AST SpaceMobile (NASDAQ:ASTS) Trading 2.9% Higher – Here’s Why

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares rose 2.9% during mid-day trading on Tuesday . The company traded as high as $59.40 and last traded at $58.22. Approximately 9,141,934 shares traded hands during trading, a decline of 24% from the average daily volume of 12,089,847 shares. The stock had previously closed at $56.60.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Zacks Research lowered shares of AST SpaceMobile from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 21st. William Blair initiated coverage on shares of AST SpaceMobile in a report on Thursday, August 21st. They set a “market perform” rating on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of AST SpaceMobile in a research report on Monday. Roth Capital reissued a “buy” rating on shares of AST SpaceMobile in a research report on Tuesday, August 12th. Finally, Barclays cut AST SpaceMobile from an “overweight” rating to an “underweight” rating and set a $60.00 price objective on the stock. in a research note on Friday, October 17th. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $45.27.

AST SpaceMobile Trading Up 2.9%

The business’s 50-day simple moving average is $65.13 and its two-hundred day simple moving average is $49.91. The company has a current ratio of 9.56, a quick ratio of 9.48 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $20.87 billion, a PE ratio of -46.95 and a beta of 2.45.

AST SpaceMobile (NASDAQ:ASTS) last issued its quarterly earnings data on Monday, November 10th. The company reported ($0.45) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.27). AST SpaceMobile had a negative net margin of 1,639.59% and a negative return on equity of 27.76%. The business had revenue of $14.74 million for the quarter, compared to analyst estimates of $22.04 million. During the same quarter last year, the business earned ($1.10) EPS. AST SpaceMobile’s revenue for the quarter was up 1236.4% compared to the same quarter last year. On average, analysts predict that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current year.

Insider Buying and Selling at AST SpaceMobile

In other news, CTO Huiwen Yao sold 40,000 shares of the business’s stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $40.58, for a total value of $1,623,200.00. Following the completion of the sale, the chief technology officer owned 4,750 shares of the company’s stock, valued at approximately $192,755. The trade was a 89.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Andrew Martin Johnson sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $52.48, for a total transaction of $1,049,600.00. Following the completion of the sale, the chief financial officer owned 397,485 shares in the company, valued at approximately $20,860,012.80. This trade represents a 4.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 30.90% of the company’s stock.

Institutional Trading of AST SpaceMobile

Institutional investors and hedge funds have recently bought and sold shares of the company. REAP Financial Group LLC bought a new stake in shares of AST SpaceMobile in the 3rd quarter valued at approximately $25,000. Atlantic Union Bankshares Corp bought a new position in AST SpaceMobile during the second quarter worth $28,000. Harvest Fund Management Co. Ltd acquired a new position in AST SpaceMobile in the third quarter worth $29,000. Geneos Wealth Management Inc. increased its stake in AST SpaceMobile by 225.0% during the third quarter. Geneos Wealth Management Inc. now owns 650 shares of the company’s stock valued at $32,000 after purchasing an additional 450 shares during the last quarter. Finally, Binnacle Investments Inc acquired a new stake in shares of AST SpaceMobile during the second quarter worth $33,000. Institutional investors and hedge funds 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.