AST SpaceMobile (NASDAQ:ASTS) Shares Down 7.8% – Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTSGet Free Report)’s stock price fell 7.8% during trading on Monday . The stock traded as low as $66.73 and last traded at $67.58. Approximately 12,928,533 shares were traded during mid-day trading, a decline of 30% from the average session volume of 18,419,748 shares. The stock had previously closed at $73.32.

Wall Street Analyst Weigh In

ASTS has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft cut AST SpaceMobile from a “buy” rating to a “hold” rating and lowered their target price for the company from $117.00 to $106.00 in a research report on Friday, May 29th. Barclays increased their target price on shares of AST SpaceMobile from $60.00 to $65.00 and gave the company an “underweight” rating in a research report on Thursday, April 9th. William Blair reiterated a “market perform” rating on shares of AST SpaceMobile in a research note on Friday, May 29th. Wall Street Zen cut AST SpaceMobile from a “sell” rating to a “strong sell” rating in a research report on Wednesday, April 15th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of AST SpaceMobile in a research report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $85.09.

Get Our Latest Stock Report on ASTS

AST SpaceMobile Stock Performance

The firm’s 50-day moving average price is $87.40 and its two-hundred day moving average price is $89.53. The company has a quick ratio of 18.37, a current ratio of 18.47 and a debt-to-equity ratio of 1.11. The firm has a market capitalization of $26.71 billion, a PE ratio of -38.66 and a beta of 2.69.

AST SpaceMobile (NASDAQ:ASTSGet Free Report) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.66) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.43). AST SpaceMobile had a negative net margin of 573.67% and a negative return on equity of 24.87%. The firm had revenue of $14.73 million during the quarter, compared to analysts’ expectations of $39.01 million. During the same quarter last year, the company posted ($0.20) EPS. The firm’s revenue was up 1952.2% compared to the same quarter last year. As a group, research analysts predict that AST SpaceMobile, Inc. will post -1.47 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Julio A. Torres sold 15,000 shares of the firm’s stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $76.34, for a total value of $1,145,100.00. Following the completion of the sale, the director owned 43,239 shares of the company’s stock, valued at $3,300,865.26. This trade represents a 25.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Andrew Martin Johnson sold 45,809 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $93.81, for a total value of $4,297,342.29. Following the completion of the sale, the chief financial officer directly owned 503,619 shares of the company’s stock, valued at approximately $47,244,498.39. This trade represents a 8.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 105,809 shares of company stock worth $9,748,492 over the last quarter. Corporate insiders own 20.89% of the company’s stock.

Institutional Investors Weigh In On AST SpaceMobile

A number of institutional investors have recently bought and sold shares of the business. Grove Bank & Trust purchased a new stake in shares of AST SpaceMobile in the second quarter worth approximately $27,000. Cornerstone Planning Group LLC grew its position in AST SpaceMobile by 16,350.0% during the first quarter. Cornerstone Planning Group LLC now owns 329 shares of the company’s stock valued at $27,000 after purchasing an additional 327 shares in the last quarter. Crewe Advisors LLC purchased a new position in AST SpaceMobile during the fourth quarter valued at approximately $25,000. Laurel Wealth Advisors LLC purchased a new position in AST SpaceMobile during the fourth quarter valued at approximately $25,000. Finally, Portus Wealth Advisors LLC acquired a new position in AST SpaceMobile in the 1st quarter valued at approximately $30,000. 60.95% of the stock is currently owned by institutional investors and hedge funds.

About AST SpaceMobile

(Get Free Report)

AST SpaceMobile is a U.S.-based aerospace company developing a space-based cellular broadband network designed to connect standard mobile phones and other devices directly to satellites. The company’s core proposition is “space-to-cell” service: operating a constellation of low-Earth-orbit (LEO) satellites equipped with large, high-power phased-array antennas to provide wide-area mobile broadband without requiring users to buy specialized terminals or handset modifications.

AST SpaceMobile designs, builds and operates satellite payloads and supporting ground infrastructure.

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