AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 7.2% – Time to Sell?

by · The Cerbat Gem

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS – Get Free Report) traded down 7.2% during mid-day trading on Thursday . The company traded as low as $65.04 and last traded at $65.28. 7,731,690 shares were traded during trading, a decline of 36% from the average session volume of 12,175,701 shares. The stock had previously closed at $70.38.

Wall Street Analyst Weigh In

ASTS has been the subject of several analyst reports. Zacks Research downgraded AST SpaceMobile from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 21st. Roth Capital restated a “buy” rating on shares of AST SpaceMobile in a research note on Tuesday, August 12th. Scotiabank lowered shares of AST SpaceMobile from a “sector perform” rating to a “sector underperform” rating and set a $42.90 target price for the company. in a research note on Tuesday, October 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of AST SpaceMobile in a research report on Wednesday, October 8th. Finally, William Blair initiated coverage on shares of AST SpaceMobile in a research note on Thursday, August 21st. They issued a “market perform” rating for the company. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, AST SpaceMobile currently has a consensus rating of “Reduce” and an average target price of $45.27.

Read Our Latest Stock Analysis on AST SpaceMobile

AST SpaceMobile Trading Up 6.0%

The company has a quick ratio of 8.23, a current ratio of 8.23 and a debt-to-equity ratio of 0.42. The firm has a market cap of $24.81 billion, a P/E ratio of -36.61 and a beta of 2.46. The firm’s 50-day simple moving average is $62.88 and its 200 day simple moving average is $47.87.

AST SpaceMobile (NASDAQ:ASTS – Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.22). AST SpaceMobile had a negative return on equity of 26.81% and a negative net margin of 7,213.90%.The company had revenue of $1.16 million for the quarter, compared to analysts’ expectations of $6.37 million. As a group, analysts expect that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current year.

Insider Buying and Selling at AST SpaceMobile

In related news, CFO Andrew Martin Johnson sold 20,000 shares of AST SpaceMobile stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $52.48, for a total value of $1,049,600.00. Following the completion of the sale, the chief financial officer owned 397,485 shares of the company’s stock, valued at approximately $20,860,012.80. This trade represents a 4.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Huiwen Yao sold 40,000 shares of the company’s stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $40.58, for a total transaction of $1,623,200.00. Following the sale, the chief technology officer directly owned 4,750 shares in the company, valued at approximately $192,755. This trade represents a 89.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 30.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ASTS. Alphabet Inc. bought a new stake in AST SpaceMobile in the first quarter valued at approximately $203,375,000. Rakuten Group Inc. purchased a new position in shares of AST SpaceMobile in the first quarter worth $705,398,000. Jump Financial LLC bought a new stake in AST SpaceMobile during the 1st quarter valued at $14,750,000. Y Intercept Hong Kong Ltd purchased a new stake in AST SpaceMobile during the 2nd quarter valued at $21,754,000. Finally, State of New Jersey Common Pension Fund D grew its holdings in AST SpaceMobile by 14.0% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 77,159 shares of the company’s stock worth $3,606,000 after acquiring an additional 9,448 shares during the last quarter. 60.95% of the stock is currently owned by hedge funds and other institutional investors.

AST SpaceMobile Company Profile

(Get Free Report)

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.

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