AST SpaceMobile (NASDAQ:ASTS) Shares Down 2.7% – What’s Next?

AST SpaceMobile, Inc. (NASDAQ:ASTS) traded down 2.7% during mid-day trading on Wednesday . The stock traded as low as $71.61 and last traded at $72.63. 10,388,502 shares were traded during trading, a decline of 16% from the average session volume of 12,304,446 shares. The stock had previously closed at $74.68.

Analyst Ratings Changes

ASTS has been the subject of several research reports. Weiss Ratings restated a “sell (d-)” rating on shares of AST SpaceMobile in a research report on Monday. Scotiabank raised shares of AST SpaceMobile from a “sector underperform” rating to a “sector perform” rating and set a $45.60 price target on the stock in a research note on Monday, November 24th. Zacks Research cut shares of AST SpaceMobile from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 21st. Barclays downgraded AST SpaceMobile from an “overweight” rating to an “underweight” rating and set a $60.00 price objective on the stock. in a report on Friday, October 17th. Finally, UBS Group cut AST SpaceMobile from a “buy” rating to a “neutral” rating and lowered their target price for the company from $62.00 to $43.00 in a research note on Tuesday, September 9th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, AST SpaceMobile presently has a consensus rating of “Hold” and a consensus target price of $45.66.

AST SpaceMobile Stock Down 2.7%

The firm’s 50-day simple moving average is $68.47 and its 200 day simple moving average is $58.62. The company has a debt-to-equity ratio of 0.43, a quick ratio of 9.48 and a current ratio of 9.56. The company has a market cap of $26.66 billion, a P/E ratio of -58.57 and a beta of 2.76.

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

Insider Activity at AST SpaceMobile

In other news, CFO Andrew Martin Johnson sold 10,000 shares of the business’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $56.00, for a total value of $560,000.00. Following the completion of the transaction, the chief financial officer owned 387,485 shares of the company’s stock, valued at $21,699,160. The trade was a 2.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Maya Bernal sold 6,000 shares of the firm’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $73.76, for a total value of $442,560.00. Following the sale, the chief accounting officer directly owned 122,486 shares in the company, valued at $9,034,567.36. The trade was a 4.67% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders purchased 2,765 shares of company stock valued at $187,236 and sold 2,354,621 shares valued at $164,348,075. 30.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On AST SpaceMobile

Several institutional investors have recently modified their holdings of the business. REAP Financial Group LLC bought a new stake in shares of AST SpaceMobile during the third quarter worth $25,000. Atlantic Union Bankshares Corp acquired a new position in AST SpaceMobile in the 2nd quarter worth $28,000. Harvest Fund Management Co. Ltd bought a new position in AST SpaceMobile during the 3rd quarter worth about $29,000. Geneos Wealth Management Inc. raised its stake in shares of 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 purchasing an additional 450 shares during the period. Finally, Binnacle Investments Inc acquired a new stake in shares of AST SpaceMobile in the 2nd quarter valued at about $33,000. Institutional investors own 60.95% of the company’s stock.

About AST SpaceMobile

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.