AST SpaceMobile (NASDAQ:ASTS) Trading Down 5.3% - Here's Why

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) dropped 5.3% during mid-day trading on Monday . The stock traded as low as $46.20 and last traded at $46.74. Approximately 6,884,352 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 12,388,090 shares. The stock had previously closed at $49.36.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Roth Capital initiated coverage on shares of AST SpaceMobile in a research report on Thursday, April 10th. They set a "buy" rating and a $42.00 price target on the stock. UBS Group lifted their target price on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a "buy" rating in a research report on Wednesday, March 5th. B. Riley restated a "buy" rating and issued a $44.00 target price (up previously from $36.00) on shares of AST SpaceMobile in a research note on Monday, June 16th. Scotiabank reaffirmed a "sector perform" rating and set a $45.40 price target on shares of AST SpaceMobile in a research report on Monday, June 23rd. Finally, Bank of America began coverage on AST SpaceMobile in a research report on Wednesday, June 25th. They issued a "neutral" rating and a $55.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $45.34.

AST SpaceMobile Price Performance

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 business's fifty day moving average is $32.44 and its 200 day moving average is $27.27. The company has a market cap of $14.52 billion, a P/E ratio of -23.05 and a beta of 2.27.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last issued 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 firm had revenue of $0.72 million during the quarter, compared to the consensus estimate of $3.85 million. AST SpaceMobile had a negative net margin of 7,033.22% and a negative return on equity of 23.56%. As a group, sell-side analysts anticipate that AST SpaceMobile, Inc. will post -0.4 EPS for the current year.

Insider Activity at AST SpaceMobile

In related news, President Scott Wisniewski sold 50,000 shares of the firm'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 value of $1,782,500.00. Following the completion of the transaction, the president directly owned 545,595 shares of the company's stock, valued at approximately $19,450,461.75. This trade represents a 8.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Shanti B. Gupta sold 10,000 shares of AST SpaceMobile stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $41.84, for a total transaction of $418,400.00. Following the completion of the transaction, the chief operating officer owned 305,667 shares of the company's stock, valued at $12,789,107.28. This represents a 3.17% 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. Company insiders own 34.15% of the company's stock.

Institutional Investors Weigh In On AST SpaceMobile

Several institutional investors have recently made changes to their positions in the stock. Sunbelt Securities Inc. grew 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 valued at $30,000 after purchasing an additional 505 shares in the last quarter. GAMMA Investing LLC boosted its stake in AST SpaceMobile by 388.7% in the 1st 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. Summit Securities Group LLC purchased a new position in AST SpaceMobile during the 4th quarter valued at about $37,000. Financial Gravity Asset Management Inc. bought a new stake in shares of AST SpaceMobile during the first quarter valued at about $41,000. Finally, Close Asset Management Ltd increased its position in shares of 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 buying an additional 760 shares during the period. Hedge funds and other institutional investors own 60.95% of the company's stock.

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.