AST SpaceMobile (NASDAQ:ASTS) Trading Down 1.4% - Here's Why

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) shares fell 1.4% on Tuesday . The company traded as low as $45.37 and last traded at $45.05. 2,509,408 shares traded hands during trading, a decline of 80% from the average session volume of 12,699,857 shares. The stock had previously closed at $45.69.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ASTS. B. Riley restated a "buy" rating and set a $44.00 target price (up previously from $36.00) on shares of AST SpaceMobile in a research note on Monday, June 16th. Oppenheimer began coverage on shares of AST SpaceMobile in a research note on Monday, May 5th. They issued a "market perform" rating on the stock. Scotiabank reiterated a "sector perform" rating and issued a $45.40 price target on shares of AST SpaceMobile in a research note on Monday, June 23rd. 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. Finally, Roth Capital began coverage on shares of AST SpaceMobile in a research note on Thursday, April 10th. They issued a "buy" rating and a $42.00 price target on the stock. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $45.34.

AST SpaceMobile Price Performance

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

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

Insider Activity

In related news, President Scott Wisniewski sold 50,000 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $35.65, for a total transaction of $1,782,500.00. Following the transaction, the president directly owned 545,595 shares in the company, valued at approximately $19,450,461.75. This represents a 8.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Huiwen Yao sold 4,250 shares of the company's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $34.60, for a total transaction of $147,050.00. Following the transaction, the chief technology officer owned 20,750 shares in the company, valued at $717,950. The trade was a 17.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 184,250 shares of company stock worth $6,146,750. 34.15% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AST SpaceMobile

Hedge funds have recently added to or reduced their stakes in the company. Sunbelt Securities Inc. grew its holdings in AST SpaceMobile by 61.9% during the 1st 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 grew its holdings in AST SpaceMobile by 388.7% during 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 position in AST SpaceMobile during the 4th quarter valued at about $37,000. Financial Gravity Asset Management Inc. bought a new position in AST SpaceMobile in the 1st quarter worth about $41,000. Finally, Close Asset Management Ltd grew its stake in AST SpaceMobile by 72.4% in the 1st quarter. Close Asset Management Ltd now owns 1,810 shares of the company's stock worth $41,000 after acquiring an additional 760 shares in the last quarter. 60.95% of the stock is currently owned by institutional investors.

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.