AST SpaceMobile (NASDAQ:ASTS) Shares Down 3.4% - Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) traded down 3.4% on Wednesday . The company traded as low as $42.81 and last traded at $43.90. 4,204,066 shares were traded during mid-day trading, a decline of 67% from the average session volume of 12,698,845 shares. The stock had previously closed at $45.46.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Roth Capital began coverage on AST SpaceMobile in a research note on Thursday, April 10th. They issued a "buy" rating and a $42.00 target price on the stock. Oppenheimer began coverage on shares of AST SpaceMobile in a research report on Monday, May 5th. They issued a "market perform" rating for the company. Bank of America began coverage on shares of AST SpaceMobile in a research note on Wednesday, June 25th. They issued a "neutral" rating and a $55.00 price target on the stock. Scotiabank reiterated a "sector perform" rating and issued a $45.40 target price on shares of AST SpaceMobile in a research report on Monday, June 23rd. Finally, B. Riley reiterated a "buy" rating and set a $44.00 price objective (up previously from $36.00) on shares of AST SpaceMobile in a research note on Monday, June 16th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $45.34.

AST SpaceMobile Trading Up 3.5%

The firm's 50 day moving average is $34.55 and its 200 day moving average is $28.00. The firm has a market capitalization of $13.92 billion, a price-to-earnings ratio of -22.10 and a beta of 2.27. The company has a quick ratio of 10.62, a current ratio of 10.62 and a debt-to-equity ratio of 0.60.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The firm had revenue of $0.72 million for the quarter, compared to analysts' expectations of $3.85 million. AST SpaceMobile had a negative return on equity of 23.56% and a negative net margin of 7,033.22%. Equities analysts forecast that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current year.

Insider Activity at AST SpaceMobile

In other news, President Scott Wisniewski sold 50,000 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $35.65, for a total value of $1,782,500.00. Following the completion of the sale, the president directly owned 545,595 shares of the company's stock, valued at $19,450,461.75. This represents a 8.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Huiwen Yao sold 55,000 shares of the business'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 transaction of $1,475,100.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 184,250 shares of company stock valued at $6,146,750. Company insiders own 34.15% of the company's stock.

Institutional Investors Weigh In On AST SpaceMobile

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ASTS. Sunbelt Securities Inc. boosted its position in AST SpaceMobile by 61.9% during the first quarter. Sunbelt Securities Inc. now owns 1,321 shares of the company's stock valued at $30,000 after purchasing an additional 505 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of AST SpaceMobile by 388.7% in the 1st quarter. GAMMA Investing LLC now owns 1,559 shares of the company's stock valued at $35,000 after purchasing an additional 1,240 shares during the last quarter. Summit Securities Group LLC bought a new stake in AST SpaceMobile in the fourth quarter worth $37,000. Financial Gravity Asset Management Inc. acquired a new position in AST SpaceMobile during the first quarter worth $41,000. Finally, Close Asset Management Ltd raised its holdings in AST SpaceMobile by 72.4% during the first quarter. Close Asset Management Ltd now owns 1,810 shares of the company's stock valued at $41,000 after buying an additional 760 shares in the last quarter. Hedge funds and other institutional investors own 60.95% of the company's stock.

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.