AST SpaceMobile (NASDAQ:ASTS) Trading Down 3.1% - Here's What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) was down 3.1% during mid-day trading on Wednesday . The company traded as low as $50.32 and last traded at $51.59. Approximately 9,430,556 shares changed hands during mid-day trading, a decline of 25% from the average daily volume of 12,547,117 shares. The stock had previously closed at $53.22.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ASTS shares. Oppenheimer started coverage on AST SpaceMobile in a report on Monday, May 5th. They issued a "market perform" rating for the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 price target on shares of AST SpaceMobile in a report on Tuesday, March 4th. Bank of America started coverage on AST SpaceMobile in a report on Wednesday. They issued a "neutral" rating and a $55.00 price target for the company. Scotiabank reiterated a "sector perform" rating and issued a $45.40 price target on shares of AST SpaceMobile in a report on Monday, June 23rd. Finally, UBS Group boosted their price target on AST SpaceMobile from $31.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday, March 5th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $45.34.

AST SpaceMobile Trading Down 2.5%

The stock's 50 day moving average price is $30.54 and its 200-day moving average price is $26.66. 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 market capitalization of $15.62 billion, a P/E ratio of -24.80 and a beta of 2.02.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last posted its 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). AST SpaceMobile had a negative net margin of 7,033.22% and a negative return on equity of 23.56%. The firm had revenue of $0.72 million for the quarter, compared to analysts' expectations 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 year.

Insider Activity at AST SpaceMobile

In other AST SpaceMobile news, President Scott Wisniewski sold 50,000 shares of the firm's stock in a transaction 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 now owns 545,595 shares of the company's stock, valued at approximately $19,450,461.75. This trade represents a 8.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Shanti B. Gupta sold 10,000 shares of the firm's stock in a transaction on Monday, June 16th. The stock was 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 now directly owns 305,667 shares of the company's stock, valued at approximately $12,789,107.28. This represents a 3.17% decrease in their position. The disclosure for this sale can be found here. Insiders sold 184,250 shares of company stock valued at $6,146,750 over the last 90 days. Insiders own 34.15% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Voya Investment Management LLC raised its holdings in shares of AST SpaceMobile by 1,992.5% in the first quarter. Voya Investment Management LLC now owns 843,554 shares of the company's stock worth $19,182,000 after buying an additional 803,240 shares during the last quarter. Strs Ohio purchased a new position in shares of AST SpaceMobile during the first quarter worth $168,000. Belpointe Asset Management LLC purchased a new position in shares of AST SpaceMobile during the first quarter worth $900,000. Intech Investment Management LLC raised its holdings in shares of AST SpaceMobile by 36.2% during the first quarter. Intech Investment Management LLC now owns 84,069 shares of the company's stock worth $1,912,000 after purchasing an additional 22,358 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of AST SpaceMobile by 18.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 325,621 shares of the company's stock worth $7,405,000 after purchasing an additional 49,811 shares during the last quarter. 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.