AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 9.5% – What’s Next?

by · The Cerbat Gem

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS – Get Free Report) were down 9.5% during mid-day trading on Wednesday . The company traded as low as $61.40 and last traded at $61.86. Approximately 12,488,736 shares traded hands during mid-day trading, an increase of 3% from the average daily volume of 12,108,635 shares. The stock had previously closed at $68.37.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ASTS. William Blair initiated coverage on AST SpaceMobile in a report on Thursday, August 21st. They issued a “market perform” rating for the company. Scotiabank raised AST SpaceMobile from a “sector underperform” rating to a “sector perform” rating and set a $45.60 target price for the company in a report on Monday, November 24th. Barclays downgraded AST SpaceMobile from an “overweight” rating to an “underweight” rating and set a $60.00 price target on the stock. in a report on Friday, October 17th. Zacks Research lowered AST SpaceMobile from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 21st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of AST SpaceMobile in a report on Monday. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, AST SpaceMobile presently has an average rating of “Hold” and a consensus price target of $45.66.

Check Out Our Latest Report on AST SpaceMobile

AST SpaceMobile Stock Performance

The stock has a market capitalization of $22.70 billion, a PE ratio of -49.89 and a beta of 2.77. 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 firm’s 50-day simple moving average is $70.80 and its two-hundred day simple moving average is $55.61.

AST SpaceMobile (NASDAQ:ASTS – Get Free Report) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $14.74 million during the quarter, compared to analyst estimates of $22.04 million. During the same quarter in the prior year, the company posted ($1.10) EPS. The firm’s quarterly revenue was up 1236.4% compared to the same quarter last year. On average, equities research analysts expect that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current fiscal year.

Insider Activity at AST SpaceMobile

In related news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the business’s stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $69.75, for a total transaction of $159,631,314.75. Following the completion of the transaction, the insider owned 211,379 shares of the company’s stock, valued at approximately $14,743,685.25. The trade was a 91.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Maya Bernal sold 6,000 shares of the stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $73.76, for a total value of $442,560.00. Following the completion of the sale, the chief accounting officer directly owned 122,486 shares of the company’s stock, valued at $9,034,567.36. This represents a 4.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 2,354,621 shares of company stock worth $164,348,075 in the last 90 days. Insiders own 30.90% of the company’s stock.

Institutional Trading of AST SpaceMobile

A number of institutional investors and hedge funds have recently modified their holdings of ASTS. REAP Financial Group LLC acquired a new position in shares of AST SpaceMobile in the 3rd quarter valued at $25,000. Atlantic Union Bankshares Corp acquired a new stake in shares of AST SpaceMobile during the 2nd quarter valued at about $28,000. Harvest Fund Management Co. Ltd acquired a new position in AST SpaceMobile in the third quarter worth about $29,000. Geneos Wealth Management Inc. raised its position in AST SpaceMobile by 225.0% in the third quarter. Geneos Wealth Management Inc. now owns 650 shares of the company’s stock worth $32,000 after purchasing an additional 450 shares in the last quarter. Finally, Binnacle Investments Inc bought a new position in AST SpaceMobile during the second quarter worth about $33,000. 60.95% of the stock is currently owned by institutional investors.

AST SpaceMobile Company Profile

(Get Free Report)

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.

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