AST SpaceMobile (NASDAQ:ASTS) Shares Down 1.1% – Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price dropped 1.1% on Monday . The company traded as low as $23.75 and last traded at $23.92. Approximately 4,222,931 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 10,529,513 shares. The stock had previously closed at $24.18.

Analysts Set New Price Targets

A number of brokerages have commented on ASTS. Deutsche Bank Aktiengesellschaft upped their price objective on shares of AST SpaceMobile from $22.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. UBS Group raised their price objective on shares of AST SpaceMobile from $13.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. B. Riley lifted their price objective on AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Finally, Scotiabank increased their target price on AST SpaceMobile from $28.00 to $45.90 and gave the stock a “sector outperform” rating in a research note on Monday, August 26th.

AST SpaceMobile Stock Performance

The stock’s 50 day moving average price is $27.12 and its two-hundred day moving average price is $14.75. The company has a current ratio of 6.38, a quick ratio of 6.38 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $6.31 billion, a price-to-earnings ratio of -24.74 and a beta of 1.62.

AST SpaceMobile (NASDAQ:ASTS) last issued its earnings results on Wednesday, August 14th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.05. The company had revenue of $0.90 million for the quarter, compared to analyst estimates of $2.00 million. On average, analysts forecast that AST SpaceMobile, Inc. will post -0.88 EPS for the current year.

Insider Buying and Selling

In other AST SpaceMobile news, COO Shanti B. Gupta sold 80,000 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $25.83, for a total value of $2,066,400.00. Following the sale, the chief operating officer now owns 393,232 shares of the company’s stock, valued at approximately $10,157,182.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Adriana Cisneros acquired 4,934 shares of AST SpaceMobile stock in a transaction that occurred on Friday, September 6th. The shares were acquired at an average price of $26.32 per share, with a total value of $129,862.88. Following the completion of the purchase, the director now owns 774,772 shares of the company’s stock, valued at approximately $20,391,999.04. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Shanti B. Gupta sold 80,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $25.83, for a total transaction of $2,066,400.00. Following the sale, the chief operating officer now owns 393,232 shares in the company, valued at approximately $10,157,182.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 127,700 shares of company stock valued at $3,220,524. 56.56% of the stock is owned by insiders.

Institutional Investors Weigh In On AST SpaceMobile

Hedge funds have recently modified their holdings of the stock. BNP Paribas purchased a new stake in shares of AST SpaceMobile during the 1st quarter valued at $43,000. Principal Financial Group Inc. acquired a new position in AST SpaceMobile in the first quarter valued at $45,000. Black Maple Capital Management LP purchased a new stake in AST SpaceMobile during the first quarter valued at about $87,000. Future Financial Wealth Managment LLC acquired a new stake in AST SpaceMobile during the third quarter worth about $105,000. Finally, Calton & Associates Inc. acquired a new stake in AST SpaceMobile during the second quarter worth about $128,000. 60.95% of the stock is owned by institutional investors and hedge funds.

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.