AST SpaceMobile (NASDAQ:ASTS) Trading Down 5.4% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price fell 5.4% on Wednesday . The stock traded as low as $22.66 and last traded at $22.90. 3,961,867 shares changed hands during trading, a decline of 63% from the average session volume of 10,569,214 shares. The stock had previously closed at $24.20.

Analyst Ratings Changes

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

AST SpaceMobile Stock Performance

The company has a quick ratio of 6.38, a current ratio of 6.38 and a debt-to-equity ratio of 0.83. The business has a 50 day moving average price of $26.69 and a two-hundred day moving average price of $14.01. The stock has a market cap of $5.84 billion, a P/E ratio of -23.37 and a beta of 1.62.

AST SpaceMobile (NASDAQ:ASTS) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.05. The firm had revenue of $0.90 million for the quarter, compared to analysts’ expectations of $2.00 million. On average, sell-side analysts forecast that AST SpaceMobile, Inc. will post -0.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In other AST SpaceMobile news, President Scott Wisniewski sold 2,700 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $23.12, for a total transaction of $62,424.00. Following the transaction, the president now owns 712,660 shares in the company, valued at $16,476,699.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other AST SpaceMobile news, President Scott Wisniewski sold 2,700 shares of AST SpaceMobile stock in a transaction on Monday, September 30th. The stock was sold at an average price of $23.12, for a total transaction of $62,424.00. Following the completion of the sale, the president now directly owns 712,660 shares of the company’s stock, valued at $16,476,699.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Shanti B. Gupta sold 80,000 shares of the stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $25.83, for a total transaction of $2,066,400.00. Following the transaction, the chief operating officer now owns 393,232 shares in the company, valued at approximately $10,157,182.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 56.56% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. boosted its stake in shares of AST SpaceMobile by 5.5% in the second quarter. Victory Capital Management Inc. now owns 15,542 shares of the company’s stock worth $180,000 after buying an additional 814 shares during the last quarter. Accordant Advisory Group Inc grew its stake in AST SpaceMobile by 2.0% in the 2nd quarter. Accordant Advisory Group Inc now owns 162,823 shares of the company’s stock valued at $1,890,000 after acquiring an additional 3,146 shares during the period. Future Financial Wealth Managment LLC acquired a new position in AST SpaceMobile during the third quarter worth $105,000. MBE Wealth Management LLC lifted its holdings in AST SpaceMobile by 34.1% during the second quarter. MBE Wealth Management LLC now owns 27,000 shares of the company’s stock valued at $313,000 after purchasing an additional 6,870 shares in the last quarter. Finally, Sanders Morris Harris LLC increased its stake in shares of AST SpaceMobile by 39.6% during the third quarter. Sanders Morris Harris LLC now owns 25,387 shares of the company’s stock worth $664,000 after purchasing an additional 7,200 shares in the last quarter. 60.95% of the stock is currently owned by hedge funds and other institutional investors.

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.