AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 1.6% - Here's What Happened

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

Analyst Ratings Changes

Several research analysts have weighed in on ASTS shares. Roth Capital started coverage on AST SpaceMobile in a research report on Thursday, April 10th. They issued a "buy" rating and a $42.00 price objective on the stock. Scotiabank dropped their price target on AST SpaceMobile from $47.90 to $45.40 and set a "sector outperform" rating on the stock in a research report on Tuesday, May 13th. UBS Group upped their price target on AST SpaceMobile from $31.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, March 5th. Oppenheimer assumed coverage on AST SpaceMobile in a research report on Monday, May 5th. They set a "market perform" rating on the stock. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $30.00 price target on shares of AST SpaceMobile in a research report on Tuesday, March 4th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $42.40.

AST SpaceMobile Stock Performance

The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80. The company has a market capitalization of $7.86 billion, a P/E ratio of -11.72 and a beta of 2.05. The business has a 50 day moving average of $24.08 and a 200-day moving average of $24.57.

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

Insider Activity at AST SpaceMobile

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of the company's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $30.73, for a total value of $614,600.00. Following the transaction, the director now directly owns 52,628 shares in the company, valued at $1,617,258.44. This represents a 27.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Huiwen Yao sold 55,000 shares of the company's stock in a transaction dated Friday, May 16th. The stock was 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. 34.15% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AST SpaceMobile

Hedge funds and other institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of AST SpaceMobile by 11.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,266,713 shares of the company's stock worth $26,728,000 after purchasing an additional 135,008 shares in the last quarter. Handelsbanken Fonder AB purchased a new position in shares of AST SpaceMobile in the 4th quarter worth about $755,000. Wells Fargo & Company MN boosted its holdings in shares of AST SpaceMobile by 25.2% in the 4th quarter. Wells Fargo & Company MN now owns 117,822 shares of the company's stock worth $2,486,000 after purchasing an additional 23,746 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of AST SpaceMobile by 150.1% in the 4th quarter. Van ECK Associates Corp now owns 258,747 shares of the company's stock worth $5,460,000 after purchasing an additional 155,310 shares in the last quarter. Finally, Toronto Dominion Bank purchased a new position in shares of AST SpaceMobile in the 4th quarter worth about $4,220,000. 60.95% of the stock is currently 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.