AST SpaceMobile (NASDAQ:ASTS) Shares Down 1.3% - Here's What Happened

Key Points

• AST SpaceMobile shares fell 1.3% to $61.00, with trading volume 55% below the average session volume. The stock remains well below its 200-day moving average of $77.78.
• Analyst sentiment is mixed, with six Buy, five Hold, and two Sell ratings; the consensus is Hold with an average price target of $86.58.
• The company’s latest quarterly results missed expectations, reporting a loss of $0.77 per share versus the projected $0.32 loss and revenue of $31.52 million versus the $34.53 million consensus estimate.

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) shares traded down 1.3% during trading on Monday. The stock traded as low as $60.27 and last traded at $61.00. 7,468,981 shares traded hands during trading, a decline of 55% from the average session volume of 16,571,643 shares. The stock had previously closed at $61.81.

Analyst Ratings Changes

A number of research analysts have weighed in on ASTS shares. Weiss Ratings restated a "sell (d-)" rating on shares of AST SpaceMobile in a report on Monday, September 21st. Berenberg Bank assumed coverage on shares of AST SpaceMobile in a report on Wednesday, September 2nd. They set a "buy" rating and a $92.00 target price for the company. B. Riley Financial raised shares of AST SpaceMobile from a "neutral" rating to a "buy" rating and set a $85.00 price target on the stock in a research note on Friday, July 17th. Deutsche Bank Aktiengesellschaft set a $93.00 price objective on shares of AST SpaceMobile in a research note on Wednesday, August 12th. Finally, Cantor Fitzgerald raised their target price on shares of AST SpaceMobile from $80.00 to $90.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 11th. Six equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $86.58.

AST SpaceMobile Trading Down 1.3%

The company has a market capitalization of $23.74 billion, a PE ratio of -28.50 and a beta of 2.74. The company has a fifty day simple moving average of $62.88 and a 200-day simple moving average of $77.78. The company has a current ratio of 13.05, a quick ratio of 12.90 and a debt-to-equity ratio of 1.24.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.77) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.45). AST SpaceMobile had a negative return on equity of 22.88% and a negative net margin of 536.66%.The company had revenue of $31.52 million for the quarter, compared to analysts' expectations of $34.53 million. During the same quarter in the prior year, the firm earned ($0.41) EPS. Analysts predict that AST SpaceMobile, Inc. will post -1.95 EPS for the current year.

Insiders Place Their Bets

In other AST SpaceMobile news, COO Shanti Gupta sold 12,000 shares of AST SpaceMobile stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $58.89, for a total transaction of $706,680.00. Following the transaction, the chief operating officer directly owned 462,980 shares of the company's stock, valued at $27,264,892.20. The trade was a 2.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Adriana Cisneros bought 10,822 shares of the firm's stock in a transaction on Monday, August 31st. The stock was purchased at an average price of $57.22 per share, for a total transaction of $619,234.84. Following the completion of the acquisition, the director directly owned 797,023 shares in the company, valued at $45,605,656.06. The trade was a 1.38% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 20.89% of the stock is owned by insiders.

Institutional Trading of AST SpaceMobile

Several institutional investors have recently made changes to their positions in ASTS. QRG Capital Management Inc. grew its position in AST SpaceMobile by 11.6% in the second quarter. QRG Capital Management Inc. now owns 8,496 shares of the company's stock worth $755,000 after acquiring an additional 886 shares during the period. Sequoia Financial Advisors LLC increased its stake in AST SpaceMobile by 21.0% during the second quarter. Sequoia Financial Advisors LLC now owns 5,309 shares of the company's stock worth $472,000 after acquiring an additional 920 shares during the last quarter. Tidal Investments LLC raised its position in AST SpaceMobile by 9,876.8% in the second quarter. Tidal Investments LLC now owns 1,049,061 shares of the company's stock valued at $93,220,000 after purchasing an additional 1,038,546 shares during the period. IPG Investment Advisors LLC raised its position in AST SpaceMobile by 15.9% in the second quarter. IPG Investment Advisors LLC now owns 8,660 shares of the company's stock valued at $770,000 after purchasing an additional 1,185 shares during the period. Finally, MCF Advisors LLC lifted its stake in shares of AST SpaceMobile by 365.1% in the 2nd quarter. MCF Advisors LLC now owns 1,372 shares of the company's stock valued at $122,000 after purchasing an additional 1,077 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 develops a space-based cellular broadband network designed to connect standard, unmodified mobile phones directly to satellites. Its planned service is intended to extend mobile connectivity beyond the coverage of traditional terrestrial wireless networks, including in rural, remote and underserved areas.

The company's primary technology platform consists of large, low-Earth-orbit satellites known as BlueBirds. AST SpaceMobile is developing these satellites to provide voice, messaging and broadband data services through partnerships with mobile network operators, using existing cellular devices and spectrum where permitted.

Founded in 2017 and headquartered in Midland, Texas, AST SpaceMobile was established by Abel Avellan, who serves as its chairman and chief executive officer.

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