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:

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