AST SpaceMobile (NASDAQ:ASTS) Shares Down 6.7% – Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price dropped 6.7% during mid-day trading on Wednesday . The stock traded as low as $67.06 and last traded at $68.01. 20,160,278 shares were traded during trading, an increase of 8% from the average daily volume of 18,583,760 shares. The stock had previously closed at $72.87.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. New Street Research set a $106.00 target price on AST SpaceMobile in a research note on Friday, May 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of AST SpaceMobile in a report on Wednesday. Zacks Research raised shares of AST SpaceMobile from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. Barclays lifted 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. Finally, UBS Group cut their price target on shares of AST SpaceMobile from $85.00 to $80.00 and set a “neutral” rating for the company in a research note on Tuesday, May 12th. One investment analyst has rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $85.09.

AST SpaceMobile Trading Up 8.7%

The company has a market capitalization of $27.67 billion, a PE ratio of -40.06 and a beta of 2.70. The company has a current ratio of 18.47, a quick ratio of 18.37 and a debt-to-equity ratio of 1.11. The stock has a fifty day moving average of $87.49 and a two-hundred day moving average of $89.25.

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

Insider Buying and Selling at AST SpaceMobile

In other AST SpaceMobile news, Director Julio A. Torres sold 15,000 shares of the business’s stock in a transaction on Wednesday, May 13th. The shares were 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 directly owned 43,239 shares of the company’s stock, valued at $3,300,865.26. The trade was a 25.76% decrease 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, CFO Andrew Martin Johnson sold 45,809 shares of the business’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $93.81, for a total transaction 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 $47,244,498.39. This represents a 8.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 3,145,809 shares of company stock worth $280,645,292 over the last 90 days. Company insiders own 20.89% of the company’s stock.

Institutional Investors Weigh In On AST SpaceMobile

A number of hedge funds and other institutional investors have recently modified their holdings of ASTS. Calton & Associates Inc. increased its stake in AST SpaceMobile by 0.8% in the 4th quarter. Calton & Associates Inc. now owns 13,579 shares of the company’s stock worth $986,000 after purchasing an additional 104 shares during the period. Investmark Advisory Group LLC grew its holdings in shares of AST SpaceMobile by 2.7% in the fourth quarter. Investmark Advisory Group LLC now owns 4,645 shares of the company’s stock worth $337,000 after purchasing an additional 120 shares during the last quarter. ORG Partners LLC increased its stake in shares of AST SpaceMobile by 4.2% in the fourth quarter. ORG Partners LLC now owns 3,283 shares of the company’s stock worth $238,000 after buying an additional 133 shares during the period. Atlantic Union Bankshares Corp raised its holdings in AST SpaceMobile by 18.2% during the 4th quarter. Atlantic Union Bankshares Corp now owns 923 shares of the company’s stock valued at $67,000 after buying an additional 142 shares during the last quarter. Finally, Larson Financial Group LLC raised its holdings in AST SpaceMobile by 39.0% during the 4th quarter. Larson Financial Group LLC now owns 513 shares of the company’s stock valued at $37,000 after buying an additional 144 shares during the last quarter. Institutional investors own 60.95% of the company’s stock.

AST SpaceMobile Company Profile

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.