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

by · The Markets Daily

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS – Get Free Report) dropped 5.6% during trading on Wednesday . The stock traded as low as $62.42 and last traded at $62.42. 8,215,625 shares traded 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

A number of research analysts have recently weighed in on the stock. Piper Sandler cut their price target on shares of AST SpaceMobile from $100.00 to $98.00 and set an “overweight” rating on the stock in a report on Tuesday, August 11th. Deutsche Bank Aktiengesellschaft set a $93.00 price objective on shares of AST SpaceMobile in a report on Wednesday, August 12th. Scotiabank upgraded AST SpaceMobile from a “sector underperform” rating to a “sector perform” rating and set a $50.80 target price on the stock in a report on Wednesday, July 29th. Roth Capital reaffirmed a “buy” rating and issued a $108.00 price target on shares of AST SpaceMobile in a research report on Tuesday, May 12th. Finally, Cantor Fitzgerald upped their price target on AST SpaceMobile from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 11th. Six research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, AST SpaceMobile presently has an average rating of “Hold” and an average price target of $86.58.

Check Out Our Latest Stock Report on ASTS

AST SpaceMobile Stock Performance

The stock’s 50-day moving average price is $66.06 and its 200 day moving average price is $80.26. The company has a quick ratio of 12.90, a current ratio of 13.05 and a debt-to-equity ratio of 1.24. The company has a market cap of $24.29 billion, a P/E ratio of -29.17 and a beta of 2.74.

AST SpaceMobile (NASDAQ:ASTS – Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $31.52 million for 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 period in the prior year, the company posted ($0.41) earnings per share. As a group, research analysts expect that AST SpaceMobile, Inc. will post -1.95 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of AST SpaceMobile

Hedge funds have recently modified their holdings of the company. Compass Financial Management LLC acquired a new stake in shares of AST SpaceMobile during the 2nd quarter valued at about $26,000. Grove Bank & Trust acquired a new position in AST SpaceMobile during the 2nd quarter worth about $27,000. Continuum Advisory LLC bought a new stake in shares of AST SpaceMobile during the second quarter valued at approximately $28,000. Cornerstone Planning Group LLC boosted its position in AST SpaceMobile by 16,350.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 329 shares of the company’s stock valued at $27,000 after buying an additional 327 shares during the last quarter. Finally, Portus Wealth Advisors LLC acquired a new stake in shares of AST SpaceMobile in the 1st quarter valued at $30,000. Institutional investors own 60.95% of the company’s stock.

AST SpaceMobile Company Profile

(Get Free Report)

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.

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