AST SpaceMobile (NASDAQ:ASTS) Trading Down 6.2% – Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares dropped 6.2% during trading on Wednesday . The stock traded as low as $52.80 and last traded at $53.03. Approximately 12,342,372 shares were traded during trading, a decline of 33% from the average daily volume of 18,383,068 shares. The stock had previously closed at $56.55.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ASTS shares. Barclays lifted their target price on AST SpaceMobile from $60.00 to $65.00 and gave the stock an “underweight” rating in a report on Thursday, April 9th. B. Riley Financial raised AST SpaceMobile from a “neutral” rating to a “buy” rating and set a $85.00 price target on the stock in a report on Friday, July 17th. William Blair reaffirmed a “market perform” rating on shares of AST SpaceMobile in a research report on Friday, May 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of AST SpaceMobile in a report on Wednesday, June 24th. Finally, New Street Research set a $106.00 target price on AST SpaceMobile in a research report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $87.60.

AST SpaceMobile Stock Down 1.5%

The company has a quick ratio of 18.37, a current ratio of 18.47 and a debt-to-equity ratio of 1.11. The company has a market cap of $22.33 billion, a PE ratio of -32.63 and a beta of 2.69. The company’s fifty day moving average is $82.10 and its 200-day moving average is $87.54.

AST SpaceMobile (NASDAQ:ASTS) last announced its earnings results 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). The company had revenue of $14.73 million for the quarter, compared to analysts’ expectations of $39.01 million. AST SpaceMobile had a negative net margin of 573.67% and a negative return on equity of 24.87%. AST SpaceMobile’s quarterly revenue was up 1952.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.20) earnings per share. On average, analysts predict that AST SpaceMobile, Inc. will post -1.38 EPS for the current year.

Insider Buying and Selling

In related news, CTO Huiwen Yao sold 40,000 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $96.37, for a total transaction of $3,854,800.00. Following the completion of the sale, the chief technology officer owned 34,750 shares in the company, valued at approximately $3,348,857.50. This represents a 53.51% 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 the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew Martin Johnson sold 45,809 shares of the company’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $93.81, for a total value of $4,297,342.29. Following the sale, the chief financial officer owned 503,619 shares of the company’s stock, valued at approximately $47,244,498.39. This trade represents a 8.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 105,809 shares of company stock valued at $9,748,492 over the last 90 days. Company insiders own 20.89% of the company’s stock.

Institutional Investors Weigh In On AST SpaceMobile

Hedge funds and other institutional investors have recently made changes to their positions in the business. Crewe Advisors LLC bought a new stake in AST SpaceMobile during the fourth quarter valued at approximately $25,000. Laurel Wealth Advisors LLC bought a new position in AST SpaceMobile in the fourth quarter worth approximately $25,000. Cornerstone Planning Group LLC raised its position in AST SpaceMobile by 16,350.0% in the first quarter. Cornerstone Planning Group LLC now owns 329 shares of the company’s stock worth $27,000 after acquiring an additional 327 shares during the period. Grove Bank & Trust purchased a new position in shares of AST SpaceMobile during the 2nd quarter worth $27,000. Finally, Acumen Wealth Advisors LLC purchased a new position in shares of AST SpaceMobile during the 4th quarter worth $29,000. Hedge funds and other institutional investors own 60.95% of the company’s stock.

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.