AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 5.6% – What’s Next?

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) traded down 5.6% during trading on Wednesday . The company traded as low as $62.42 and last traded at $62.42. 8,215,625 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 17,136,135 shares. The stock had previously closed at $66.12.

Wall Street Analyst Weigh In

ASTS has been the topic of several recent research reports. UBS Group started coverage on shares of AST SpaceMobile in a research note on Wednesday, September 2nd. They issued a “buy” rating on the stock. Cantor Fitzgerald boosted their price target 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. William Blair restated a “market perform” rating on shares of AST SpaceMobile in a report on Friday, May 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AST SpaceMobile in a research note on Wednesday, June 24th. Finally, Deutsche Bank Aktiengesellschaft set a $93.00 target price on shares of AST SpaceMobile in a research report on Wednesday, August 12th. Six analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $86.58.

AST SpaceMobile Stock Down 5.6%

The firm has a market cap of $24.29 billion, a P/E ratio of -29.17 and a beta of 2.74. The firm’s 50 day moving average is $66.06 and its two-hundred day moving average is $80.26. 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) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.77) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.45). The business had revenue of $31.52 million during the quarter, compared to the consensus estimate of $34.53 million. AST SpaceMobile had a negative return on equity of 22.88% and a negative net margin of 536.66%.During the same quarter last year, the company earned ($0.41) earnings per share. As a group, research analysts anticipate that AST SpaceMobile, Inc. will post -1.95 EPS for the current fiscal year.

Insider Activity at AST SpaceMobile

In other AST SpaceMobile news, CFO Andrew Johnson sold 45,809 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $93.81, for a total transaction of $4,297,342.29. Following the sale, the chief financial officer directly owned 503,619 shares in the company, valued at approximately $47,244,498.39. This trade represents a 8.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Adriana Cisneros purchased 10,822 shares of the business’s stock in a transaction on Monday, August 31st. The stock was bought at an average cost of $57.22 per share, for a total transaction of $619,234.84. Following the purchase, the director owned 797,023 shares of the company’s stock, valued at approximately $45,605,656.06. This represents a 1.38% increase in their position. The disclosure for this purchase is available in the SEC filing. 20.89% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AST SpaceMobile

Large investors have recently made changes to their positions in the stock. Sequoia Financial Advisors LLC raised its holdings in shares of 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 period. Tidal Investments LLC boosted its stake in AST SpaceMobile by 9,876.8% in the 2nd quarter. Tidal Investments LLC now owns 1,049,061 shares of the company’s stock worth $93,220,000 after purchasing an additional 1,038,546 shares during the period. IPG Investment Advisors LLC increased its holdings in AST SpaceMobile by 15.9% during the 2nd quarter. IPG Investment Advisors LLC now owns 8,660 shares of the company’s stock worth $770,000 after purchasing an additional 1,185 shares in the last quarter. MCF Advisors LLC increased its holdings in AST SpaceMobile by 365.1% during the 2nd quarter. MCF Advisors LLC now owns 1,372 shares of the company’s stock worth $122,000 after purchasing an additional 1,077 shares in the last quarter. Finally, National Pension Service raised its stake in shares of AST SpaceMobile by 90.8% in the 2nd quarter. National Pension Service now owns 24,235 shares of the company’s stock valued at $2,154,000 after purchasing an additional 11,536 shares during the period. Institutional investors own 60.95% of the company’s stock.

AST SpaceMobile Company Profile

AST SpaceMobile is a U.S.-based aerospace company developing a space-based cellular broadband network designed to connect standard mobile phones and other devices directly to satellites. The company’s core proposition is “space-to-cell” service: operating a constellation of low-Earth-orbit (LEO) satellites equipped with large, high-power phased-array antennas to provide wide-area mobile broadband without requiring users to buy specialized terminals or handset modifications.

AST SpaceMobile designs, builds and operates satellite payloads and supporting ground infrastructure.