AST SpaceMobile (NASDAQ:ASTS) Shares Down 9.2% – Here’s Why

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares fell 9.2% on Monday . The company traded as low as $24.36 and last traded at $24.22. 7,963,838 shares traded hands during trading, a decline of 37% from the average session volume of 12,563,835 shares. The stock had previously closed at $26.66.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ASTS. Oppenheimer assumed coverage on shares of AST SpaceMobile in a research note on Monday, May 5th. They set a “market perform” rating for the company. Roth Capital assumed coverage on AST SpaceMobile in a research note on Thursday, April 10th. They issued a “buy” rating and a $42.00 price objective for the company. Scotiabank reduced their price objective on AST SpaceMobile from $47.90 to $45.40 and set a “sector outperform” rating for the company in a research note on Tuesday, May 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of AST SpaceMobile in a report on Tuesday, March 4th. Finally, UBS Group upped their target price on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, March 5th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $42.40.

AST SpaceMobile Trading Down 7.7%

The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80. The stock’s fifty day moving average is $24.39 and its 200 day moving average is $24.51. The stock has a market cap of $7.79 billion, a P/E ratio of -11.61 and a beta of 2.05.

AST SpaceMobile (NASDAQ:ASTS) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The firm had revenue of $0.72 million for the quarter, compared to analysts’ expectations of $3.85 million. As a group, equities research analysts predict that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current fiscal year.

Insider Activity at AST SpaceMobile

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of AST SpaceMobile stock in a transaction on Monday, March 10th. The shares were sold at an average price of $30.73, for a total value of $614,600.00. Following the transaction, the director now directly owns 52,628 shares of the company’s stock, valued at approximately $1,617,258.44. The trade was a 27.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 34.15% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AST SpaceMobile

A number of large investors have recently made changes to their positions in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of AST SpaceMobile by 18.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 325,621 shares of the company’s stock worth $7,405,000 after acquiring an additional 49,811 shares during the period. Optimize Financial Inc raised its holdings in AST SpaceMobile by 15.9% in the 1st quarter. Optimize Financial Inc now owns 41,484 shares of the company’s stock valued at $943,000 after acquiring an additional 5,676 shares during the last quarter. Caxton Associates LLP acquired a new stake in AST SpaceMobile in the 1st quarter valued at about $1,817,000. Ashton Thomas Private Wealth LLC acquired a new stake in AST SpaceMobile in the 1st quarter valued at about $413,000. Finally, Sender Co & Partners Inc. raised its holdings in AST SpaceMobile by 44.8% in the 1st quarter. Sender Co & Partners Inc. now owns 295,376 shares of the company’s stock valued at $6,717,000 after acquiring an additional 91,352 shares during the last quarter. 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.