AST SpaceMobile (NASDAQ:ASTS) Trading Down 5.6% – Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price was down 5.6% during trading on Wednesday . The company traded as low as $62.42 and last traded at $62.42. Approximately 8,215,625 shares were traded during trading, a decline of 52% from the average session volume of 17,136,135 shares. The stock had previously closed at $66.12.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ASTS. Berenberg Bank assumed coverage on AST SpaceMobile in a report on Wednesday, September 2nd. They issued a “buy” rating and a $92.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AST SpaceMobile in a report on Wednesday, June 24th. UBS Group assumed coverage on AST SpaceMobile in a research report on Wednesday, September 2nd. They issued a “buy” rating for the company. Cantor Fitzgerald boosted their price objective on AST SpaceMobile from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Tuesday, August 11th. Finally, B. Riley Financial raised shares of AST SpaceMobile from a “neutral” rating to a “buy” rating and set a $85.00 price objective for the company in a research note on Friday, July 17th. Six equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $86.58.

AST SpaceMobile Price Performance

The company has a market cap of $23.65 billion, a PE ratio of -28.42 and a beta of 2.74. The stock has a fifty day moving average price of $65.09 and a 200-day moving average price of $79.94. The company has a debt-to-equity ratio of 1.24, a current ratio of 13.05 and a quick ratio of 12.90.

AST SpaceMobile (NASDAQ:ASTS) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.77) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.45). The business had revenue of $31.52 million for the quarter, compared to analysts’ expectations of $34.53 million. AST SpaceMobile had a negative net margin of 536.66% and a negative return on equity of 22.88%. During the same quarter in the prior year, the firm posted ($0.41) EPS. On average, equities analysts expect that AST SpaceMobile, Inc. will post -1.95 earnings per share for the current year.

Insider Activity

In other news, Director Adriana Cisneros acquired 10,822 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The stock was acquired at an average cost of $57.22 per share, for a total transaction of $619,234.84. Following the completion of the acquisition, the director owned 797,023 shares in the company, valued at approximately $45,605,656.06. The trade was a 1.38% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 20.89% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ASTS. Compass Financial Management LLC acquired a new stake in shares of AST SpaceMobile during the 2nd quarter valued at about $26,000. Grove Bank & Trust acquired a new position in AST SpaceMobile in the second quarter worth approximately $27,000. Continuum Advisory LLC acquired a new position in AST SpaceMobile in the second quarter worth approximately $28,000. Cornerstone Planning Group LLC raised its position in AST SpaceMobile by 16,350.0% during the first quarter. Cornerstone Planning Group LLC now owns 329 shares of the company’s stock valued at $27,000 after acquiring an additional 327 shares in the last quarter. Finally, Portus Wealth Advisors LLC bought a new position in AST SpaceMobile during the first quarter valued at approximately $30,000. Hedge funds and other institutional investors own 60.95% of the company’s stock.

AST SpaceMobile Company Profile

AST SpaceMobile, Inc develops a space-based cellular broadband network designed to connect standard, unmodified mobile phones directly to satellites. Its planned service is intended to extend mobile connectivity beyond the coverage of traditional terrestrial wireless networks, including in rural, remote and underserved areas.

The company’s primary technology platform consists of large, low-Earth-orbit satellites known as BlueBirds. AST SpaceMobile is developing these satellites to provide voice, messaging and broadband data services through partnerships with mobile network operators, using existing cellular devices and spectrum where permitted.

Founded in 2017 and headquartered in Midland, Texas, AST SpaceMobile was established by Abel Avellan, who serves as its chairman and chief executive officer.