Cresset Asset Management LLC Has $681,000 Position in AST SpaceMobile, Inc. $ASTS

Cresset Asset Management LLC lifted its stake in AST SpaceMobile, Inc. (NASDAQ:ASTS) by 90.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,868 shares of the company’s stock after buying an additional 6,594 shares during the period. Cresset Asset Management LLC’s holdings in AST SpaceMobile were worth $681,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Oppenheimer & Co. Inc. lifted its position in shares of AST SpaceMobile by 48.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 532,960 shares of the company’s stock worth $26,158,000 after acquiring an additional 172,759 shares during the period. State Board of Administration of Florida Retirement System grew its holdings in shares of AST SpaceMobile by 342.2% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 132,087 shares of the company’s stock worth $6,172,000 after purchasing an additional 102,217 shares in the last quarter. Yarbrough Capital LLC increased its position in shares of AST SpaceMobile by 28.0% during the third quarter. Yarbrough Capital LLC now owns 99,372 shares of the company’s stock valued at $4,877,000 after purchasing an additional 21,739 shares during the period. Mutual Advisors LLC acquired a new position in shares of AST SpaceMobile in the third quarter valued at $1,882,000. Finally, PAX Financial Group LLC acquired a new position in shares of AST SpaceMobile in the second quarter valued at $822,000. 60.95% of the stock is owned by institutional investors and hedge funds.

AST SpaceMobile Price Performance

Shares of ASTS stock opened at $88.21 on Thursday. The stock’s fifty day simple moving average is $96.00 and its 200 day simple moving average is $75.03. The company has a debt-to-equity ratio of 0.92, a current ratio of 16.35 and a quick ratio of 16.27. The firm has a market cap of $32.37 billion, a price-to-earnings ratio of -66.83 and a beta of 2.77. AST SpaceMobile, Inc. has a one year low of $18.22 and a one year high of $129.89.

AST SpaceMobile (NASDAQ:ASTS) last announced its quarterly earnings results on Monday, March 2nd. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.08). The company had revenue of $54.31 million during the quarter, compared to the consensus estimate of $39.53 million. AST SpaceMobile had a negative net margin of 482.16% and a negative return on equity of 23.02%. The company’s revenue for the quarter was up 2731.3% compared to the same quarter last year. On average, analysts expect that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on ASTS. Scotiabank downgraded shares of AST SpaceMobile from a “sector perform” rating to a “sector underperform” rating and set a $45.60 price target on the stock. in a research note on Wednesday, January 7th. Zacks Research upgraded shares of AST SpaceMobile from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. UBS Group raised their price objective on shares of AST SpaceMobile from $43.00 to $85.00 and gave the stock a “neutral” rating in a report on Wednesday, March 4th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of AST SpaceMobile in a research report on Tuesday, January 20th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of AST SpaceMobile in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, AST SpaceMobile has a consensus rating of “Reduce” and a consensus price target of $63.77.

Insider Buying and Selling at AST SpaceMobile

In other news, Director Keith R. Larson bought 625 shares of the stock in a transaction dated Wednesday, December 24th. The shares were acquired at an average price of $80.00 per share, with a total value of $50,000.00. Following the acquisition, the director owned 2,015 shares in the company, valued at $161,200. This trade represents a 44.96% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 30.90% of the company’s stock.

About AST SpaceMobile

AST SpaceMobile is a U.S.-based aerospace company developing a space-based cellular broadband network designed to connect standard mobile phones and other devices directly to satellites. The company’s core proposition is “space-to-cell” service: operating a constellation of low-Earth-orbit (LEO) satellites equipped with large, high-power phased-array antennas to provide wide-area mobile broadband without requiring users to buy specialized terminals or handset modifications.

AST SpaceMobile designs, builds and operates satellite payloads and supporting ground infrastructure.