AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 5.5% – What’s Next?

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) fell 5.5% during trading on Friday . The stock traded as low as $57.55 and last traded at $58.05. Approximately 9,371,222 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 17,406,789 shares. The stock had previously closed at $61.44.

Analysts Set New Price Targets

ASTS has been the subject of a number of analyst reports. UBS Group reduced their price objective on shares of AST SpaceMobile from $80.00 to $78.00 and set a “neutral” rating for the company in a report on Tuesday, August 11th. Piper Sandler decreased their price objective on AST SpaceMobile from $100.00 to $98.00 and set an “overweight” rating on the stock in a report on Tuesday, August 11th. Scotiabank raised AST SpaceMobile from a “sector underperform” rating to a “sector perform” rating and set a $50.80 price target on the stock in a research note on Wednesday, July 29th. Cantor Fitzgerald increased their price objective on AST SpaceMobile from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 11th. Finally, Deutsche Bank Aktiengesellschaft set a $93.00 target price on shares of AST SpaceMobile in a research note on Wednesday, August 12th. Four research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $85.98.

AST SpaceMobile Stock Performance

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 firm has a market cap of $22.59 billion, a P/E ratio of -27.13 and a beta of 2.75. The firm has a fifty day moving average of $68.45 and a 200-day moving average of $81.82.

AST SpaceMobile (NASDAQ:ASTS) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.77) earnings per share 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 analyst estimates of $34.53 million. AST SpaceMobile had a negative net margin of 536.66% and a negative return on equity of 22.88%. During the same quarter in the prior year, the company earned ($0.41) earnings per share. Research analysts predict that AST SpaceMobile, Inc. will post -1.95 earnings per share for the current fiscal year.

Insider Buying and Selling at AST SpaceMobile

In related news, CFO Andrew Martin Johnson sold 45,809 shares of the business’s 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 transaction, the chief financial officer directly owned 503,619 shares in the company, valued at approximately $47,244,498.39. The trade was a 8.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Huiwen Yao sold 40,000 shares of AST SpaceMobile stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $96.37, for a total value of $3,854,800.00. Following the completion of the sale, the chief technology officer directly owned 34,750 shares in the company, valued at approximately $3,348,857.50. This represents a 53.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 20.89% of the company’s stock.

Institutional Trading of AST SpaceMobile

Several hedge funds have recently added to or reduced their stakes in ASTS. Laurel Wealth Advisors LLC acquired a new position in AST SpaceMobile in the 4th quarter valued at $25,000. Compass Financial Management LLC bought a new stake in AST SpaceMobile during the 2nd quarter worth $26,000. Cornerstone Planning Group LLC grew its holdings in shares of AST SpaceMobile by 16,350.0% during the first quarter. Cornerstone Planning Group LLC now owns 329 shares of the company’s stock worth $27,000 after purchasing an additional 327 shares during the last quarter. Grove Bank & Trust acquired a new stake in AST SpaceMobile during the 2nd quarter worth approximately $27,000. Finally, Continuum Advisory LLC acquired a new position in AST SpaceMobile in the 2nd quarter valued at approximately $28,000. 60.95% of the stock is owned by institutional investors and hedge funds.

About AST SpaceMobile

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.