AST SpaceMobile (NASDAQ:ASTS) Releases Earnings Results, Misses Expectations By $0.27 EPS

AST SpaceMobile (NASDAQ:ASTS) released its quarterly earnings data on Monday. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.27), Zacks reports. AST SpaceMobile had a negative return on equity of 26.81% and a negative net margin of 7,213.90%.

AST SpaceMobile Stock Down 0.7%

Shares of ASTS traded down $0.49 during mid-day trading on Monday, hitting $68.70. 8,948,687 shares of the company’s stock were exchanged, compared to its average volume of 12,146,019. The company has a debt-to-equity ratio of 0.42, a current ratio of 8.23 and a quick ratio of 8.23. AST SpaceMobile has a 52 week low of $17.50 and a 52 week high of $102.79. The company has a market cap of $24.63 billion, a PE ratio of -36.35 and a beta of 2.45. The company has a 50-day simple moving average of $62.88 and a 200 day simple moving average of $48.24.

Analysts Set New Price Targets

ASTS has been the topic of several analyst reports. Roth Capital reiterated a “buy” rating on shares of AST SpaceMobile in a report on Tuesday, August 12th. Scotiabank downgraded AST SpaceMobile from a “sector perform” rating to a “sector underperform” rating and set a $42.90 price objective on the stock. in a research note on Tuesday, October 7th. Barclays lowered AST SpaceMobile from an “overweight” rating to an “underweight” rating and set a $60.00 target price on the stock. in a report on Friday, October 17th. William Blair started coverage on AST SpaceMobile in a report on Thursday, August 21st. They issued a “market perform” rating for the company. Finally, UBS Group lowered AST SpaceMobile from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $62.00 to $43.00 in a research report on Tuesday, September 9th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, AST SpaceMobile has a consensus rating of “Reduce” and a consensus target price of $45.27.

Insiders Place Their Bets

In other AST SpaceMobile news, CTO Huiwen Yao sold 40,000 shares of the business’s stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $40.58, for a total transaction of $1,623,200.00. Following the sale, the chief technology officer directly owned 4,750 shares of the company’s stock, valued at $192,755. The trade was a 89.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Andrew Martin Johnson sold 20,000 shares of the stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $52.48, for a total transaction of $1,049,600.00. Following the transaction, the chief financial officer owned 397,485 shares of the company’s stock, valued at approximately $20,860,012.80. This represents a 4.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 30.90% of the company’s stock.

Institutional Trading of AST SpaceMobile

Hedge funds and other institutional investors have recently modified their holdings of the stock. Binnacle Investments Inc acquired a new position in AST SpaceMobile during the second quarter valued at approximately $33,000. Chapman Financial Group LLC acquired a new position in shares of AST SpaceMobile during the 2nd quarter worth approximately $38,000. Russell Investments Group Ltd. raised its stake in shares of AST SpaceMobile by 197.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,574 shares of the company’s stock worth $120,000 after purchasing an additional 1,709 shares in the last quarter. Strs Ohio acquired a new stake in shares of AST SpaceMobile in the 1st quarter valued at approximately $168,000. Finally, Envestnet Asset Management Inc. bought a new position in shares of AST SpaceMobile in the third quarter valued at $226,000. Institutional investors and hedge funds 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.