AST SpaceMobile (NASDAQ:ASTS) Shares Down 3.4% - Here's What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) shares traded down 3.4% during mid-day trading on Wednesday . The company traded as low as $42.81 and last traded at $43.90. 4,204,066 shares traded hands 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.

Wall Street Analysts Forecast Growth

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

AST SpaceMobile Price Performance

The company has a debt-to-equity ratio of 0.60, a quick ratio of 10.62 and a current ratio of 10.62. The firm has a market cap of $13.45 billion, a P/E ratio of -21.36 and a beta of 2.27. The company has a 50-day moving average of $33.74 and a 200 day moving average of $27.76.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.03). AST SpaceMobile had a negative return on equity of 23.56% and a negative net margin of 7,033.22%. The company had revenue of $0.72 million for the quarter, compared to the consensus estimate of $3.85 million. On average, sell-side analysts anticipate that AST SpaceMobile, Inc. will post -0.4 EPS for the current year.

Insider Buying and Selling at AST SpaceMobile

In other AST SpaceMobile news, COO Shanti B. Gupta sold 15,000 shares of AST SpaceMobile stock in a transaction on Monday, June 9th. The stock was sold at an average price of $36.08, for a total value of $541,200.00. Following the completion of the transaction, the chief operating officer owned 315,667 shares in the company, valued at approximately $11,389,265.36. The trade was a 4.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Scott Wisniewski sold 50,000 shares of AST SpaceMobile stock in a transaction 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 transaction, the president owned 545,595 shares of the company's stock, valued at approximately $19,450,461.75. The trade was a 8.39% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 184,250 shares of company stock worth $6,146,750. 41.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AST SpaceMobile

Institutional investors and hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its position in shares of AST SpaceMobile by 11.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,266,713 shares of the company's stock worth $26,728,000 after acquiring an additional 135,008 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of AST SpaceMobile by 25.2% during the fourth quarter. Wells Fargo & Company MN now owns 117,822 shares of the company's stock worth $2,486,000 after acquiring an additional 23,746 shares during the last quarter. Two Sigma Investments LP raised its position in shares of AST SpaceMobile by 117.5% during the fourth quarter. Two Sigma Investments LP now owns 51,874 shares of the company's stock worth $1,095,000 after acquiring an additional 28,025 shares during the last quarter. Toronto Dominion Bank bought a new stake in shares of AST SpaceMobile during the fourth quarter worth $4,220,000. Finally, BNP Paribas Financial Markets bought a new stake in shares of AST SpaceMobile during the fourth quarter worth $3,264,000. Institutional investors own 60.95% of the company's stock.

About AST SpaceMobile

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.

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