AST SpaceMobile (NASDAQ:ASTS) Trading Down 5.4% – Here’s Why

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) were down 5.4% during mid-day trading on Wednesday . The company traded as low as $22.66 and last traded at $22.90. Approximately 3,961,867 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 10,569,214 shares. The stock had previously closed at $24.20.

Analysts Set New Price Targets

A number of equities analysts have issued reports on ASTS shares. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. B. Riley lifted their target price on shares of AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. UBS Group lifted their target price on shares of AST SpaceMobile from $13.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Finally, Scotiabank lifted their target price on shares of AST SpaceMobile from $28.00 to $45.90 and gave the company a “sector outperform” rating in a research note on Monday, August 26th.

AST SpaceMobile Trading Down 0.1 %

The company has a debt-to-equity ratio of 0.83, a current ratio of 6.38 and a quick ratio of 6.38. The firm’s 50 day moving average price is $26.78 and its 200-day moving average price is $14.14. The stock has a market cap of $5.94 billion, a P/E ratio of -23.54 and a beta of 1.62.

AST SpaceMobile (NASDAQ:ASTS) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.05. The company had revenue of $0.90 million for the quarter, compared to analysts’ expectations of $2.00 million. As a group, equities research analysts forecast that AST SpaceMobile, Inc. will post -0.88 earnings per share for the current year.

Insider Buying and Selling at AST SpaceMobile

In other news, Director Adriana Cisneros purchased 4,934 shares of the company’s stock in a transaction on Friday, September 6th. The stock was acquired at an average cost of $26.32 per share, for a total transaction of $129,862.88. Following the completion of the transaction, the director now directly owns 774,772 shares in the company, valued at $20,391,999.04. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Adriana Cisneros purchased 4,934 shares of the company’s stock in a transaction on Friday, September 6th. The stock was acquired at an average cost of $26.32 per share, for a total transaction of $129,862.88. Following the completion of the transaction, the director now directly owns 774,772 shares in the company, valued at $20,391,999.04. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Shanti B. Gupta sold 80,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $25.83, for a total transaction of $2,066,400.00. Following the completion of the transaction, the chief operating officer now owns 393,232 shares of the company’s stock, valued at approximately $10,157,182.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 127,700 shares of company stock valued at $3,220,524. Insiders own 56.56% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

A number of hedge funds and other institutional investors have recently modified their holdings of ASTS. BNP Paribas bought a new position in AST SpaceMobile during the first quarter valued at $43,000. Principal Financial Group Inc. purchased a new position in AST SpaceMobile during the 1st quarter valued at about $45,000. Cantor Fitzgerald L. P. purchased a new position in AST SpaceMobile during the 4th quarter valued at about $66,000. Black Maple Capital Management LP bought a new stake in shares of AST SpaceMobile in the 1st quarter valued at about $87,000. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of AST SpaceMobile in the 3rd quarter valued at about $105,000. 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.