AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 5.3% – Here’s Why

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) dropped 5.3% during mid-day trading on Monday . The company traded as low as $80.11 and last traded at $80.64. 11,989,341 shares were traded during trading, a decline of 36% from the average session volume of 18,740,365 shares. The stock had previously closed at $85.13.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. William Blair reissued a “market perform” rating on shares of AST SpaceMobile in a research report on Friday, May 29th. Roth Mkm reiterated a “buy” rating and issued a $108.00 price target on shares of AST SpaceMobile in a report on Tuesday, May 12th. B. Riley Financial boosted their target price on shares of AST SpaceMobile from $75.00 to $85.00 and gave the company a “neutral” rating in a report on Tuesday, May 12th. New Street Research set a $106.00 target price on shares of AST SpaceMobile in a report on Friday, May 29th. Finally, Wall Street Zen lowered AST SpaceMobile from a “sell” rating to a “strong sell” rating in a research report on Wednesday, April 15th. One research analyst has rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, AST SpaceMobile presently has an average rating of “Reduce” and a consensus target price of $85.09.

AST SpaceMobile Stock Performance

The company has a debt-to-equity ratio of 1.11, a quick ratio of 18.37 and a current ratio of 18.47. The company has a market cap of $31.30 billion, a price-to-earnings ratio of -45.30 and a beta of 2.69. The firm’s 50-day moving average price is $87.38 and its 200 day moving average price is $89.59.

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

Insider Buying and Selling at AST SpaceMobile

In related news, Director Julio A. Torres sold 15,000 shares of the 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 directly owned 43,239 shares in the company, valued at $3,300,865.26. This represents 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 this hyperlink. Also, CFO Andrew Martin Johnson sold 45,809 shares of the firm’s stock in a transaction that occurred 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 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 SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 3,145,809 shares of company stock valued at $280,645,292. 20.89% of the stock is currently owned by insiders.

Institutional Trading of AST SpaceMobile

A number of large investors have recently bought and sold shares of ASTS. Crewe Advisors LLC purchased a new stake in shares of AST SpaceMobile in the fourth quarter worth about $25,000. Laurel Wealth Advisors LLC bought a new position in AST SpaceMobile during the 4th quarter valued at approximately $25,000. Cornerstone Planning Group LLC increased its position in AST SpaceMobile by 16,350.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 329 shares of the company’s stock valued at $27,000 after purchasing an additional 327 shares during the period. Byrne Asset Management LLC bought a new position in shares of AST SpaceMobile in the 4th quarter worth about $29,000. Finally, Acumen Wealth Advisors LLC purchased a new position in AST SpaceMobile during the fourth quarter valued at $29,000. 60.95% of the stock is owned by hedge funds and other institutional investors.

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.