AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 7.4% – Here’s Why

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) fell 7.4% during trading on Tuesday . The stock traded as low as $82.25 and last traded at $80.42. 2,802,422 shares changed hands during trading, a decline of 83% from the average session volume of 16,141,646 shares. The stock had previously closed at $86.83.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on ASTS shares. New Street Research started coverage on shares of AST SpaceMobile in a report on Wednesday, May 13th. They issued a “neutral” rating and a $80.00 target price on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of AST SpaceMobile in a report on Friday, March 27th. Wall Street Zen downgraded shares of AST SpaceMobile from a “sell” rating to a “strong sell” rating in a report on Wednesday, April 15th. Barclays boosted their target price on shares of AST SpaceMobile from $60.00 to $65.00 and gave the stock an “underweight” rating in a report on Thursday, April 9th. Finally, Deutsche Bank Aktiengesellschaft set a $117.00 price target on shares of AST SpaceMobile in a research report on Wednesday, April 15th. Two equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $79.45.

AST SpaceMobile Trading Down 0.1%

The stock’s fifty day moving average price is $84.51 and its 200 day moving average price is $83.05. The company has a debt-to-equity ratio of 1.11, a current ratio of 18.47 and a quick ratio of 18.37. The stock has a market capitalization of $33.14 billion, a P/E ratio of -48.24 and a beta of 2.60.

AST SpaceMobile (NASDAQ:ASTS) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.66) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.43). AST SpaceMobile had a negative return on equity of 24.87% and a negative net margin of 573.67%.The business had revenue of $14.74 million during the quarter, compared to analysts’ expectations of $39.01 million. During the same period last year, the company earned ($0.20) earnings per share. The firm’s revenue was up 1952.2% compared to the same quarter last year. Research analysts forecast that AST SpaceMobile, Inc. will post -1.47 earnings per share for the current year.

Insider Buying and Selling at AST SpaceMobile

In other AST SpaceMobile news, CTO Huiwen Yao sold 40,000 shares of the stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $88.88, for a total transaction of $3,555,200.00. Following the completion of the sale, the chief technology officer directly owned 4,750 shares of the company’s stock, valued at approximately $422,180. This represents a 89.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Julio A. Torres sold 15,000 shares of the stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $76.34, for a total transaction of $1,145,100.00. Following the sale, the director directly owned 43,239 shares of the company’s stock, valued at approximately $3,300,865.26. The trade was a 25.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 3,095,000 shares of company stock valued at $275,597,100. 20.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AST SpaceMobile

Hedge funds and other institutional investors have recently modified their holdings of the stock. REAP Financial Group LLC acquired a new position in AST SpaceMobile in the 3rd quarter worth approximately $25,000. Crewe Advisors LLC acquired a new position in AST SpaceMobile in the 4th quarter worth approximately $25,000. Laurel Wealth Advisors LLC acquired a new stake in shares of AST SpaceMobile during the 4th quarter worth approximately $25,000. Cornerstone Planning Group LLC grew its stake in shares of AST SpaceMobile by 16,350.0% during the 1st 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 period. Finally, Byrne Asset Management LLC acquired a new stake in shares of AST SpaceMobile during the 4th quarter worth approximately $29,000. 60.95% of the stock is owned by hedge funds and other institutional investors.

AST SpaceMobile Company Profile

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.