AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 1.6% - Time to Sell?

Key Points

• AST SpaceMobile's stock (NASDAQ:ASTS) fell by 1.6% during trading, with a recent price of $48.17, and a significant drop in trading volume.
• Recent analyst coverage includes a "buy" rating from B. Riley with a target price raised to $44.00, while UBS Group increased their target price to $62.00.
• The company reported a quarterly earnings miss with a loss of ($0.41) per share, significantly below expectations, and revenues of only $1.16 million, against an anticipated $6.37 million.

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) dropped 1.6% during mid-day trading on Friday . The company traded as low as $46.76 and last traded at $48.17. Approximately 2,184,473 shares changed hands during trading, a decline of 81% from the average daily volume of 11,678,413 shares. The stock had previously closed at $48.95.

Analyst Upgrades and Downgrades

ASTS has been the subject of a number of recent research reports. William Blair initiated coverage on shares of AST SpaceMobile in a research report on Thursday, August 21st. They set a "market perform" rating for the company. B. Riley reaffirmed a "buy" rating and issued a $44.00 target price (up from $36.00) on shares of AST SpaceMobile in a report on Monday, June 16th. Scotiabank decreased their target price on shares of AST SpaceMobile from $45.40 to $42.90 and set a "sector perform" rating for the company in a report on Thursday, August 7th. Bank of America assumed coverage on shares of AST SpaceMobile in a report on Wednesday, June 25th. They issued a "neutral" rating and a $55.00 target price for the company. Finally, UBS Group lifted their target price on shares of AST SpaceMobile from $38.00 to $62.00 and gave the stock a "buy" rating in a report on Thursday, August 14th. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $48.41.

AST SpaceMobile Price Performance

The company has a quick ratio of 8.23, a current ratio of 8.23 and a debt-to-equity ratio of 0.42. The firm's fifty day moving average price is $49.87 and its two-hundred day moving average price is $34.95. The stock has a market capitalization of $17.53 billion, a PE ratio of -25.86 and a beta of 2.33.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.22). AST SpaceMobile had a negative net margin of 7,213.90% and a negative return on equity of 26.81%. The company had revenue of $1.16 million for the quarter, compared to analysts' expectations of $6.37 million. On average, equities analysts predict that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current year.

Insider Buying and Selling at AST SpaceMobile

In other AST SpaceMobile news, CFO Andrew Martin Johnson sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $52.48, for a total transaction of $1,049,600.00. Following the completion of the sale, the chief financial officer directly owned 397,485 shares of the company's stock, valued at approximately $20,860,012.80. This represents a 4.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Scott Wisniewski sold 50,000 shares of the company's stock in a transaction that occurred on 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 sale, the president directly owned 545,595 shares of the company's stock, valued at approximately $19,450,461.75. This represents a 8.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 149,250 shares of company stock valued at $5,721,250 in the last ninety days. Corporate insiders own 34.15% of the company's stock.

Institutional Trading of AST SpaceMobile

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Atlantic Union Bankshares Corp purchased a new stake in AST SpaceMobile during the second quarter valued at approximately $28,000. Sunbelt Securities Inc. boosted its position in shares of AST SpaceMobile by 61.9% in the first quarter. Sunbelt Securities Inc. now owns 1,321 shares of the company's stock worth $30,000 after purchasing an additional 505 shares during the period. Binnacle Investments Inc bought a new position in shares of AST SpaceMobile in the second quarter worth approximately $33,000. GAMMA Investing LLC boosted its position in shares of AST SpaceMobile by 388.7% in the first quarter. GAMMA Investing LLC now owns 1,559 shares of the company's stock worth $35,000 after purchasing an additional 1,240 shares during the period. Finally, Chapman Financial Group LLC bought a new position in shares of AST SpaceMobile in the second quarter worth approximately $38,000. 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.

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