AST SpaceMobile (NASDAQ:ASTS) Trading Down 3% After Insider Selling

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report)'s stock price dropped 3% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $40.00 and last traded at $40.64. Approximately 4,169,762 shares traded hands during trading, a decline of 66% from the average daily volume of 12,390,487 shares. The stock had previously closed at $41.91.

Specifically, COO Shanti B. Gupta sold 10,000 shares of the firm's stock in a transaction dated 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 sale, the chief operating officer now owns 305,667 shares in the company, valued at approximately $12,789,107.28. This trade represents a 3.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. B. Riley raised their price objective on shares of AST SpaceMobile from $36.00 to $44.00 and gave the stock a "buy" rating in a research report on Monday. Scotiabank dropped their price target on AST SpaceMobile from $47.90 to $45.40 and set a "sector outperform" rating for the company in a report on Tuesday, May 13th. Roth Capital assumed coverage on AST SpaceMobile in a report on Thursday, April 10th. They issued a "buy" rating and a $42.00 price objective on the stock. Cantor Fitzgerald reiterated an "overweight" rating and set a $30.00 price objective on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Finally, Oppenheimer assumed coverage on shares of AST SpaceMobile in a research report on Monday, May 5th. They issued a "market perform" rating for the company. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $43.73.

AST SpaceMobile Price Performance

The company has a fifty day simple moving average of $26.17 and a two-hundred day simple moving average of $25.20. The stock has a market capitalization of $12.83 billion, a price-to-earnings ratio of -19.16 and a beta of 2.02. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.20) EPS for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.03). The company had revenue of $0.72 million during the quarter, compared to analyst estimates of $3.85 million. As a group, equities research analysts expect that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sunbelt Securities Inc. boosted its position in AST SpaceMobile by 61.9% during the 1st quarter. Sunbelt Securities Inc. now owns 1,321 shares of the company's stock worth $30,000 after buying an additional 505 shares during the period. GAMMA Investing LLC lifted its holdings in shares of 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 purchasing an additional 1,240 shares during the period. Summit Securities Group LLC bought a new stake in shares of AST SpaceMobile in the fourth quarter worth $37,000. Financial Gravity Asset Management Inc. acquired a new stake in AST SpaceMobile in the first quarter valued at $41,000. Finally, Close Asset Management Ltd raised its position in AST SpaceMobile by 72.4% during the 1st quarter. Close Asset Management Ltd now owns 1,810 shares of the company's stock worth $41,000 after purchasing an additional 760 shares during the last quarter. 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.

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