AST SpaceMobile (NASDAQ:ASTS) Shares Gap Down to $27.90

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares gapped down before the market opened on Thursday . The stock had previously closed at $27.90, but opened at $26.70. AST SpaceMobile shares last traded at $25.28, with a volume of 7,474,531 shares traded.

Analyst Upgrades and Downgrades

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

AST SpaceMobile Stock Up 11.3 %

The company’s fifty day simple moving average is $22.67 and its 200-day simple moving average is $11.17. The company has a debt-to-equity ratio of 0.83, a current ratio of 6.38 and a quick ratio of 6.38. The firm has a market capitalization of $8.04 billion, a PE ratio of -30.44 and a beta of 1.63.

AST SpaceMobile (NASDAQ:ASTS) last announced its earnings results on Wednesday, August 14th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.05. The business had revenue of $0.90 million for the quarter, compared to analysts’ expectations of $2.00 million. On average, analysts forecast that AST SpaceMobile, Inc. will post -0.88 EPS for the current year.

Insider Buying and Selling

In other news, Director Adriana Cisneros purchased 4,934 shares of the stock in a transaction on Friday, September 6th. The stock was bought at an average price of $26.32 per share, with a total value of $129,862.88. Following the transaction, the director now owns 774,772 shares in the company, valued at approximately $20,391,999.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 56.56% of the stock is owned by company insiders.

Institutional Trading of AST SpaceMobile

Several institutional investors and hedge funds have recently bought and sold shares of ASTS. Victory Capital Management Inc. raised its holdings in shares of AST SpaceMobile by 5.5% during the second quarter. Victory Capital Management Inc. now owns 15,542 shares of the company’s stock worth $180,000 after purchasing an additional 814 shares during the last quarter. Accordant Advisory Group Inc lifted its holdings in shares of AST SpaceMobile by 2.0% in the 2nd quarter. Accordant Advisory Group Inc now owns 162,823 shares of the company’s stock valued at $1,890,000 after buying an additional 3,146 shares during the period. MBE Wealth Management LLC boosted its stake in shares of AST SpaceMobile by 34.1% in the second quarter. MBE Wealth Management LLC now owns 27,000 shares of the company’s stock worth $313,000 after buying an additional 6,870 shares during the last quarter. Cantor Fitzgerald L. P. acquired a new stake in AST SpaceMobile during the fourth quarter worth about $66,000. Finally, Calton & Associates Inc. purchased a new position in AST SpaceMobile during the second quarter valued at approximately $128,000. 60.95% of the stock is currently owned by institutional investors and hedge funds.

About AST SpaceMobile

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.