AST SpaceMobile (NASDAQ:ASTS) Hits New 1-Year High Following Earnings Beat

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) reached a new 52-week high on Thursday following a stronger than expected earnings report. The company traded as high as $24.20 and last traded at $23.76, with a volume of 5413418 shares traded. The stock had previously closed at $20.81.

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

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in ASTS. Janus Henderson Group PLC grew its stake in shares of AST SpaceMobile by 209.9% in the first quarter. Janus Henderson Group PLC now owns 7,450,467 shares of the company’s stock worth $21,606,000 after acquiring an additional 5,046,667 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of AST SpaceMobile by 49.9% during 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 period. Broad Run Investment Management LLC grew its position in shares of AST SpaceMobile by 74.8% during 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 acquiring an additional 1,695,805 shares during the period. Masters Capital Management LLC bought a new position in shares of AST SpaceMobile during the 1st quarter valued at approximately $2,900,000. Finally, Oppenheimer & Co. Inc. purchased a new stake in shares of AST SpaceMobile in the second quarter worth $9,270,000. Hedge funds and other institutional investors own 60.95% of the company’s stock.

AST SpaceMobile Trading Up 17.6 %

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

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.