B. Riley Forecasts Stronger Earnings for AST SpaceMobile

AST SpaceMobile, Inc. (NASDAQ:ASTS) – B. Riley boosted their FY2024 earnings per share estimates for AST SpaceMobile in a research note issued on Tuesday, February 25th. B. Riley analyst M. Crawford now expects that the company will post earnings of ($0.39) per share for the year, up from their prior forecast of ($0.40). The consensus estimate for AST SpaceMobile’s current full-year earnings is ($0.40) per share. B. Riley also issued estimates for AST SpaceMobile’s Q4 2024 earnings at ($0.11) EPS, FY2025 earnings at ($0.20) EPS and FY2026 earnings at ($0.15) EPS.

Several other analysts have also commented on the company. Cantor Fitzgerald raised AST SpaceMobile to a “strong-buy” rating in a report on Tuesday. UBS Group upped their price objective on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Finally, Scotiabank cut their target price on shares of AST SpaceMobile from $44.70 to $40.20 and set a “sector outperform” rating for the company in a report on Friday, January 24th. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $40.04.

AST SpaceMobile Price Performance

Shares of ASTS opened at $27.24 on Thursday. The business’s 50-day moving average is $24.07 and its two-hundred day moving average is $25.41. The company has a market capitalization of $7.89 billion, a P/E ratio of -12.85 and a beta of 1.62. AST SpaceMobile has a fifty-two week low of $1.97 and a fifty-two week high of $39.08. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

Hedge Funds Weigh In On AST SpaceMobile

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ASTS. Vanguard Group Inc. raised its position in shares of AST SpaceMobile by 49.4% during the 4th quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company’s stock worth $316,233,000 after purchasing an additional 4,955,941 shares during the last quarter. Geode Capital Management LLC increased its stake in AST SpaceMobile by 7.0% during the 4th quarter. Geode Capital Management LLC now owns 3,496,825 shares of the company’s stock worth $73,801,000 after buying an additional 229,759 shares in the last quarter. State Street Corp raised its holdings in shares of AST SpaceMobile by 14.8% during the third quarter. State Street Corp now owns 3,091,577 shares of the company’s stock valued at $80,845,000 after acquiring an additional 399,713 shares during the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in shares of AST SpaceMobile in the fourth quarter valued at approximately $59,523,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of AST SpaceMobile by 11.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,266,713 shares of the company’s stock worth $26,728,000 after acquiring an additional 135,008 shares during the last quarter. 60.95% of the stock is owned by hedge funds and other institutional investors.

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.