AST SpaceMobile (NASDAQ:ASTS) Shares Gap Down on Disappointing Earnings

AST SpaceMobile, Inc. (NASDAQ:ASTS – Get Free Report)’s share price gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $36.89, but opened at $34.20. AST SpaceMobile shares last traded at $35.9320, with a volume of 4,156,811 shares.

The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.03). The company had revenue of $42.32 million for the quarter, compared to analysts’ expectations of $45.73 million. AST SpaceMobile had a negative return on equity of 22.88% and a negative net margin of 536.66%. The business’s quarterly revenue was up 187.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.45) EPS.

Key AST SpaceMobile News

Here are the key news stories impacting AST SpaceMobile this week:

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Berenberg Bank started coverage on AST SpaceMobile in a report on Wednesday, September 2nd. They set a “buy” rating and a $92.00 price target on the stock. William Blair reissued a “market perform” rating on shares of AST SpaceMobile in a report on Monday, October 5th. Deutsche Bank Aktiengesellschaft upgraded shares of AST SpaceMobile from a “hold” rating to a “buy” rating and set a $93.00 price objective for the company in a research report on Monday, October 12th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of AST SpaceMobile in a research note on Monday. Finally, Royal Bank Of Canada downgraded shares of AST SpaceMobile to a “sector perform” rating in a research note on Friday, October 2nd. Six research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $77.17.

Get Our Latest Stock Analysis on AST SpaceMobile

Insiders Place Their Bets

In related news, Director Adriana Cisneros purchased 10,822 shares of AST SpaceMobile stock in a transaction dated Monday, August 31st. The shares were acquired at an average cost of $57.22 per share, with a total value of $619,234.84. Following the purchase, the director owned 797,023 shares of the company’s stock, valued at approximately $45,605,656.06. The trade was a 1.38% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Shanti B. Gupta sold 12,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $58.89, for a total transaction of $706,680.00. Following the completion of the transaction, the chief operating officer owned 462,980 shares in the company, valued at approximately $27,264,892.20. This represents a 2.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 20.89% of the stock is currently owned by insiders.

Institutional Trading of AST SpaceMobile

Several institutional investors have recently added to or reduced their stakes in the stock. Hollencrest Capital Management boosted its position in shares of AST SpaceMobile by 11.7% during the 1st quarter. Hollencrest Capital Management now owns 1,592 shares of the company’s stock worth $132,000 after acquiring an additional 167 shares in the last quarter. Byrne Asset Management LLC increased its holdings in shares of AST SpaceMobile by 17.0% in the 3rd quarter. Byrne Asset Management LLC now owns 1,170 shares of the company’s stock valued at $67,000 after acquiring an additional 170 shares during the last quarter. TD Waterhouse Canada Inc. raised its position in shares of AST SpaceMobile by 15.5% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 1,404 shares of the company’s stock worth $121,000 after acquiring an additional 188 shares in the last quarter. MGO One Seven LLC raised its position in shares of AST SpaceMobile by 1.9% during the 3rd quarter. MGO One Seven LLC now owns 12,536 shares of the company’s stock worth $738,000 after acquiring an additional 239 shares in the last quarter. Finally, Salvus Wealth Management LLC lifted its stake in AST SpaceMobile by 0.4% during the third quarter. Salvus Wealth Management LLC now owns 70,662 shares of the company’s stock worth $4,159,000 after purchasing an additional 263 shares during the last quarter. Institutional investors and hedge funds own 60.95% of the company’s stock.

AST SpaceMobile Stock Performance

The firm has a 50 day moving average of $51.74 and a two-hundred day moving average of $75.68. The stock has a market cap of $13.79 billion, a PE ratio of -16.54 and a beta of 2.88. The company has a debt-to-equity ratio of 1.24, a current ratio of 13.05 and a quick ratio of 12.90.

About AST SpaceMobile

(Get Free Report)

AST SpaceMobile, Inc develops a space-based cellular broadband network designed to connect directly with standard mobile phones, without requiring users to purchase specialized satellite devices. Its planned services include voice calls, text messaging and mobile broadband, delivered through partnerships with mobile network operators and integrated with their existing networks.

The company is developing and deploying its BlueBird satellite system to provide coverage in areas where terrestrial cellular networks are unavailable or limited.

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