AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 1.8% - Should You Sell?

Key Points

• AST SpaceMobile's stock price decreased by 1.8% on Wednesday, trading between $47.12 and $48.88 with a significant drop in trading volume.
• Analysts have mixed ratings on the stock, with price targets ranging from $42.90 to $55.00, and a consensus average target price of $44.99.
• The company reported quarterly earnings showing a net loss of ($0.41) EPS, falling short of the consensus estimate by ($0.22), with revenue significantly lower than expected.

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) shares dropped 1.8% on Wednesday . The company traded as low as $47.12 and last traded at $48.88. Approximately 4,518,683 shares were traded during trading, a decline of 62% from the average daily volume of 12,013,466 shares. The stock had previously closed at $49.76.

Analysts Set New Price Targets

ASTS has been the subject of a number of recent analyst reports. Bank of America initiated coverage on shares of AST SpaceMobile in a report on Wednesday, June 25th. They set a "neutral" rating and a $55.00 price target for the company. Roth Capital reaffirmed a "buy" rating on shares of AST SpaceMobile in a report on Tuesday. Oppenheimer assumed coverage on shares of AST SpaceMobile in a report on Monday, May 5th. They set a "market perform" rating for the company. Scotiabank decreased their price objective 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. Finally, B. Riley reissued a "buy" rating and set a $44.00 price objective (up from $36.00) on shares of AST SpaceMobile in a report on Monday, June 16th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $44.99.

AST SpaceMobile Stock Performance

The stock's 50-day moving average price is $47.25 and its 200-day moving average price is $32.94. 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 company has a market capitalization of $15.85 billion, a P/E ratio of -26.50 and a beta of 2.33.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last posted its quarterly earnings results on Monday, August 11th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.22). AST SpaceMobile had a negative return on equity of 32.12% and a negative net margin of 7,213.90%. The business had revenue of $1.16 million during the quarter, compared to the consensus estimate of $6.37 million. As a group, equities analysts expect that AST SpaceMobile, Inc. will post -0.4 EPS for the current year.

Insider Activity at AST SpaceMobile

In other AST SpaceMobile news, President Scott Wisniewski sold 50,000 shares of the business'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 sale, the president directly owned 545,595 shares in the company, valued at approximately $19,450,461.75. The trade was a 8.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Shanti B. Gupta sold 10,000 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $41.84, for a total transaction of $418,400.00. Following the sale, the chief operating officer owned 305,667 shares in the company, valued at $12,789,107.28. This trade represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 184,250 shares of company stock worth $6,146,750 in the last ninety days. 41.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Atlantic Union Bankshares Corp purchased a new position in shares of AST SpaceMobile in the second quarter worth approximately $28,000. Sunbelt Securities Inc. grew 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 in the last quarter. GAMMA Investing LLC grew its position in AST SpaceMobile by 388.7% during the first 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 in the last quarter. Financial Gravity Asset Management Inc. purchased a new position in AST SpaceMobile during the first quarter valued at approximately $41,000. Finally, Close Asset Management Ltd grew its position 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 purchasing an additional 760 shares in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.