued at $23,896,000 after buying an additional 1,695,805 shares during the period. Masters Capital Management LLC acquired a new stake in shares of AST SpaceMobile during the 1st quarter worth approximately $2,900,000. Finally, Oppenheimer & Co. Inc. purchased a new stake in shares of AST SpaceMobile during the 2nd quarter valued at approximately $9,270,000. 60.95% of the stock is currently owned by hedge funds and other institutional investors.

AST SpaceMobile Stock Up 17.6 %

The stock has a market capitalization of $6.30 billion, a price-to-earnings ratio of -23.83 and a beta of 1.61. The company has a debt-to-equity ratio of 0.56, a current ratio of 7.51 and a quick ratio of 7.51. The business has a fifty day moving average of $13.91 and a 200 day moving average of $7.00.

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.