AST SpaceMobile (NASDAQ:ASTS) Trading Down 3.9% - Here's What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report)'s stock price was down 3.9% during mid-day trading on Tuesday . The stock traded as low as $44.86 and last traded at $44.89. Approximately 3,573,724 shares traded hands during trading, a decline of 72% from the average daily volume of 12,711,115 shares. The stock had previously closed at $46.73.

Analysts Set New Price Targets

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

AST SpaceMobile Stock Performance

The firm has a market capitalization of $14.62 billion, a P/E ratio of -23.24 and a beta of 2.27. The company has a debt-to-equity ratio of 0.60, a current ratio of 10.62 and a quick ratio of 10.62. The firm has a 50-day moving average price of $32.00 and a two-hundred day moving average price of $27.12.

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 the consensus estimate 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 company had revenue of $0.72 million during the quarter, compared to analysts' expectations of $3.85 million. On average, analysts forecast that AST SpaceMobile, Inc. will post -0.4 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, 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 transaction, the chief operating officer owned 305,667 shares in the company, valued at approximately $12,789,107.28. This trade represents a 3.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, President Scott Wisniewski sold 50,000 shares of AST SpaceMobile stock in a transaction dated 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 sale, the president owned 545,595 shares of the company's stock, valued at $19,450,461.75. The trade was a 8.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 184,250 shares of company stock worth $6,146,750. 34.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AST SpaceMobile

Several large investors have recently modified their holdings of ASTS. Sunbelt Securities Inc. increased its holdings in AST SpaceMobile by 61.9% during the first quarter. Sunbelt Securities Inc. now owns 1,321 shares of the company's stock valued at $30,000 after buying an additional 505 shares during the period. GAMMA Investing LLC boosted its position in AST SpaceMobile by 388.7% during the 1st 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 in the last quarter. Summit Securities Group LLC purchased a new position in shares of AST SpaceMobile in the 4th quarter valued at $37,000. Financial Gravity Asset Management Inc. bought a new position in shares of AST SpaceMobile in the 1st quarter worth $41,000. Finally, Close Asset Management Ltd raised its position in shares of AST SpaceMobile by 72.4% in the 1st quarter. Close Asset Management Ltd now owns 1,810 shares of the company's stock worth $41,000 after acquiring an additional 760 shares in 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.