AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 3.7% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price fell 3.7% during trading on Thursday . The company traded as low as $26.85 and last traded at $26.85. 6,401,156 shares changed hands during trading, a decline of 40% from the average session volume of 10,594,812 shares. The stock had previously closed at $27.89.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on ASTS shares. Scotiabank cut their price target on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating for the company in a report on Friday. B. Riley upped their price target on shares of AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of AST SpaceMobile from $22.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Finally, UBS Group upped their target price on shares of AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Friday.

AST SpaceMobile Stock Performance

The company has a debt-to-equity ratio of 0.83, a current ratio of 6.38 and a quick ratio of 6.38. The company has a market capitalization of $6.53 billion, a P/E ratio of -11.43 and a beta of 1.64. The business has a 50-day moving average of $25.63 and a 200-day moving average of $18.30.

AST SpaceMobile (NASDAQ:ASTS) last released 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 firm had revenue of $0.90 million for the quarter, compared to analysts’ expectations of $2.00 million. On average, sell-side analysts anticipate that AST SpaceMobile, Inc. will post -0.72 EPS for the current year.

Insiders Place Their Bets

In other AST SpaceMobile news, President Scott Wisniewski sold 2,700 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $23.12, for a total value of $62,424.00. Following the sale, the president now owns 712,660 shares in the company, valued at $16,476,699.20. This trade represents a 0.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Adriana Cisneros purchased 4,934 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was bought at an average price of $26.32 per share, for a total transaction of $129,862.88. Following the completion of the acquisition, the director now owns 774,772 shares of the company’s stock, valued at approximately $20,391,999.04. The trade was a 0.64 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 127,700 shares of company stock valued at $3,220,524 over the last 90 days. Insiders own 41.80% of the company’s stock.

Institutional Investors Weigh In On AST SpaceMobile

A number of hedge funds have recently made changes to their positions in the stock. Janus Henderson Group PLC increased its position in shares of AST SpaceMobile by 209.9% during the first quarter. Janus Henderson Group PLC now owns 7,450,467 shares of the company’s stock worth $21,606,000 after purchasing an additional 5,046,667 shares in the last quarter. Vanguard Group Inc. raised its stake in AST SpaceMobile by 49.9% in the first quarter. Vanguard Group Inc. now owns 6,663,760 shares of the company’s stock valued at $19,325,000 after buying an additional 2,217,531 shares during the last quarter. Geode Capital Management LLC boosted its holdings in AST SpaceMobile by 9.4% in the third quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company’s stock worth $85,450,000 after acquiring an additional 281,749 shares in the last quarter. State Street Corp grew its stake in shares of AST SpaceMobile by 14.8% during the third quarter. State Street Corp now owns 3,091,577 shares of the company’s stock worth $80,845,000 after acquiring an additional 399,713 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of AST SpaceMobile by 228.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock valued at $29,594,000 after acquiring an additional 787,566 shares in the last quarter. 60.95% of the stock is currently 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.