AST SpaceMobile (NASDAQ:ASTS) Major Shareholder Sells $159,631,314.75 in Stock

AST SpaceMobile, Inc. (NASDAQ:ASTS) major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $69.75, for a total value of $159,631,314.75. Following the sale, the insider directly owned 211,379 shares of the company’s stock, valued at $14,743,685.25. This represents a 91.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

AST SpaceMobile Stock Up 7.2%

NASDAQ ASTS traded up $5.70 on Thursday, reaching $84.75. The company had a trading volume of 14,639,716 shares, compared to its average volume of 12,061,211. The company has a quick ratio of 9.48, a current ratio of 9.56 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $31.10 billion, a P/E ratio of -68.35 and a beta of 2.76. The company’s fifty day moving average is $70.48 and its 200 day moving average is $53.99. AST SpaceMobile, Inc. has a 52-week low of $17.50 and a 52-week high of $102.79.

AST SpaceMobile (NASDAQ:ASTS) last released its quarterly earnings results on Monday, November 10th. The company reported ($0.45) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.27). The firm had revenue of $14.74 million for the quarter, compared to the consensus estimate of $22.04 million. AST SpaceMobile had a negative net margin of 1,639.59% and a negative return on equity of 27.76%. The firm’s revenue for the quarter was up 1236.4% on a year-over-year basis. During the same period in the previous year, the business earned ($1.10) earnings per share. Sell-side analysts anticipate that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Swiss Life Asset Management Ltd boosted its position in shares of AST SpaceMobile by 82.6% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 8,993 shares of the company’s stock worth $441,000 after purchasing an additional 4,069 shares in the last quarter. Greenhaven Road Investment Management L.P. boosted its holdings in AST SpaceMobile by 22.8% in the third quarter. Greenhaven Road Investment Management L.P. now owns 329,111 shares of the company’s stock worth $16,153,000 after acquiring an additional 61,111 shares in the last quarter. Cantor Fitzgerald L. P. grew its stake in shares of AST SpaceMobile by 138.0% in the third quarter. Cantor Fitzgerald L. P. now owns 32,882 shares of the company’s stock worth $1,614,000 after acquiring an additional 19,065 shares during the last quarter. CIBC Private Wealth Group LLC increased its holdings in shares of AST SpaceMobile by 34.5% during the third quarter. CIBC Private Wealth Group LLC now owns 1,755 shares of the company’s stock valued at $86,000 after acquiring an additional 450 shares in the last quarter. Finally, Centaurus Financial Inc. raised its position in shares of AST SpaceMobile by 46.4% in the 3rd quarter. Centaurus Financial Inc. now owns 4,438 shares of the company’s stock worth $218,000 after purchasing an additional 1,407 shares during the last quarter. Institutional investors own 60.95% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently 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 for the company. Zacks Research cut shares of AST SpaceMobile from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 21st. Barclays cut shares of AST SpaceMobile from an “overweight” rating to an “underweight” rating and set a $60.00 price objective on the stock. in a research report on Friday, October 17th. Scotiabank upgraded shares of AST SpaceMobile from a “sector underperform” rating to a “sector perform” rating and set a $45.60 target price for the company in a research report on Monday, November 24th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of AST SpaceMobile in a research report on Monday. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, AST SpaceMobile currently has an average rating of “Hold” and an average price target of $45.66.

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.