AST SpaceMobile (NASDAQ:ASTS) Trading Down 4%

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price was down 4% during mid-day trading on Wednesday . The stock traded as low as $24.45 and last traded at $24.81. Approximately 3,199,320 shares changed hands during trading, a decline of 69% from the average daily volume of 10,489,042 shares. The stock had previously closed at $25.85.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. B. Riley upped their price objective on AST SpaceMobile from $26.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. UBS Group boosted their price objective on shares of AST SpaceMobile from $13.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft raised their target price on shares of AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, Scotiabank upped their price target on shares of AST SpaceMobile from $28.00 to $45.90 and gave the stock a “sector outperform” rating in a research report on Monday, August 26th.

AST SpaceMobile Stock Performance

The company has a market capitalization of $6.34 billion, a P/E ratio of -25.32 and a beta of 1.63. The company has a fifty day moving average price of $24.78 and a two-hundred day moving average price of $12.49. The company has a debt-to-equity ratio of 0.83, a current ratio of 6.38 and a quick ratio of 6.38.

AST SpaceMobile (NASDAQ:ASTS) last issued its earnings results on Wednesday, August 14th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.05. The company had revenue of $0.90 million for the quarter, compared to the consensus estimate of $2.00 million. Equities analysts forecast that AST SpaceMobile, Inc. will post -0.88 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Adriana Cisneros bought 4,934 shares of the stock in a transaction dated Friday, September 6th. The shares were bought at an average cost of $26.32 per share, with a total value of $129,862.88. Following the completion of the transaction, the director now directly owns 774,772 shares of the company’s stock, valued at $20,391,999.04. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 56.56% of the company’s stock.

Institutional Investors Weigh In On AST SpaceMobile

A number of institutional investors and hedge funds have recently made changes to their positions in ASTS. Victory Capital Management Inc. bought a new stake in AST SpaceMobile during the 4th quarter worth approximately $65,000. PNC Financial Services Group Inc. lifted its holdings in AST SpaceMobile by 319.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 163,296 shares of the company’s stock worth $985,000 after acquiring an additional 124,322 shares during the period. IPG Investment Advisors LLC bought a new position in AST SpaceMobile in the 4th quarter valued at $96,000. Rathbones Group PLC bought a new stake in shares of AST SpaceMobile during the 4th quarter worth $76,000. Finally, Cantor Fitzgerald L. P. purchased a new position in shares of AST SpaceMobile in the 4th quarter worth about $66,000. Institutional investors and hedge funds 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.