Tower Corp /Ma/ American Sells 2,288,621 Shares of AST SpaceMobile (NASDAQ:ASTS) Stock

AST SpaceMobile, Inc. (NASDAQ:ASTS) major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $69.75, for a total value of $159,631,314.75. Following the sale, the insider directly owned 211,379 shares of the company’s stock, valued at approximately $14,743,685.25. This represents a 91.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

AST SpaceMobile Trading Down 9.5%

Shares of AST SpaceMobile stock opened at $76.70 on Friday. AST SpaceMobile, Inc. has a 52-week low of $17.50 and a 52-week high of $102.79. The company’s 50-day simple moving average is $71.03 and its 200-day simple moving average is $54.57. The firm has a market cap of $28.15 billion, a price-to-earnings ratio of -61.85 and a beta of 2.76. The company has a quick ratio of 9.48, a current ratio of 9.56 and a debt-to-equity ratio of 0.43.

AST SpaceMobile (NASDAQ:ASTS) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.45) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.27). The business had revenue of $14.74 million during the quarter, compared to analysts’ expectations of $22.04 million. AST SpaceMobile had a negative net margin of 1,639.59% and a negative return on equity of 27.76%. The firm’s quarterly revenue was up 1236.4% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.10) earnings per share. As a group, equities research analysts anticipate that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. REAP Financial Group LLC bought a new position in AST SpaceMobile during the third quarter worth $25,000. Atlantic Union Bankshares Corp acquired a new position in shares of AST SpaceMobile during the second quarter worth approximately $28,000. Harvest Fund Management Co. Ltd bought a new position in shares of AST SpaceMobile in the third quarter worth $29,000. Geneos Wealth Management Inc. grew its position in AST SpaceMobile by 225.0% in the 3rd quarter. Geneos Wealth Management Inc. now owns 650 shares of the company’s stock valued at $32,000 after buying an additional 450 shares in the last quarter. Finally, Binnacle Investments Inc bought a new position in shares of AST SpaceMobile in the second quarter valued at approximately $33,000. Institutional investors own 60.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ASTS. UBS Group downgraded AST SpaceMobile from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $62.00 to $43.00 in a research note on Tuesday, September 9th. Barclays lowered shares of AST SpaceMobile from an “overweight” rating to an “underweight” rating and set a $60.00 price objective for the company. in a research report on Friday, October 17th. Zacks Research downgraded AST SpaceMobile from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 21st. William Blair began coverage on shares of AST SpaceMobile in a research note on Thursday, August 21st. They set a “market perform” rating on the stock. Finally, Scotiabank raised AST SpaceMobile from a “sector underperform” rating to a “sector perform” rating and set a $45.60 price objective on the stock in a research note on Monday, November 24th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, AST SpaceMobile presently has an average rating of “Hold” and an average target price of $45.66.

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.