AST SpaceMobile (NASDAQ:ASTS) Trading Down 3.4% – Here’s Why

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price fell 3.4% during mid-day trading on Wednesday . The stock traded as low as $59.43 and last traded at $59.88. 7,207,897 shares changed hands during trading, a decline of 59% from the average session volume of 17,516,154 shares. The stock had previously closed at $62.01.

Analyst Ratings Changes

ASTS has been the topic of several recent analyst reports. Cantor Fitzgerald increased their price target on AST SpaceMobile from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Tuesday, August 11th. Roth Capital restated a “buy” rating and set a $108.00 price objective on shares of AST SpaceMobile in a report on Tuesday, May 12th. UBS Group reduced their target price on AST SpaceMobile from $80.00 to $78.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 11th. Piper Sandler reduced their target price on AST SpaceMobile from $100.00 to $98.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 11th. Finally, Scotiabank upgraded AST SpaceMobile from a “sector underperform” rating to a “sector perform” rating and set a $50.80 target price for the company in a research report on Wednesday, July 29th. 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 stock currently has a consensus rating of “Hold” and a consensus target price of $85.98.

AST SpaceMobile Price 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 company has a market cap of $23.30 billion, a PE ratio of -27.98 and a beta of 2.75. The firm has a 50 day simple moving average of $69.35 and a 200-day simple moving average of $82.34.

AST SpaceMobile (NASDAQ:ASTS) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.77) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.45). The business had revenue of $31.52 million during the quarter, compared to analysts’ expectations 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 last year, the business posted ($0.41) earnings per share. As a group, research analysts predict that AST SpaceMobile, Inc. will post -1.95 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Andrew Martin Johnson sold 45,809 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 503,619 shares of the company’s stock, valued at $47,244,498.39. This trade represents a 8.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Huiwen Yao sold 40,000 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $96.37, for a total transaction of $3,854,800.00. Following the completion of the transaction, the chief technology officer directly owned 34,750 shares of the company’s stock, valued at $3,348,857.50. The trade was a 53.51% decrease in their ownership of the stock. 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. Corporate insiders own 20.89% of the company’s stock.

Institutional Investors Weigh In On AST SpaceMobile

Several institutional investors and hedge funds have recently made changes to their positions in ASTS. AQR Capital Management LLC increased its position in shares of AST SpaceMobile by 11.8% in the 1st quarter. AQR Capital Management LLC now owns 34,548 shares of the company’s stock valued at $786,000 after acquiring an additional 3,642 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in AST SpaceMobile by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 79,764 shares of the company’s stock valued at $1,814,000 after purchasing an additional 3,515 shares during the last quarter. Millennium Management LLC increased its holdings in shares of AST SpaceMobile by 16.1% in the first quarter. Millennium Management LLC now owns 467,626 shares of the company’s stock valued at $10,634,000 after purchasing an additional 64,989 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of AST SpaceMobile by 18.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 325,621 shares of the company’s stock worth $7,405,000 after purchasing an additional 49,811 shares during the last quarter. Finally, Strs Ohio acquired a new stake in shares of AST SpaceMobile during the first quarter worth about $168,000. 60.95% of the stock is currently owned by institutional investors and hedge funds.

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.