AST SpaceMobile (NASDAQ:ASTS) Shares Down 4.5% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares fell 4.5% on Monday . The stock traded as low as $26.81 and last traded at $26.86. 3,180,193 shares were traded during mid-day trading, a decline of 70% from the average session volume of 10,526,492 shares. The stock had previously closed at $28.14.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ASTS. Scotiabank lifted their price objective on shares of AST SpaceMobile from $28.00 to $45.90 and gave the company a “sector outperform” rating in a research note on Monday, August 26th. UBS Group boosted their price objective on AST SpaceMobile from $13.00 to $30.00 and gave the stock a “buy” rating in a 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 note on Wednesday, September 4th. Finally, B. Riley increased their price target on shares of AST SpaceMobile from $26.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, August 29th.

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 company has a fifty day moving average price of $27.85 and a 200 day moving average price of $15.66. The stock has a market cap of $6.76 billion, a PE ratio of -26.69 and a beta of 1.62.

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

Insider Buying and Selling

In related news, CTO Huiwen Yao sold 45,000 shares of the company’s stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $24.26, for a total value of $1,091,700.00. Following the sale, the chief technology officer now directly owns 55,000 shares of the company’s stock, valued at $1,334,300. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other AST SpaceMobile news, CTO Huiwen Yao sold 45,000 shares of the business’s stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $24.26, for a total value of $1,091,700.00. Following the completion of the transaction, the chief technology officer now owns 55,000 shares of the company’s stock, valued at approximately $1,334,300. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Scott Wisniewski sold 2,700 shares of the company’s stock in a transaction dated 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. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 127,700 shares of company stock valued at $3,220,524 over the last three months. Corporate insiders own 56.56% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

Institutional investors and hedge funds have recently modified their holdings of the company. BNP Paribas bought a new position in AST SpaceMobile in the first quarter worth approximately $43,000. Principal Financial Group Inc. bought a new position in AST SpaceMobile in the 1st quarter worth $45,000. Black Maple Capital Management LP purchased a new position in AST SpaceMobile during the first quarter valued at $87,000. Future Financial Wealth Managment LLC bought a new stake in AST SpaceMobile during the third quarter valued at about $105,000. Finally, Calton & Associates Inc. bought a new stake in AST SpaceMobile during the second quarter valued at about $128,000. 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.