AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 12.6% – What’s Next?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price traded down 12.6% during mid-day trading on Thursday . The company traded as low as $50.30 and last traded at $50.70. 13,018,935 shares were traded during mid-day trading, an increase of 8% from the average session volume of 12,090,564 shares. The stock had previously closed at $58.01.

Analyst Ratings Changes

A number of brokerages have recently commented on ASTS. Scotiabank lowered AST SpaceMobile from a “sector perform” rating to a “sector underperform” rating and set a $42.90 price target on the stock. in a report on Tuesday, October 7th. Roth Capital reiterated a “buy” rating on shares of AST SpaceMobile in a research report on Tuesday, August 12th. UBS Group downgraded shares of AST SpaceMobile from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $62.00 to $43.00 in a research report on Tuesday, September 9th. Barclays lowered shares of AST SpaceMobile from an “overweight” rating to an “underweight” rating and set a $60.00 price target for the company. in a research note on Friday, October 17th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of AST SpaceMobile in a report on Monday. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, AST SpaceMobile presently has an average rating of “Reduce” and a consensus price target of $45.27.

AST SpaceMobile Stock Down 12.6%

The company has a market capitalization of $18.18 billion, a price-to-earnings ratio of -40.89 and a beta of 2.46. The company has a quick ratio of 9.48, a current ratio of 9.56 and a debt-to-equity ratio of 0.43. The business has a 50-day moving average price of $65.96 and a 200-day moving average price of $50.19.

AST SpaceMobile (NASDAQ:ASTS) last issued its quarterly earnings results 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). The company had revenue of $14.74 million during the quarter, compared to analysts’ expectations of $22.04 million. AST SpaceMobile had a negative return on equity of 27.76% and a negative net margin of 1,639.59%.The company’s revenue for the quarter was up 1236.4% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.10) EPS. As a group, equities analysts anticipate that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current fiscal year.

Insider Activity at AST SpaceMobile

In related news, CTO Huiwen Yao sold 40,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief technology officer owned 4,750 shares of the company’s stock, valued at approximately $192,755. This trade represents a 89.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Andrew Martin Johnson sold 20,000 shares of AST SpaceMobile stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $52.48, for a total transaction of $1,049,600.00. Following the transaction, the chief financial officer owned 397,485 shares in the company, valued at approximately $20,860,012.80. The trade was a 4.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 30.90% of the company’s stock.

Institutional Trading of AST SpaceMobile

A number of hedge funds have recently modified their holdings of ASTS. ORG Partners LLC boosted its position in AST SpaceMobile by 5.2% during the 3rd quarter. ORG Partners LLC now owns 3,150 shares of the company’s stock worth $155,000 after acquiring an additional 155 shares during the period. Atlantic Union Bankshares Corp lifted its position in shares of AST SpaceMobile by 30.0% in the third quarter. Atlantic Union Bankshares Corp now owns 781 shares of the company’s stock worth $38,000 after purchasing an additional 180 shares in the last quarter. Sunbelt Securities Inc. lifted its position in shares of AST SpaceMobile by 22.9% in the third quarter. Sunbelt Securities Inc. now owns 1,003 shares of the company’s stock worth $49,000 after purchasing an additional 187 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of AST SpaceMobile by 21.9% during the third quarter. GAMMA Investing LLC now owns 1,355 shares of the company’s stock worth $67,000 after purchasing an additional 243 shares during the period. Finally, Ameriprise Financial Inc. grew its position in AST SpaceMobile by 3.9% during the third quarter. Ameriprise Financial Inc. now owns 6,586 shares of the company’s stock valued at $323,000 after purchasing an additional 245 shares in the last quarter. Hedge funds and other 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.