Millennium Management LLC Cuts Stock Holdings in AST SpaceMobile, Inc. (NASDAQ:ASTS)

Millennium Management LLC lowered its stake in AST SpaceMobile, Inc. (NASDAQ:ASTS) by 77.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 402,637 shares of the company’s stock after selling 1,368,777 shares during the quarter. Millennium Management LLC owned about 0.14% of AST SpaceMobile worth $8,496,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Summit Securities Group LLC purchased a new position in shares of AST SpaceMobile in the fourth quarter valued at $37,000. Golden State Wealth Management LLC purchased a new position in AST SpaceMobile in the fourth quarter worth about $46,000. CIBC Private Wealth Group LLC raised its position in AST SpaceMobile by 106.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock valued at $53,000 after purchasing an additional 1,222 shares during the period. AlphaQuest LLC bought a new position in shares of AST SpaceMobile during the 4th quarter valued at approximately $67,000. Finally, SRS Capital Advisors Inc. raised its holdings in AST SpaceMobile by 554.5% during the 4th quarter. SRS Capital Advisors Inc. now owns 3,482 shares of the company’s stock valued at $73,000 after buying an additional 2,950 shares during the period. Hedge funds and other institutional investors own 60.95% of the company’s stock.

AST SpaceMobile Stock Performance

Shares of NASDAQ:ASTS opened at $24.09 on Monday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80. The firm has a market cap of $7.62 billion, a PE ratio of -11.36 and a beta of 2.05. The firm’s 50 day simple moving average is $24.11 and its 200-day simple moving average is $24.55. AST SpaceMobile, Inc. has a one year low of $4.65 and a one year high of $39.08.

AST SpaceMobile (NASDAQ:ASTS) last issued its earnings results on Monday, May 12th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The business had revenue of $0.72 million during the quarter, compared to analyst estimates of $3.85 million. As a group, equities analysts predict that AST SpaceMobile, Inc. will post -0.4 EPS for the current year.

Analysts Set New Price Targets

ASTS has been the topic of a number of analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price objective on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Oppenheimer began coverage on shares of AST SpaceMobile in a research note on Monday, May 5th. They issued a “market perform” rating for the company. Scotiabank dropped their target price on AST SpaceMobile from $47.90 to $45.40 and set a “sector outperform” rating for the company in a research report on Tuesday, May 13th. UBS Group increased their price target on AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, March 5th. Finally, Roth Capital assumed coverage on AST SpaceMobile in a research note on Thursday, April 10th. They set a “buy” rating and a $42.00 price target for the company. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $42.40.

Insider Activity

In other AST SpaceMobile news, CTO Huiwen Yao sold 55,000 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $26.82, for a total transaction of $1,475,100.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Julio A. Torres sold 20,000 shares of AST SpaceMobile stock in a transaction on Monday, March 10th. The stock was sold at an average price of $30.73, for a total transaction of $614,600.00. Following the completion of the transaction, the director now directly owns 52,628 shares in the company, valued at $1,617,258.44. This represents a 27.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 34.15% of the company’s stock.

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.