AST SpaceMobile (NASDAQ:ASTS) Releases Quarterly Earnings Results, Misses Expectations By $0.27 EPS

AST SpaceMobile (NASDAQ:ASTS) issued its quarterly earnings results on Monday. The company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.27), Zacks reports. AST SpaceMobile had a negative return on equity of 26.81% and a negative net margin of 7,213.90%.

AST SpaceMobile Stock Performance

ASTS stock traded down $0.49 on Monday, reaching $68.70. 9,107,898 shares of the company were exchanged, compared to its average volume of 12,147,018. The company has a debt-to-equity ratio of 0.42, a current ratio of 8.23 and a quick ratio of 8.23. AST SpaceMobile has a 12 month low of $17.50 and a 12 month high of $102.79. The stock’s fifty day moving average price is $62.88 and its 200 day moving average price is $48.24. The firm has a market capitalization of $24.63 billion, a PE ratio of -36.35 and a beta of 2.45.

Wall Street Analyst Weigh In

Several analysts recently commented on ASTS shares. Weiss Ratings reissued a “sell (d-)” rating on shares of AST SpaceMobile in a research note on Wednesday, October 8th. Roth Capital reiterated a “buy” rating on shares of AST SpaceMobile in a research note on Tuesday, August 12th. Barclays downgraded AST SpaceMobile from an “overweight” rating to an “underweight” rating and set a $60.00 price objective on the stock. in a research note on Friday, October 17th. Scotiabank cut AST SpaceMobile from a “sector perform” rating to a “sector underperform” rating and set a $42.90 target price for the company. in a research report on Tuesday, October 7th. Finally, UBS Group lowered shares of AST SpaceMobile from a “buy” rating to a “neutral” rating and dropped their price target for the company from $62.00 to $43.00 in a research report on Tuesday, September 9th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $45.27.

Insider Activity

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

Institutional Trading of AST SpaceMobile

Hedge funds have recently modified their holdings of the company. Binnacle Investments Inc acquired a new position in AST SpaceMobile during the second quarter valued at approximately $33,000. Chapman Financial Group LLC bought a new position in shares of AST SpaceMobile during the second quarter worth $38,000. Russell Investments Group Ltd. grew its holdings in shares of AST SpaceMobile by 197.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,574 shares of the company’s stock valued at $120,000 after buying an additional 1,709 shares during the period. Strs Ohio bought a new stake in shares of AST SpaceMobile in the 1st quarter valued at $168,000. Finally, Envestnet Asset Management Inc. bought a new stake in shares of AST SpaceMobile in the 3rd quarter valued at $226,000. Institutional investors and hedge funds own 60.95% of the company’s stock.

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.