AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 3.1%

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price fell 3.1% during trading on Wednesday . The stock traded as low as $10.91 and last traded at $11.39. 16,022,839 shares traded hands during trading, a decline of 4% from the average session volume of 16,740,541 shares. The stock had previously closed at $11.75.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. UBS Group upped their target price on AST SpaceMobile from $7.00 to $13.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of AST SpaceMobile from $23.00 to $19.00 and set a “buy” rating on the stock in a research note on Wednesday, April 3rd. Finally, Scotiabank boosted their price target on shares of AST SpaceMobile from $7.40 to $12.90 and gave the stock a “sector outperform” rating in a research note on Thursday, May 30th.

AST SpaceMobile Price Performance

The company has a 50 day simple moving average of $5.01 and a 200-day simple moving average of $4.20. The company has a debt-to-equity ratio of 0.56, a quick ratio of 7.51 and a current ratio of 7.51.

AST SpaceMobile (NASDAQ:ASTS) last released its earnings results on Wednesday, May 15th. The company reported ($0.16) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.02. The firm had revenue of $0.50 million during the quarter, compared to the consensus estimate of $3.00 million. Equities research analysts anticipate that AST SpaceMobile, Inc. will post -0.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AST SpaceMobile

Several institutional investors and hedge funds have recently made changes to their positions in the business. BNP Paribas purchased a new stake in shares of AST SpaceMobile during the first quarter valued at approximately $43,000. Principal Financial Group Inc. bought a new stake in AST SpaceMobile in the 1st quarter worth $45,000. Summit Trail Advisors LLC purchased a new position in shares of AST SpaceMobile in the first quarter valued at about $47,000. Victory Capital Management Inc. bought a new position in shares of AST SpaceMobile during the fourth quarter valued at about $65,000. Finally, Cantor Fitzgerald L. P. purchased a new stake in shares of AST SpaceMobile during the fourth quarter worth about $66,000. Institutional investors own 60.95% of the company’s stock.

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.