AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 2.5% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS) fell 2.5% on Tuesday . The company traded as low as $87.35 and last traded at $87.53. 11,383,163 shares traded hands during mid-day trading, a decline of 28% from the average session volume of 15,781,987 shares. The stock had previously closed at $89.76.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of AST SpaceMobile in a research note on Tuesday, January 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of AST SpaceMobile in a report on Monday, December 29th. UBS Group raised their target price on AST SpaceMobile from $43.00 to $85.00 and gave the company a “neutral” rating in a research note on Wednesday, March 4th. Zacks Research raised AST SpaceMobile from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Finally, B. Riley Financial reduced their target price on AST SpaceMobile from $105.00 to $95.00 and set a “neutral” rating for the company in a research note on Friday, February 13th. Two research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $63.77.

AST SpaceMobile Trading Down 2.5%

The stock has a market capitalization of $32.13 billion, a price-to-earnings ratio of -66.31 and a beta of 2.78. The firm has a 50-day moving average of $95.43 and a 200 day moving average of $74.65. The company has a current ratio of 16.35, a quick ratio of 16.27 and a debt-to-equity ratio of 0.92.

AST SpaceMobile (NASDAQ:ASTS) last announced its earnings results on Monday, March 2nd. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.08). The firm had revenue of $54.31 million for the quarter, compared to the consensus estimate of $39.53 million. AST SpaceMobile had a negative net margin of 482.16% and a negative return on equity of 23.02%. The firm’s quarterly revenue was up 2731.3% compared to the same quarter last year. As a group, equities analysts predict that AST SpaceMobile, Inc. will post -0.4 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Shanti B. Gupta sold 10,000 shares of the business’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $77.34, for a total transaction of $773,400.00. Following the transaction, the chief operating officer owned 382,375 shares in the company, valued at approximately $29,572,882.50. The trade was a 2.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Keith R. Larson acquired 625 shares of the company’s stock in a transaction dated Wednesday, December 24th. The stock was acquired at an average price of $80.00 per share, with a total value of $50,000.00. Following the purchase, the director owned 2,015 shares in the company, valued at approximately $161,200. This represents a 44.96% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders have purchased 2,015 shares of company stock valued at $149,144. Insiders own 30.90% of the company’s stock.

Institutional Investors Weigh In On AST SpaceMobile

A number of large investors have recently bought and sold shares of ASTS. Corient Private Wealth LLC boosted its stake in shares of AST SpaceMobile by 128.5% in the 4th quarter. Corient Private Wealth LLC now owns 16,939 shares of the company’s stock valued at $1,210,000 after purchasing an additional 9,526 shares during the last quarter. AG Campbell Advisory LLC bought a new position in AST SpaceMobile during the fourth quarter worth about $478,000. Caitong International Asset Management Co. Ltd grew its position in shares of AST SpaceMobile by 3,320.7% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 47,343 shares of the company’s stock valued at $3,439,000 after purchasing an additional 45,959 shares during the period. Alpine Global Management LLC bought a new stake in shares of AST SpaceMobile during the fourth quarter worth $218,000. Finally, TRU Independence Asset Management 2 LLC acquired a new stake in shares of AST SpaceMobile in the 4th quarter valued at about $726,000. 60.95% of the stock is currently owned by institutional investors.

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.