AST SpaceMobile (NASDAQ:ASTS) Shares Down 1.6% - Here's Why

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report)'s share price fell 1.6% during trading on Friday . The company traded as low as $23.81 and last traded at $24.03. 2,532,483 shares were traded during mid-day trading, a decline of 80% from the average session volume of 12,493,931 shares. The stock had previously closed at $24.41.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ASTS. Oppenheimer began coverage on AST SpaceMobile in a report on Monday, May 5th. They set a "market perform" rating on the stock. Roth Capital started coverage on shares of AST SpaceMobile in a research report on Thursday, April 10th. They issued a "buy" rating and a $42.00 price objective for the company. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $30.00 price objective on shares of AST SpaceMobile in a research note on Tuesday, March 4th. UBS Group increased their target price on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, March 5th. Finally, Scotiabank reduced their price target on shares of AST SpaceMobile from $47.90 to $45.40 and set a "sector outperform" rating for the company in a research report on Tuesday, May 13th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $42.40.

AST SpaceMobile Stock Up 4.9%

The firm has a market cap of $8.00 billion, a PE ratio of -11.71 and a beta of 2.05. The stock has a 50-day simple moving average of $24.08 and a two-hundred day simple moving average of $24.57. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last released its earnings results on Monday, May 12th. The company reported ($0.20) earnings per share for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.03). The firm had revenue of $0.72 million during the quarter, compared to the consensus estimate of $3.85 million. Analysts expect that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current year.

Insider Activity

In related news, Director Julio A. Torres sold 20,000 shares of the business's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $30.73, for a total transaction of $614,600.00. Following the transaction, the director now owns 52,628 shares in the company, valued at $1,617,258.44. The trade was a 27.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Huiwen Yao sold 55,000 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $26.82, for a total value of $1,475,100.00. The disclosure for this sale can be found here. Insiders own 34.15% of the company's stock.

Hedge Funds Weigh In On AST SpaceMobile

Several hedge funds have recently made changes to their positions in the business. KBC Group NV boosted its holdings in AST SpaceMobile by 63.8% in the fourth quarter. KBC Group NV now owns 6,509 shares of the company's stock valued at $137,000 after acquiring an additional 2,536 shares in the last quarter. MBE Wealth Management LLC lifted its position in shares of AST SpaceMobile by 7.0% in the 4th quarter. MBE Wealth Management LLC now owns 39,718 shares of the company's stock worth $838,000 after purchasing an additional 2,602 shares during the period. Chicago Partners Investment Group LLC boosted its stake in shares of AST SpaceMobile by 19.3% during the 4th quarter. Chicago Partners Investment Group LLC now owns 61,858 shares of the company's stock valued at $1,392,000 after purchasing an additional 10,004 shares in the last quarter. Golden State Wealth Management LLC purchased a new position in shares of AST SpaceMobile during the fourth quarter valued at about $46,000. Finally, Kingsview Wealth Management LLC increased its position in shares of AST SpaceMobile by 23.3% during the fourth quarter. Kingsview Wealth Management LLC now owns 27,633 shares of the company's stock valued at $583,000 after buying an additional 5,223 shares during the period. 60.95% of the stock is owned by hedge funds and other institutional investors.

AST SpaceMobile Company Profile

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.