AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 4.3% - Here's Why

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report)'s share price was down 4.3% during trading on Tuesday . The stock traded as low as $51.21 and last traded at $54.22. Approximately 6,583,069 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 12,905,657 shares. The stock had previously closed at $56.67.

Wall Street Analysts Forecast Growth

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

AST SpaceMobile Stock Performance

The company has a 50-day moving average price of $37.74 and a two-hundred day moving average price of $29.32. 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 $18.10 billion, a P/E ratio of -28.57 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 for the quarter, missing analysts' consensus estimates 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 business had revenue of $0.72 million during the quarter, compared to analysts' expectations of $3.85 million. On average, 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, CTO Huiwen Yao sold 55,000 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $26.82, for a total transaction of $1,475,100.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Scott Wisniewski sold 50,000 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $35.65, for a total transaction of $1,782,500.00. Following the sale, the president 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 have sold a total of 184,250 shares of company stock valued at $6,146,750 over the last 90 days. 41.80% of the stock is owned by insiders.

Institutional Investors Weigh In On AST SpaceMobile

Large investors have recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. grew its stake in AST SpaceMobile by 61.9% in the 1st quarter. Sunbelt Securities Inc. now owns 1,321 shares of the company's stock worth $30,000 after acquiring an additional 505 shares in the last quarter. GAMMA Investing LLC lifted 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 acquiring an additional 1,240 shares during the last quarter. Summit Securities Group LLC purchased a new position in shares of AST SpaceMobile in the fourth quarter worth $37,000. Financial Gravity Asset Management Inc. purchased a new position in shares of AST SpaceMobile in the first quarter worth $41,000. Finally, Close Asset Management Ltd increased its stake in shares of AST SpaceMobile by 72.4% in the first quarter. Close Asset Management Ltd now owns 1,810 shares of the company's stock worth $41,000 after acquiring an additional 760 shares during the period. 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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