AST SpaceMobile (NASDAQ:ASTS) Trading Down 1.5% – Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price dropped 1.5% on Tuesday . The company traded as low as $67.10 and last traded at $70.05. Approximately 8,320,391 shares changed hands during trading, a decline of 32% from the average daily volume of 12,223,836 shares. The stock had previously closed at $71.14.

Analysts Set New Price Targets

ASTS has been the topic of a number of research analyst reports. Roth Capital restated a “buy” rating on shares of AST SpaceMobile in a research report on Tuesday, August 12th. Scotiabank downgraded shares of AST SpaceMobile from a “sector perform” rating to a “sector underperform” rating and set a $42.90 price objective on the stock. in a research report on Tuesday, October 7th. Barclays downgraded shares of AST SpaceMobile from an “overweight” rating to an “underweight” rating and set a $60.00 price target on the stock. in a research report on Friday, October 17th. Zacks Research downgraded shares of AST SpaceMobile from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 21st. Finally, UBS Group downgraded shares of AST SpaceMobile from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $62.00 to $43.00 in a research report on Tuesday, September 9th. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $45.27.

AST SpaceMobile Stock Down 1.5%

The stock has a market capitalization of $25.11 billion, a P/E ratio of -37.06 and a beta of 2.45. The company’s 50-day moving average price is $61.31 and its 200 day moving average price is $46.92. The company has a debt-to-equity ratio of 0.42, a quick ratio of 8.23 and a current ratio of 8.23.

AST SpaceMobile (NASDAQ:ASTS) last announced its quarterly earnings data on Monday, August 11th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.22). The firm had revenue of $1.16 million for the quarter, compared to the consensus estimate of $6.37 million. AST SpaceMobile had a negative net margin of 7,213.90% and a negative return on equity of 26.81%. As a group, equities analysts expect that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current year.

Insider Buying and Selling at AST SpaceMobile

In related news, CTO Huiwen Yao sold 40,000 shares of the firm’s stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $40.58, for a total transaction of $1,623,200.00. Following the completion of the transaction, the chief technology officer directly owned 4,750 shares of the company’s stock, valued at approximately $192,755. This trade represents a 89.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Andrew Martin Johnson sold 20,000 shares of the firm’s stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $52.48, for a total transaction of $1,049,600.00. Following the transaction, the chief financial officer directly owned 397,485 shares of the company’s stock, valued at $20,860,012.80. The trade was a 4.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 30.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On AST SpaceMobile

Institutional investors have recently bought and sold shares of the stock. Atlantic Union Bankshares Corp purchased a new position in AST SpaceMobile during the second quarter valued at $28,000. Geneos Wealth Management Inc. increased its holdings in shares of AST SpaceMobile by 225.0% in the 3rd quarter. Geneos Wealth Management Inc. now owns 650 shares of the company’s stock worth $32,000 after buying an additional 450 shares during the last quarter. Binnacle Investments Inc bought a new stake in shares of AST SpaceMobile in the 2nd quarter worth about $33,000. GAMMA Investing LLC increased its holdings in shares of AST SpaceMobile by 388.7% in the 1st quarter. GAMMA Investing LLC now owns 1,559 shares of the company’s stock worth $35,000 after buying an additional 1,240 shares during the last quarter. Finally, Chapman Financial Group LLC bought a new stake in shares of AST SpaceMobile in the 2nd quarter worth about $38,000. 60.95% of the stock is owned by hedge funds and other institutional investors.

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.