AST SpaceMobile (NASDAQ:ASTS) Trading Down 12%

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price traded down 12% during mid-day trading on Thursday . The stock traded as low as $23.54 and last traded at $24.56. 13,069,237 shares changed hands during mid-day trading, an increase of 27% from the average session volume of 10,290,081 shares. The stock had previously closed at $27.90.

Wall Street Analysts Forecast Growth

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

AST SpaceMobile Trading Down 5.4 %

The company has a market capitalization of $6.79 billion, a P/E ratio of -25.06 and a beta of 1.63. The business has a fifty day moving average price of $22.01 and a 200 day moving average price of $10.87. The company has a quick ratio of 6.38, a current ratio of 6.38 and a debt-to-equity ratio of 0.83.

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

Insider Activity

In other news, Director Adriana Cisneros purchased 4,934 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were bought at an average cost of $26.32 per share, for a total transaction of $129,862.88. Following the completion of the acquisition, the director now directly owns 774,772 shares in the company, valued at approximately $20,391,999.04. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 56.56% of the company’s stock.

Institutional Trading of AST SpaceMobile

Hedge funds and other institutional investors have recently modified their holdings of the stock. BNP Paribas acquired a new stake in shares of AST SpaceMobile in the first quarter valued at about $43,000. Principal Financial Group Inc. acquired a new position in AST SpaceMobile during the first quarter worth approximately $45,000. Victory Capital Management Inc. acquired a new position in AST SpaceMobile during the fourth quarter worth approximately $65,000. Cantor Fitzgerald L. P. acquired a new position in AST SpaceMobile during the fourth quarter worth approximately $66,000. Finally, Rathbones Group PLC acquired a new position in AST SpaceMobile during the fourth quarter worth approximately $76,000. 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.