AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 1.1% - Time to Sell?

Key Points

• AST SpaceMobile's stock (NASDAQ:ASTS) dropped 1.1% during mid-day trading, with a significant 74% decline in trading volume compared to its average.
• Analysts have mixed ratings for AST SpaceMobile, with a consensus of "Moderate Buy" and a target price averaging around $45.34.
• The company's recent earnings report showed a loss of $0.20 per share, which missed analyst expectations, and a revenue of only $0.72 million compared to projected estimates of $3.85 million.

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report)'s share price fell 1.1% during trading on Wednesday . The company traded as low as $51.40 and last traded at $52.00. 3,105,594 shares were traded during trading, a decline of 74% from the average session volume of 12,028,079 shares. The stock had previously closed at $52.57.

Analysts Set New Price Targets

A number of brokerages recently commented on ASTS. Oppenheimer began coverage on AST SpaceMobile in a report on Monday, May 5th. They set a "market perform" rating on the stock. Bank of America started coverage on AST SpaceMobile in a research report on Wednesday, June 25th. They issued a "neutral" rating and a $55.00 target price for the company. B. Riley reissued a "buy" rating and issued a $44.00 target price (up from $36.00) on shares of AST SpaceMobile in a research report on Monday, June 16th. Finally, Scotiabank decreased their target price on AST SpaceMobile from $45.40 to $42.90 and set a "sector perform" rating for the company in a research report on Thursday. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $44.99.

AST SpaceMobile Stock Down 2.3%

The company has a quick ratio of 10.62, a current ratio of 10.62 and a debt-to-equity ratio of 0.60. The stock has a 50-day simple moving average of $46.33 and a 200-day simple moving average of $32.55. The firm has a market capitalization of $14.76 billion, a PE ratio of -23.43 and a beta of 2.33.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The company had revenue of $0.72 million during 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%. Analysts forecast that AST SpaceMobile, Inc. will post -0.4 EPS for the current year.

Insider Activity

In other news, President Scott Wisniewski sold 50,000 shares of AST SpaceMobile stock in a transaction on Monday, June 9th. The stock was 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 in the company, valued at approximately $19,450,461.75. The trade was a 8.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Huiwen Yao sold 55,000 shares of AST SpaceMobile stock in a transaction on Friday, May 16th. The shares were sold at an average price of $26.82, for a total value of $1,475,100.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 184,250 shares of company stock worth $6,146,750. 34.15% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AST SpaceMobile

Hedge funds have recently made changes to their positions in the stock. Atlantic Union Bankshares Corp purchased a new position in AST SpaceMobile during the second quarter worth about $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 worth $30,000 after buying 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 worth $35,000 after buying 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 worth about $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 worth $41,000 after buying an additional 760 shares in the last quarter. 60.95% of the stock is currently 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.