AST SpaceMobile, Inc. (NASDAQ:ASTS) Expected to Post Q3 2024 Earnings of ($0.18) Per Share

AST SpaceMobile, Inc. (NASDAQ:ASTS) – Analysts at B. Riley lifted their Q3 2024 earnings per share (EPS) estimates for shares of AST SpaceMobile in a research report issued to clients and investors on Thursday, August 29th. B. Riley analyst M. Crawford now anticipates that the company will post earnings of ($0.18) per share for the quarter, up from their prior forecast of ($0.20). B. Riley currently has a “Buy” rating and a $36.00 target price on the stock. The consensus estimate for AST SpaceMobile’s current full-year earnings is ($0.78) per share. B. Riley also issued estimates for AST SpaceMobile’s Q4 2024 earnings at ($0.18) EPS, FY2024 earnings at ($0.78) EPS and FY2025 earnings at ($0.24) EPS.

ASTS has been the topic of a number of other research reports. Scotiabank upped their price target on shares of AST SpaceMobile from $28.00 to $45.90 and gave the stock a “sector outperform” rating in a research note on Monday, August 26th. UBS Group increased their price target on shares of AST SpaceMobile from $13.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, August 15th.

AST SpaceMobile Stock Down 0.7 %

Shares of NASDAQ:ASTS opened at $29.04 on Monday. The company has a current ratio of 6.38, a quick ratio of 6.38 and a debt-to-equity ratio of 0.83. The stock has a fifty day simple moving average of $19.26 and a two-hundred day simple moving average of $9.51. AST SpaceMobile has a 12-month low of $1.97 and a 12-month high of $39.08. The stock has a market capitalization of $7.48 billion, a price-to-earnings ratio of -29.63 and a beta of 1.61.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. grew its position in AST SpaceMobile by 5.5% in the 2nd quarter. Victory Capital Management Inc. now owns 15,542 shares of the company’s stock worth $180,000 after purchasing an additional 814 shares during the period. Accordant Advisory Group Inc grew its holdings in shares of AST SpaceMobile by 2.0% in the second quarter. Accordant Advisory Group Inc now owns 162,823 shares of the company’s stock worth $1,890,000 after acquiring an additional 3,146 shares during the period. MBE Wealth Management LLC increased its position in AST SpaceMobile by 34.1% during the second quarter. MBE Wealth Management LLC now owns 27,000 shares of the company’s stock valued at $313,000 after acquiring an additional 6,870 shares during the last quarter. Cantor Fitzgerald L. P. bought a new position in AST SpaceMobile in the fourth quarter valued at about $66,000. Finally, Calton & Associates Inc. purchased a new position in AST SpaceMobile in the second quarter worth about $128,000. 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.