These Analysts Revise Their Forecasts On AST SpaceMobile After Q2 Results

Benzinga Earnings08-11 21:24

AST SpaceMobile Inc. (NASDAQ:ASTS) on Monday reported downbeat second-quarter results.

AST SpaceMobile reported an adjusted loss of 35 cents per share, missing the consensus estimate of a 28-cent loss. In addition, the company reported revenue of $31.52 million, missing the consensus estimate of $34.977 million.

"AST SpaceMobile’s differentiated technology platform and deep intellectual property portfolio, partner-first mobile network operator strategy, vertically integrated manufacturing capabilities, and comprehensive spectrum strategy are foundational to the space-based cellular broadband market we invented," said Abel Avellan, AST SpaceMobile’s Chairman and CEO.

AST SpaceMobile reaffirmed its fiscal-year revenue outlook of between $150 million and $200 million, versus the $168.88 million consensus estimate.

AST SpaceMobile shares gained 1.8% to $69.96 in pre-market trading.

These analysts made changes to their price targets on AST SpaceMobile following earnings announcement.

  • Cantor Fitzgerald analyst Colin Canfield maintained the stock with an Overweight rating and raised the price target from $80 to $90.
  • Piper Sandler analyst Alexander Potter maintained the stock with an Overweight rating and lowered the price target from $100 to $98.

Considering buying ASTS stock? Here’s what analysts think:

Photo via Shutterstock

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment