AST SpaceMobile (NASDAQ:ASTS) Trading Down 5.4% – What’s Next?

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) fell 5.4% on Wednesday . The stock traded as low as $22.66 and last traded at $22.90. 3,961,867 shares changed hands during trading, a decline of 63% from the average session volume of 10,569,214 shares. The stock had previously closed at $24.20.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ASTS shares. UBS Group boosted their target price on AST SpaceMobile from $13.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. B. Riley raised their target price on shares of AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Deutsche Bank Aktiengesellschaft raised their price objective on AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, Scotiabank upped their price target on shares of AST SpaceMobile from $28.00 to $45.90 and gave the company a “sector outperform” rating in a research note on Monday, August 26th.

AST SpaceMobile Price Performance

The company’s 50-day moving average is $26.69 and its 200-day moving average is $14.01. The company has a current ratio of 6.38, a quick ratio of 6.38 and a debt-to-equity ratio of 0.83. The firm has a market cap of $5.84 billion, a price-to-earnings ratio of -23.37 and a beta of 1.62.

AST SpaceMobile (NASDAQ:ASTS) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.05. The firm had revenue of $0.90 million for the quarter, compared to analyst estimates of $2.00 million. Equities research analysts predict that AST SpaceMobile, Inc. will post -0.88 earnings per share for the current year.

Insider Activity

In related news, COO Shanti B. Gupta sold 80,000 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $25.83, for a total value of $2,066,400.00. Following the completion of the sale, the chief operating officer now directly owns 393,232 shares of the company’s stock, valued at approximately $10,157,182.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other AST SpaceMobile news, COO Shanti B. Gupta sold 80,000 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $25.83, for a total value of $2,066,400.00. Following the completion of the sale, the chief operating officer now directly owns 393,232 shares of the company’s stock, valued at $10,157,182.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, President Scott Wisniewski sold 2,700 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $23.12, for a total transaction of $62,424.00. Following the completion of the sale, the president now directly owns 712,660 shares in the company, valued at approximately $16,476,699.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 56.56% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ASTS. Sanders Morris Harris LLC lifted its stake in AST SpaceMobile by 39.6% during the third quarter. Sanders Morris Harris LLC now owns 25,387 shares of the company’s stock worth $664,000 after purchasing an additional 7,200 shares during the last quarter. Future Financial Wealth Managment LLC bought a new stake in AST SpaceMobile in the 3rd quarter worth $105,000. Brookstone Capital Management bought a new position in AST SpaceMobile in the third quarter worth $255,000. Dynamic Advisor Solutions LLC lifted its position in AST SpaceMobile by 263.7% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 55,580 shares of the company’s stock valued at $1,453,000 after acquiring an additional 40,300 shares during the period. Finally, Miracle Mile Advisors LLC purchased a new stake in AST SpaceMobile in the third quarter worth about $328,000. 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.